nZero, developer of a real-time carbon accounting and management platform, is offering free carbon emissions assessments for buildings in New York City.
The offer is intended to help building owners prepare for the city’s upcoming Local Law 97 reporting requirements and compliance. This law will soon assess monetary fines for buildings with emissions that are in non-compliance.
Nearly 20% of properties are currently over the Local Law 97 caps set for 2024, while about 76% of properties are over the caps set for 2030, according to a nZero news release. “The Real Estate Board of New York (REBNY) estimates 3,700 properties could initially be out of compliance and face over $200 million per year in penalties—this could exceed $900 million annually by 2030,” the release says.
Local Law 97 introduces GHG emissions requirements on buildings over 25,000 sf, and two or more buildings on the same tax lot with a combined size exceeding 50,000 sf. The non-compliance penalty is $268 per metric ton, with the largest non-compliant buildings estimated to be facing fines greater than $100,000 per year. Initial reporting is due May 2025.
“Every building at a certain size will need to meet the new Local Law 97 emissions regulations, but you can't act on what you can't measure,” says Josh Griffin, co-founder and chief policy officer of nZero. “The key to avoiding penalties in May 2025 is early action. Our free assessment helps buildings benchmark emissions now, see what their footprint will look like under the new reporting standards, and offer a decarbonization roadmap based on their unique needs.”