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Market Update Monday: NYC’s Buildings Must Take Action Against Carbon Pollution

Uncategorized // Dec 14, 2015

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The consequences of global warming have been evident to New Yorkers during this past winter and climate change has become a matter of the highest priority in international politics. The 2015 United Nations Climate Change Conference held in Paris announced that 196 countries made a pact to reduce their gas emissions as a way of decreasing the greenhouse effect.

An estimated 70% of New York’s carbon pollution is said to come from buildings that are also responsible for consuming 45% of the city’s energy. The numbers are too high to ignore and it is time for real estate owners and developers to take action by implementing energy-efficienct improvements. The lack of commitment from buildings regarding environmental sustainability calls for stronger measures.  Mayor Bill de Blasio’s goal of reducing greenhouse gas emissions by 80% by 2050 and aggressive, mandatory actions may be the only way for real estate developers to help him.