Carbon Trading Study
What is Carbon Trading?
Carbon trading is a method that incentivizes emission reduction by setting an emission target and allowing parties like building owners to sell or purchase credits based on their emission levels. Buildings that emit lower than the target level are granted credits that they can sell. Buildings that emit higher than the target level can purchase credits or find ways to reduce their emissions, or a combination of both.
In 2018, the New York City Council passed the Climate Mobilization Act, a package of bills that represents one of the most ambitious legislative actions taken by any major city to reduce greenhouse gas (GHG) emissions and create new green jobs. The centerpiece of the Climate Mobilization Act is Local Law 97 (LL97), which requires significant GHG emissions reductions from buildings larger than 25,000 square feet beginning in 2024.
How to Submit Your Comments
As required by the law, the Mayor’s Office of Sustainability is studying the feasibility of a citywide carbon trading program to help buildings meet the emission reduction targets.
Submit your comments by November 1st, 2020 to inform the study’s recommendations.