Conduct carbon trading study
- Date Due
- Responsible Entity
- Conduct carbon trading study
- The MOS must conduct a study on the feasibility of a citywide trading scheme for greenhouse gas emissions from buildings and submit a report and implementation plan with the findings of such study to the mayor and the speaker of the council.
- EXECUTED: "Carbon Trading for New York City’s Building Sector: Report of the Local Law 97 Carbon Trading Study Group to the New York City Mayor’s Office of Climate & Sustainability" was published on November 15, 2021.
- LL97 § 5 adds new Administrative Code Tit. 28. Ch. 3 § 28-320.3.11
LL97 §5: "§ 28-320.11 Carbon trading study. The office of long term planning and sustainability shall conduct a study on the feasibility of a citywide trading scheme for greenhouse gas emissions from buildings and submit a report and implementation plan with the findings of such study to the mayor and the speaker of the council no later than January 1, 2021. Such study shall include methods to ensure equitable investment in environmental justice communities that preserve a minimum level of benefits for all covered buildings and do not result in any localized increases in pollution. Such study shall also include an approach to a marketplace for credit trading, pricing mechanisms, credit verification, and mechanisms for regular improvement of the scheme. Such study should also consider the reports and recommendations of the advisory board."
In May 2020 DEP awarded a team of NYU researchers led by Katrina Wyman a grant to study how a carbon-trading system could help lower the costs of implementing carbon-emissions caps for large buildings as required by LL 97.