Elementa Engineering Publish Whitepaper | New York City’s Climate Mobilization Act: Decarbonizing NYC’s Buildings
UPDATED June 24, 2019 In addition to evaluating the magnitude of this new legislation on NYC’s carbon footprint, this paper now quantifies the extent to which building owners will need to invest in retrofits to achieve compliance. This analysis, in part, informs the recent Urban Green Council study that takes this further to assess market and job growth.
NYC buildings resulted in over 60% of all city-wide greenhouse gas emissions in 2017; Retrofits to existing buildings, therefore, offer a huge opportunity to reduce emissions.
On April 18th, 2019 NYC passed an ambitious new local law in relation to its commitment to achieve 80% reductions in aggregate city-wide greenhouse gas emissions by 2050. Any buildings that exceed the stipulated emissions cap will require comprehensive retrofits, need to show alternate compliance through mechanisms such as renewable energy credits, or pay a penalty based on the difference between actual and stipulated emissions in tCO2e/yr multiplied by $268.
This whitepaper by Elementa Engineering Principal Shreshth Nagpal briefly summarizes this new legislation, its immediate impact and outlook, and discusses Elementa Engineering’s unique position to assist with the decarbonization of our existing building stock as NYC prepares to respond to this law.