CoreNet Global NYC recently hosted a panel event titled Local Law 97: NYC’s Carbon Emissions Law & What You Can Expect from It at Humanscale. The event featured industry-leading speakers from Avison Young, Rudin Management and the Urban Green Council to discuss how the emissions regulation of Local Law 97 will impact owners, landlords and corporate real estate executives.
Thomas Baade-Mathiesen, Vice President, Altanova, and CoreNet NYC Sustainability Committee Chair, moderated the event, which included speakers Marty Cottingham, Principal, Avison Young; John Gilbert, Executive Vice President & Chief Operating Officer, Rudin Management; and John Mandyck, Chief Executive Officer, Urban Green Council.
Real estate operation accounts for 70 percent of New York City’s total emissions. In line with global standards, the city is looking to reduce this rate by 40 percent throughout the next decade, a drastic reduction. This effort impacts building owners, landlords and occupiers, and the panel of industry experts explained the methods that this new legislation will undertake to control building emissions and how these regulations will affect the broader real estate industry.
“It’s important that we all see the effects of LL97. It’s the most ambitious climate legislation for buildings in the world. Spaces you select, design and develop today can be positively or negatively impacted depending on your choice of action,” said Baade-Mathiesen. “You can absorb the penalties, comply or even spin it to your greater advantage in such a way that you increase landlord-tenant collaboration, the functionality and quality of your real estate. Consider that the associated retrofits alone are estimated to generate $20 billion in investments for building improvements during this decade.”
The panel allowed industry colleagues the opportunity to discuss their individual roles in not only maintaining complicated regulations, but in aiding in the fight against climate change. With the onset of a global crisis comes the need for responsible action from industry leaders with the power to effect positive change.
About CoreNet Global New York City Chapter
CoreNet Global New York City Chapter’s mission is to advance innovation and professional development for the corporate real estate sector, and to serve as a thought leader and forum for current industry issues. The organization’s more than 1,000 members represent corporate end-users and service providers from New York’s largest publicly held companies at the forefront of real estate planning, development and innovation, including Fortune 500 companies generating over $1 billion in annual revenue. For more information about the CoreNet Global New York City Chapter, visit http://newyorkcity.corenetglobal.org.
