NYC Climate Mobilization Act Opportunities and Risks

The recently passed Climate Mobilization Act will have a profound and lasting impact on the NYC real estate market, for both sales and acquisitions for existing buildings, as well as new development projects. Part of OneNYC’s long range goal to cut carbon emissions by 80% in 2050, the first milestone is a 40% emissions reduction by 2030 for most buildings over 25,000sf. The legislation sets carbon emissions limits for 2024 – 2029 by space classification with fines and penalties for non-compliance. Carbon emissions limits for 2030 – 2034 are also currently published but not officially ratified. These emissions limits are considerably more stringent than the 2024 caps in keeping with the longer term 2050 goals. The new standards require a greater emphasis on energy analysis and performance, and the integration of strategies and technologies that align and adapt to the opportunities and risks inherent to these new market conditions. NYC real estate leaders gather to discuss their plans to address this new legislation; reduce risk and maximize profitably, today and for the future. This program is part of Climate Week NYC 2019, and is co-sponsored by the Sustainability Practice Network.