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The Guarini Center Releases:
Carbon Trading for New York City’s Building Sector
Director of Civic Analytics, Constantine Kontokosta, and Research Scientist and Lab Manager Bartosz Bończak were part of a team of NYU researchers led by the Guarini Center to study whether New York City should adopt a carbon-trading program for its buildings pursuant to its landmark climate law, Local Law 97 of 2019 (LL97). The study, a requirement of LL97, was funded by the New York City Mayor’s Office of Climate & Sustainability and finds it would be feasible to design a trading program that could advance the city’s goals including “accelerating GHG reductions from buildings, reducing the costs of GHG emissions reductions, and stimulating more investment in environmental justice communities compared with LL97 as is.” Kontokosta and Bończak note:
The reduction of carbon emissions in cities represents a critical pathway to global climate action. This study represents a practical example of how data-driven analysis can help to inform public decision-making for fair and effective climate policy.