Tech for Local Law 97 Urges Mayor Adams to Enforce Local Law 97 With No Delays and No Loopholes

NEW YORK, NY (09/12/2023) (readMedia)-- Today, the Adams Administration proposed new rules to govern NYC Local Law 97's implementation and enforcement. Advocates from NYC's climate tech industry are concerned that these new rules allow too much flexibility for landlords out of compliance with the law, and don't do enough to strengthen the loopholes that allow landlords to purchase renewable energy credits and continue polluting.

"Local Law 97 isn't just crucial to protect the climate – it's spurring an entire homegrown climate tech industry in NYC that's poised to become a pillar of our city's financial health and prosperity," said Tom O'Keefe, Climate tech angel investor and #TechForLocalLaw97 organizer. "Any delay in implementing Local Law 97 not only weakens the law, but it also weakens this burgeoning industry and drives it out of New York. We urge Mayor Adams to fully enforce the law without delays and without loopholes."

Tech for Local Law 97 is a new coalition of more than 200 tech entrepreneurs and investors committed to combating climate change. Last month, the group launched with an open letter to City Hall advocating for the CIty to fully enforce Local Law 97 without delay, arguing that in addition to its vital climate change benefits, the law is also helping to spur an entire homegrown NYC climate tech industry that is poised to become a pillar of the city's financial health and prosperity.

Read more about the group and their open letter to City Hall here.

Climate tech isn't just one sector, it's a full transformation of the economy. There are over 227 climate tech companies hiring in NYC, with functional roles across scientific research, engineering, strategy, marketing, manufacturing, and more. The NY Climate Tech ecosystem comprises over 5,000 entrepreneurs, operators, policymakers, activists, and more - making NYC the largest place-based climate tech community in the world.

Background

Local Law 97 tackles New York City's single largest source of climate pollution, which is emissions from buildings, requiring large buildings to reduce emissions over time. The law applies to most buildings over 25,000 square feet, requiring them to meet new energy efficiency and greenhouse gas emissions limits by 2024, with stricter limits coming into effect thereafter.

There is an urgent need to drastically reduce greenhouse gas emissions. Extreme weather has defined Summer 2023 in New York: July was the planet's hottest month on record. Heat kills about 350 New Yorkers each year, with Black New Yorkers more than twice as likely to die from heat as white residents. This number will likely rise as climate change worsens.

New Yorkers also choked on toxic air several times throughout this summer thanks to smoke from the Canadian wildfires, causing a two-fold uptick in NYC ERs visits for asthma visits. Torrential rains in the Hudson Valley over 24 hours killed an Orange County resident, and knocked out Amtrak and Metro North service for three days. Several roads were completely washed away. The damage from the flooding alone is estimated to cost taxpayers over $35 million.