Mayor of New York City, Bill de Blasio, has mandated that existing buildings must make steep reductions in greenhouse gas emissions by 2030. This makes New York the first city to place an emissions cap on existing buildings. The rules will apply to all buildings sizing over 25,000 square feet and the city will provide financing support through low-interest loans. The Mayor announced that there would fines for buildings which failed to comply with the regulations which could total up to $2 million per year for owners.
In order to stay within their emissions caps, building owners will have to reduce their use of fossil fuels and boost energy efficiency by upgrading boilers, insulation and heat distribution systems.
