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Essay Available:
Pages:
2 pages/≈550 words
Sources:
5 Sources
Style:
MLA
Subject:
Engineering
Type:
Essay
Language:
English (U.S.)
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Topic:

Local Government to Enact Far-Reaching Regulations like Local Law 97

Essay Instructions:

You are asked to read the following two short articles – one from the Wall Street Journal and another from Green Tech Media (assigned in the readings) – which address government and private equity’s attempts, respectively, to encourage decarbonization of buildings.
1.Wall Street Journal article on Blackstone. Link: https://webreprints(dot)djreprints(dot)com/4918241355223.html (Links to an external site.) -need to cited
2.Green Tech Media article on Local Law 97. Link: https://www(dot)greentechmedia(dot)com/articles/read/new-york-citys-ambitious-building-emissions-law-turns-one (Links to an external site.) -need to cited
Using these articles, additional reading requirement any other material you would like, please address BOTH of the following questions
1: Do you believe it is appropriate for local government to enact far-reaching regulations like Local Law 97? If not, how else do you suggest they might achieve behavioral changes in the industry?
2：To what extent do you believe it is private equity’s role to mandate or enforce decarbonization in its portfolio? Does this conflict with its fiduciary duties to maximize returns for its investors?
Requirement:
Reading all reading - there are two major articles which need to cited and additional reading cited at lease two.
Need to answer BOTH of the 1 and 2 questions. Please- Focus on more about personal thought after reading.
It is no need intro and conclusion, focus on the two question!
Additional Reading : cited at lease two.
1: Cullingworth and Caves, Chapter 4, “Planning and Sustainability” pp. 78-96.

2..From Materiality to Risk Mitigation: ESG at A Tipping Point for Real Estate. Link: https://cre(dot)org/real-estate-issues/from-materiality-to-risk-mitigation-esg-at-a-tipping-point-for- real-estate/
3.The Green Building That’s Flunking New York’s Climate Law. Link: https://www(dot)bloomberg(dot)com/news/features/2022-03-14/the-green-skyscraper-challenging-nyc-s-emissions-law (Links to an external site.)

4..NYSERDA, Empire Building Playbook: A Building Owner's Guide to Low Carbon Retrofits link: ‘Learn More About the Playbook” https://knowledge(dot)nyserda(dot)ny(dot)gov/pages/viewpage.action?pageId=110723596 (Links to an external site.)
5: https://knowledge(dot)nyserda(dot)ny(dot)gov/pages/viewpage.action?pageId=110723596#LearnMoreAboutthePlaybook-WhyDoBuildingOwnersNeedaBuildingDecarbonizationPlan?.1

Essay Sample Content Preview:
Local Government to Enact Far-Reaching Regulations like Local Law 97
1: Do you believe it is appropriate for local government to enact far-reaching regulations like Local Law 97? If not, how else do you suggest they might achieve behavioral changes in the industry?
I support the enactment of far-reaching regulations like Local Law 97. According to Gerdes, Local Law 97 is one of the ten bills in the Climate Mobilization Act. It mandates New York City's 50,000 most significant buildings to minimize their carbon emissions by 40% and 80% by 2030 and 2050, respectively. The owners of buildings that do not comply risk being fined millions of dollars. There is a need for cities to be part of sustainability. According to Cullingworth and Caves (79), sustainability is based on the idea that all that individuals need for their survival and well-being depends directly or indirectly on the natural environment. Without sustainability, there are no conditions for humans and nature to coexist in productive harmony. Local Law 97 is an opportunity for the government to ensure that private establishments take part in enhancing sustainability. Mandatory audits have not managed to address the issue of carbon emission since they create an insufficient incentive for businesses to invest in energy efficiency.
Far-reaching regulations like Local Law 97 are instrumental in ensuring more compliance for building owners. Left on their own, building owners are less likely to put strict measures to cut down the emission of carbon dioxide. Far-reaching regulations like Local Law 97 come with heavy penalties. For instance, the regulation imposes a fine of $268 per ton of emissions above the required cap starting in 2024. Buildings that do not comply will likely be fined as high as $5 million annually. Because of the high fines, building owners will be forced to invest in energy efficiency and clean energy. NYSERDA indicates that New York City has the US's densest population of tall buildings; hence, two-thirds of GHG emissions emerge from energy used to fuel the facilities. Because of the contribution of the buildings to GHG emissions, punitive measures like the far-reaching regulations would ensure compliance with energy use and sustainability.
2: To what extent do you believe it ...
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