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Complying with LL88 and LL97.

Prepare for LL88 and LL97 compliance with the Council of New York Cooperatives & Condominiums (CNYC)’s Sustainability with Affordability Series: LL97 Bootcamp # 1. Join CNYC President and RAND Principal Peter Varsalona, PE, CEM, CBCP as he presents critical strategies for complying with Local Law 88 (lighting upgrades and sub-metering) and Local Law 97 (carbon reduction). Learn how to meet the May 1, 2025 filing deadlines for both LL88 and LL97, and gain insights into LL97’s carbon reduction goals, including electrification and energy retrofits for 2030 and beyond. Date: September 19 at 6:00 PM Register on Zoom: https://lnkd.in/eMBcHvWM . . . #LL88 #LL97 #CNYC #NYCCompliance #LocalLaw88 #LocalLaw97 #EnergyEfficiency #CarbonReduction #Sustainability #BuildingManagement #LightingUpgrades #Submetering

There's still time to figure out your specific pathway to #LL97 compliance! On August 1, the NYC Accelerator is hosting a panel featuring property managers and NYCA experts about the steps to take to address carbon emissions and lower your risk of penalties. Register here: https://loom.ly/RSUqOB8

Of the 28,000+ NYC buildings under #LocalLaw97, nearly 50% haven’t updated their Gross Floor Area (GFA) according to the definitions of the law.? ? LL97's definition of GFA includes items like vent and elevator shafts, which aren't always accounted for in the Dept. of Finance data. This discrepancy can lead to underreporting of GFA and carbon allowances, potentially increasing penalties. For example, if your #LL97 GFA is 10% higher than the DoF’s figure, your carbon cap could be 10% higher, which could reduce penalties. Join our #webinar next week to learn how to optimize your LL97 strategy. As a NYC Accelerator Service Provider, Logical Buildings is equipped to help you comply with LL97 and advance your #decarbonization efforts. ? If you're interested in learning more, register for next Tuesday's webinar: https://lnkd.in/ejJSVbn4

?? 92% of buildings covered by LL97 are set to meet the 2024–2029 emissions limits. Congrats! ?? But if your property *isn't* on track, that doesn't mean fines are necessarily in your future. Talk to our submetering and plant operations experts to get practical ideas on how to get on LL97's compliance pathway.

ICYMI: This year marks the start of LL97 compliance, and all covered buildings must file their first reports by May 1, 2025. ??? To help owners and design professionals navigate the law, the Department of Buildings just released a new, comprehensive reporting guide for all buildings subject to carbon limits. Find everything you need to know about reporting GHG emissions in the new Article 320 Info Guide: https://ow.ly/5GGz50SYGsC And see prior guidance on Urban Green’s LL97 page: https://ow.ly/heqw50SYGsE

Did you know that May 1st is a significant date for NYC coops and condos? It's the annual deadline for LL84 benchmarking for buildings greater than 25,000 square feer. Most of you, especially those in property management, energy suppliers, and energy consultants, are already familiar with this. But this year, it carries an added weight. Why? Because ?????? ???????? ???????? ??????????, it will serve as the base for the impending Local Law 97 fines. Any energy reduction achieved between now and the end of this year will count towards the LL97 fines starting in 2025. As a seasoned NYC coop and condo consultant, I've seen how these regulations can impact boards and property management firms. But I've also seen how they can drive sustainability and efficiency. So, I pose this question to all of you: How are you planning to reduce your energy consumption this year to mitigate the impact of LL97 fines next year? What strategies are you implementing to create a more sustainable and efficient environment? I'd love to hear your thoughts and ideas. Please share them in the comments below. And if you found this post helpful, feel free to share it with your network. Together, we can make a difference in our industry and our city. #NYCCoopCondoConsulting #PropertyManagement #Sustainability

?? Is your building ready for Local Law 97 compliance? Join us for our upcoming webinar, "LL97 Readiness Check," where we'll break down the essentials of NYC's groundbreaking building emissions law and how it impacts you. Whether you're a property owner, manager, or sustainability enthusiast, this session will equip you with actionable insights to navigate the path to compliance effectively. ?? Date: February 11,2025 ? Time: 2 PM EST ?? Virtual Event - Register Now: https://lnkd.in/gtuBXHFD Don't miss the chance to get ahead of the curve and ensure your building's compliance strategy is on point. Let's make NYC a greener city together! ?? #Sustainability #LocalLaw97 #EnergyEfficiency #BuildingManagement

Those who have heard me speak at conferences know I often make a point that the underpinnings of the carbon market aren’t strong enough yet.?From legal/accounting treatment of carbon credits to strong contractual clauses, these underpinnings create a base for large-scale growth (as well as helping enable and scale other underpinnings such as insurance).?They are also somewhat hard to build into a market that is on the move.?I was thus quite interested and happy to see some news and thinking come out… 1?? From Simon Puleston Jones, publicising the comment letter provided by Emral Carbon, Philip Lee LLP, Skylight Law and Stairs Dillenbeck Finley Mayer PLLC to the Article 6.4 Supervisory Body, emphasising that to successfully facilitate the financing of carbon projects, it is essential that debt financiers and forward buyers of carbon credits can take binding and enforceable security over the carbon reductions and removals generated through the projects they finance.?“Entities providing finance for carbon projects are not looking to reinvent the wheel for carbon markets – they want to mitigate their risk through strategies that have been developed and proven over decades in other analogous contexts, e.g. project finance of renewables projects and structured finance transactions in wholesale financial markets.” I completely agree and thank the authors for making these points.?https://lnkd.in/eD38itNZ 2?? Separately to this, but very exciting, see here: https://lnkd.in/ewFfBT9Q. I am no accountant, but my understanding is that this update from the International Accounting Standards Board (IASB) is hugely significant.?My copy and paste of the summary points from Rethinking Capital: “by today’s accounting practice…the incentives to meet [net zero commitments] are upside down in that accounting practice treats the commitment as an externality, and investments purposed to meet it, such as innovation and carbon credits, as costs rather than balance sheet assets.” “At last the rules of the game can be changed - flipped…This should begin the pathway for accounting that can and should be done to make net zero profitable.” “This has far-reaching effects for asset owners and investment managers and in board governance…make investing to reduce carbon emissions profitable and unlock material...returns from a net zero strategy and investment - starting with better accounting that recognises each $1 invested with the purpose to meet the commitment as an asset.”

Is your building(s) compliant with this recent Local Law? If not compliant this year, NYC building owners have the opportunity to mitigate penalties by demonstrating a "Good Faith Effort" to comply. As part of this effort, building owners may choose to complete a Decarbonization Plan. A Decarbination Plan not only helps mitigate financial penalties for exceeding the emissions limit in 2024 but also sets your building on the path to full compliance in 2030. For questions and assistance with Local Law 97, email us [email protected]. ?? #maypoleinspections #greenhousegas