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Market Update Monday: One City Built to Last

Uncategorized // Sep 28, 2015

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Continuing efforts to reduce greenhouse emissions in New York City, Mayor Bill de Blasio is moving forward with two initiatives advising building owners to cut greenhouse emissions at their various properties. First and foremost, the mayor plans to announce a retrofit accelerator, a program in which advisers offer assistance to help properties go green free of charge in the coming weeks. Nonprofit group Building Energy Exchange will make up the core force of the group.

Secondly, the mayor will continue to push out a program established in 2007 to expand the city’s carbon challenge. Within this program, 40 city institutions pledge to reduce their emissions by an astounding 30 percent over a 10 year span. Some companies include: Barnard College, Bloomberg LP, Deutsche Bank and Google. In conjunction with these businesses, 700 private family buildings will also join them.

With these two plans in place, the mayor hopes to cut building emissions by approximately one million metric tons by 2025 — a reduction equivalent to having 200,000 less cars on the road.