(Photo illustration by The Real Deal)
The year is 2030. New York City landlords, struggling to comply with city-mandated greenhouse gas emission caps, are on the hook for millions of dollars in fines penalties that will only multiply in the coming years. This is the daunting reality that building owners face under Local Law 97.
But there is a possible workaround.
The city is considering a program that will allow building owners to trade carbon emissions. If implemented, landlords who own buildings with high greenhouse gas emissions will be able to buy credits from lower-emitting building owners to reduce overall emissions. It could also give rise to a market for Wall Street to tap into.
Carbon trading could come to New York City under Local Law 97
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