Listen: New York City Lawmakers Pass Landmark Climate Measure
"Support for this podcast and the following message. Come from Fidelity Investments, taking a personalized approach to helping you grow and protect your wealth. Learn more at fidelity dot com slash wealth. Fidelity brokerage services LLC on the steps of New York City hall more than one hundred people celebrated the passage of a landmark climate Bill last week. It doesn't target cars or coal it regulates big buildings. New York mayor Bill de Blasio is expected to sign the Bill into law soon. He says it's the first law in the world require emissions cuts from existing buildings, and it could serve as a model for other cities NPR's Camilo, Domino's ski reports think of New York City's famous skyscrapers. Now, imagine the power it takes to heat and cool and eliminate them. And maybe it's not so surprising. That buildings are responsible for two thirds of the city's greenhouse gas emissions. New York City mayor Bill de Blasio called it. The mother load in an interview with NPR buildings are the single biggest piece of the problem that hasn't been addressed. And we have the tools to do it right now. Everything about this. New law is big it focuses on big buildings and calls for big cuts to emissions ultimately eighty percent. And if buildings don't comply they will face big fines recuse the biggest buildings if these goals are not met the fines can be one. Million dollars per year or more even so what does it take for a building to slash its carbon emissions? Take a ride on the Empire State. Building's elevator. The world's most famous and you get to see Bill. Flakes to the last ten years. This landmark has gone through an ambitious energy efficiency overhaul. Tourists visiting the hundred and two storey landmark can't see them. But retrofits are everywhere. Insulated windows dim -able lights upgraded air conditioning, tools for tenants to cut consumption. Even that elevator is more efficient. There is no silver bullet these are lots of little pieces. So we call it silver buckshot, Anthony Malkin is the CEO of the Empire State realty trust which owns the building when you were deuce energy consumption, reduce carbon up. It's very simple. The Empire State building has dramatically slashed both energy use and emissions. But New York City's new legislation ultimately calls for even more cuts. This is absolutely a step that goes beyond anything that we've even accomplished in our buildings. The new law will carry a hefty price tag collectively the required retrofits will cost an estimated four billion dollars. But that's just looking at the costs. There are savings too. From lower bills over time. I'm the Empire State building spent millions on those retrofits, but it is already made back the investment, and then some so some of the required retrofits will pay for themselves, but de Blasios technologies that won't always be true. They are the kinds of mandates that assum building owners will find to be stretch goals, and we'll find to be difficult. But that's the point. That is the law is designed to push owners to make changes they wouldn't. Otherwise, New York is already a very expensive city large commercial landlords are frustrated that they have to make changes when other buildings don't and suggest the law could drive business away. But the mayor emphasizes that financing will be available and the bill's supporters respond to concerns over cost by pointing out that climate change poses an existential threat to this coastal city. They recall the devastating effects of hurricane sandy muddied Silva. Feral runs a nonprofit that pushed for the bill's passage the knives over kids and our grandkids are steak, and we really need to. Take bold actions. She asks anyone running a cost analysis to remember to account for those human lives. Camille, domino, sqi NPR news, New York City."