NYC building owners who will face fines if they don't comply with the city's Local Law 97 carbon emissions caps beginning in 2024 have been given a bit of wiggle room by city officials.
The city has announced that a "good faith effort" to abide by the new law could give building owners an extra two years to comply while lowering "interim" penalties.
NYC 's definition of a good faith includes the filing of a long-term decarbonization plan along with an annual compliance report. The long-term blueprint must specify retrofits, how much they will reduce emissions through 2050 and how they will be funded—details to be verified by an independent "energy audit" of the property.
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