"I really think more people should be paying attention to NYC's Local Law 97", says Brendan Wallace, Co-founder and Managing Partner of Fifth Wall, in this tweet. 

Perhaps the global real industry, including those in the UK, should heed that advice? The local regulation targets actual greenhouse gas emissions from NY real estate, with stringent limits/ hefty fines, and the first deadline for compliance approaching in 2024. Is regulation of this type, including its alternative means of compliance (e.g. purchase of renewable energy certificates), the next regulatory driving force that the industry needs to move to a net zero world?  

For those leasing commercial real estate in the United Kingdom, we have EPCs and MEES. Yet, whilst not wishing to labour the point, these regulatory requirements (see this podcast) relate to potential energy performance, not the culprit - actual emissions. We have to go back to Spring 2021 for the government consultation on what I described as the "next generation EPC" - the closest move to an operational based system of "regulation", albeit initially only involving an annual reporting commitment. There has been no government progress since. With other jurisdictions moving forward, is the UK at risk of being a laggard?  

Taking a quote from this article in the New York Times on LL97, "the basic mission is to put buildings on a carbon diet". Surely this should be the regulatory focus, and the UK should step up?