Gravel2Gavel Construction & Real Estate Law Blog
This week’s round-up features the intersection of real estate and energy efficiency, including state efforts surrounding clean energy legislation, Inflation Reduction Act tax credits, hotel & hospitality sectors creating sustainable initiatives to reduce carbon emissions, and more.
- In New York City, building owners try to figure out how to pay for upgrades needed to comply with regulations outlined in Local Law 97 that are intended to fight climate change. (Jane Margolies, The New York Times)
- Maryland, Massachusetts, and New York approve clean energy legislation, enacting laws to promote electric vehicles as well as wind and solar energy. (ACEEE)
- The Inflation Reduction Act (IRA), signed into law by President Biden this week, includes expanded tax credits expected to pivot building owners and property developers to make upgrades geared towards energy efficiency. (Jack Rogers, Globe St.)
- With the real estate industry being responsible for approx. 40% of global carbon emissions and developers retrofitting buildings for energy efficiency, one company with 485 properties targets 100% elimination of carbon emissions by 2040. (Eamon Barrett, Fortune)
- Sustainability initiatives in the hotel & hospitality sector are on the rise internationally, including the World Travel & Tourism Council Hotel Sustainability Basics and Sustainable Hospitality Alliance’s Pathways to Net Positive Hospitality. (Mark Hillsdon, Reuters)
- Across the U.S., both new and old hotels have been ushering in forward-thinking strategies to fight climate change. (Tom Austin, Business Traveler)
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