Australians can learn from NYC’s emissions laws

Gina Bocra, chief sustainability officer of NYC department of buildings (USA), addressed the GBCA to share updates from New York City’s own building emissions laws aimed to reduce greenhouse gasses 40% and power buildings with 70% renewable energy by 2030. As part of the program, the city’s 50,000 largest buildings have had their carbon emissions capped, and from 2024 onwards will be subject to a $358AUD fine for every metric ton of Co2 over the assigned limit, with regulations becoming more stringent over time. The carbon pricing is based on the calculated cost of climate change to society and damage incurred by air pollution, extreme weather, and other externalities. The laws aim to reduce emissions by 6 million metric tons and create over 26,000 new jobs in the sustainability sector by 2030.