2023 U.S. Real Estate Round-Up: Effects of State ESG Laws on Commercial and Residential Building Owners
This 2023 U.S. Real Estate Round-Up provides key insights to commercial and residential building owners facing a flock of new state environmental, social, and governance ("ESG") laws proposed or taken effect in 2023, including how to prepare for upcoming compliance periods. In particular, this White Paper highlights the increasingly stringent sustainability mandates in Maryland, California, and New York City, outlining the scope, requirements, and potential impact on building owners in these jurisdictions. First, we detail Maryland's proposed Building Energy Performance Standards ("BEPS") and its implications for emissions benchmarking and reporting requirements. Next, we tackle California's Senate Bills 253 and 261 and Assembly Bill 1305, which demand comprehensive greenhouse gas ("GHG") reporting and climate disclosures from businesses and signal a substantial compliance shift for building owners. Lastly, we address New York City's updates to Local Law 97 and the evolving regulations on GHG emissions for covered buildings, underscoring the necessity for adaptability and compliance to avoid stringent penalties.
Read the White Paper here.