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    Categories: Finance

New York City Comptroller Brad Lander outlines climate loans plan

Lander additionally proposes to make use of pension fund cash and different devoted funds to create “local weather loans” for companies and property house owners, to hasten the transition to inexperienced vitality use.

Emissions from buildings account for nearly 70% of New York Metropolis’s local weather emissions, in response to Lander’s workplace. The town’s Native Legislation 97, handed in 2019, requires massive buildings to cut back carbon emissions by 80% by 2050, with preliminary caps starting in 2024.

Lander views local weather loans as one instrument to assist property house owners purchase the mandatory capital to retrofit their buildings for a near-zero-emissions future. With as much as 50,000 residential and business buildings throughout New York Metropolis falling below Native Legislation 97’s purview, some economists imagine it’s sound coverage to make use of town portfolio to encourage inexperienced vitality on such a large scale.

“Investing in inexperienced buildings and retrofitting the buildings to save lots of vitality pays for itself,” stated Barbara Denham, senior economist at Oxford Economics. “The vitality financial savings offset any price that goes into building long run, so I see the knowledge of doing that.”

Lander stated he additionally plans to audit the spending of any metropolis company that contributes carbon emissions into the ambiance. One other intitiative will likely be establishing an environmental justice audit that displays town’s progress in sustaining inexperienced areas and air high quality enhancements in Black and brown neighborhoods.

He stated he needs the theme of his administration to be “making metropolis authorities work higher so it may well serve all New Yorkers” and hopes that his insurance policies go away New Yorkers “extra prepared for the long-term challenges to come back.”

 

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