Barely a month after issuing guidelines for compliance with Local Law 97 (LL97)—which mandates that property owners start reducing carbon emissions from buildings in 2024—NYC officials say they have to close a loophole that could weaken the impact of the law.
Under the heading "Cap the Credits," a statement posted on his website Monday by City Comptroller Brad Lander said that an "unanticipated supply" of projects offering Renewable Energy Credits (RECs) to building owners could moot the impact of LL97 as owners choose to purchase RECs to avoid costly retrofits.
According to Lander, LL97 needs to be adjusted to reflect the impact of a state law—known as the NYS Climate Leadership and Community Protection Act (CLCPA)—that was enacted after LL97 in 2019 and commits the Empire State to have 70% of its electricity generated by renewables by 2030.
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