A Local Law to amend the administrative code of the city of New York, in relation to allowing building owners to use zero-emissions credits to comply with annual building emissions requirements

This local law amends New York City's administrative code to allow building owners to use "zero-emissions credits" to help comply with annual building emissions requirements under Local Law 97 of 2019. A zero-emissions credit is defined as a certificate representing the attributes of electricity generated from a zero-emissions or emissions-free resource, recognized in national renewable energy markets or the New York generation attribute tracking system. The law permits deductions from reported annual building emissions for the purchase of these credits, provided the credits are from a resource located in or directly impacting Zone J, are solely owned and retired by the building owner, and are from the same year as the reporting year. The Department of Buildings will promulgate rules to implement this deduction, requiring owners to provide the geographic location of the zero-emissions resource. This measure aims to address the shortage of renewable energy credits due to project delays and cancellations, and to supplement the city's power supply with zero-carbon sources like nuclear, geothermal, wind, and solar.

This law may help building owners reduce compliance costs for Local Law 97, potentially leading to more stable or lower energy costs for residents and tenants by allowing the use of alternative zero-emissions credits when traditional renewable energy credits are scarce.

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