Climate Mobilization Act Update: Mayor de Blasio and City Council Speaker Johnson Announce Appointees to Climate Advisory BoardFebruary 2020
Recently, Mayor Bill de Blasio and City Council Speaker Corey Johnson announced the appointment of a 15-member Climate Advisory Board to assess and make recommendations on various components of the implementation and enforcement of Local Law 97 and recommendations for its rollout. The new Advisory Board, comprised of environmental advocates, building owners and tenant representatives, architects and engineers, and construction industry and public utility representatives, is part of a larger effort required by Local Law 97, which includes establishment of a new office within the Department of Buildings to oversee implementation and enforcement, including the public rulemaking process, as well as completion of a carbon emissions trading study by the Mayor’s Office of Sustainability. Among other things, the Advisory Board is tasked with preparing a report analyzing various components of Local Law 97 for the Mayor and City Council Speaker by January 1, 2023.
While we await findings and recommendations from the Advisory Board, many in the industry are hopeful that they will fine-tune Local Law 97 – the Climate Mobilization Act – in a way to make it more equitable, clear and reasonable for City landlords to comply.
We anticipate the Advisory Board will look at whether building owners will be allowed to purchase renewable energy credits to assist with Local Law 97 compliance and make recommendations on a potential carbon trading program.
We also are hoping that the Advisory Board will look at how Local Law 97 treats density within buildings, as not to incentivize empty buildings or penalize property owners with fully rented buildings. Building density is considerably better for the environment than sprawl, and building owners are looking for clarity here.
Many questions remain around Local Law 97 mandates, and as the real estate community waits for answers and clarity from the city on Local Law 97, Herrick will be watching the developments and keeping you in the know. Until then, the July 2021 deadline still remains for building owners seeking Adjustments for Covered Buildings.
For more information please reach out to:
Brendan Schmitt at +1 212 592 1689 or [email protected]
© 2020 Herrick, Feinstein LLP. This article is provided by Herrick, Feinstein LLP to keep its clients and other interested parties informed of current legal developments that may affect or otherwise be of interest to them. The information is not intended as legal advice or legal opinion and should not be construed as such.