As part of the national and global push to reduce greenhouse gas (“GHG”) emissions to combat the effects of climate change, New York City passed the Climate Mobilization Act (the “Act”). Local Law 97 (“LL97”), enacted in 2019, forms a crucial component of the Act. Specifically, the goal of LL97 is to reduce GHG emissions from certain larger buildings by a set amount by 2030 with even further reductions by 2050. To reach these goals, LL97 sets annual limits on GHG emissions that each covered building may emit and if those permitted emission levels are exceeded in any given year, the building’s owner will incur a fine for such year. A summary of LL97 and some of its implications can be found here.