Sign Up for Blog Updates Explore Other Resources All Resources Energy Procurement Sustainability Markets Subscribe Today! New York City Passes a "Green New Deal" May 19, 2019 | Stanwich Energy On May 18, 2019, the New York City Council passed Local Law 97, which sets limits for carbon emissions on all buildings larger than 25,000 square feet. While the council has stated that additional details have yet to be published, there are a few things that building owners and managers should be aware of: Beginning in 2024, the city will issue yearly fines for buildings that have carbon emissions exceeding the published limits. From 2024-2029, the fines will go out to buildings that would be in the bottom 20% of emissions according to the baseline year's numbers. From 2030-2034, the fines will go out to buildings that would be in the bottom 75% of emissions according to the baseline year's numbers. The carbon emission measurements are taken from the data submitted annually for Local Law 84. Fines have the potential for being large. Building owners will be fined $268 for each metric ton of carbon that exceeds the limit, with additional fines for failing to submit a report or submitting a falsified report. Please reach out to your Stanwich Energy Advisor for help determining how your specific building will be impacted by Local Law 97. To read more about the law, please refer to Local Law 97 that has been published by the City.