#United States #New York #Local Law 97 #Cotocon Group #Local Law 88

A Critical Moment for NYC Building Owners

As the clock ticks down to the August 29 reporting deadline for Local Law 97 (LL97) and Local Law 88 (LL88), building proprietors in New York City are urged to expedite their compliance efforts or risk incurring significant fines. The Cotocon Group, a leading consultancy in energy law compliance, has raised the alarm, emphasizing that time is of the essence for nearly 27,000 affected buildings.

Understanding the Laws

Local Law 97, designed to combat climate change, mandates that buildings exceeding 25,000 square feet must report their greenhouse gas emissions. Failure to adhere to the specified carbon limits could result in annual penalties that may escalate into millions of dollars. Furthermore, Local Law 88 requires these buildings to upgrade lighting systems and implement sub-metering to foster better energy usage.

Over 2,000 filings have already been processed by Cotocon this year; however, many owners are still lagging behind. “There's a wave of last-minute inquiries from property owners who mistakenly believed they had ample time,” lamented Jimmy Carchietta, Founder and CEO of The Cotocon Group. “Once the deadline passes, the city will not hesitate to start issuing violations and imposing fines. Compliance isn't optional, and waiting until the last moment may lead to significant financial penalties.”

The Consequences of Non-Compliance

The rigid enforcement of these laws, especially as the deadline approaches, has left some property owners in a precarious position. Late filings or incomplete compliance may trigger immediate repercussions, impacting both their finances and reputations. Compliance processes require thorough energy data assessments, document reviews, and technical validations, all of which need ample time to execute effectively.

Who Is Cotocon?

Having partnered with New York City building owners for over 15 years, The Cotocon Group specializes in comprehensive compliance administration. Their offerings include:

• - LL97 Emissions Analysis and Reporting
• - LL88 Lighting and Sub-Metering Analysis
• - LL84/133 Energy and Water Benchmarking
• - LL87 Energy Audits and Retro-Commissioning
• - LL97 A320 Penalty Mitigation

Recognizing the recurring frustrations expressed by building owners, Cotocon has now integrated technology and automation into their consulting services. This evolution has transformed them from merely a compliance advisory into an innovative tech company, giving rise to The Carbon Shield. This real-time compliance intelligence platform empowers owners with immediate visibility into their emissions status, potential fines, and compliance progression, enhancing transparency and accountability.

A Call to Action

Carchietta stresses the urgency—building owners not yet under contract have one last opportunity this week to secure their compliance. “We’ve filed thousands of reports, but the countdown is relentless, and post-August 29, fines are unavoidable,” he advised. With the city's enforcement of these regulations becoming increasingly stringent, immediate action is imperative to avoid both financial repercussions and reputational harm.

In conclusion, NYC building owners must take swift action to meet the upcoming deadlines for Local Laws 97 and 88. The Cotocon Group stands ready to assist those who act promptly, ensuring a smoother path to compliance amidst an evolving regulatory landscape.