It is widely recognized that buildings contribute significantly to overall energy consumption, making them a crucial focus for policymakers seeking sustainable solutions amidst the looming climate crisis.
The real estate industry has experienced remarkable prosperity in a low-interest economy. However, the landscape has shifted with the advent of soaring interest rates, declining market valuations, and rising energy costs. Furthermore, policymakers are now emphasizing the urgency of reducing building energy consumption, creating immense pressure and a ticking clock for many commercial landlords.
Nowhere is this more apparent than in New York City. The state has implemented Local Law 97, a groundbreaking measure aimed at tackling building energy usage. This law introduces stringent regulations to curb greenhouse gas emissions and promote energy efficiency. It signifies a proactive approach by the city to address climate change and foster a more sustainable future.
Local Law 97 sets specific emissions limits for buildings, taking into account their size and purpose. It establishes compliance dates by which buildings must meet these limits. Failure to do so results in significant financial penalties.
The fastest way for landlords to become compliant is by working with retrofit software solutions as they can be scaled and added to existing systems and hardware. Sally R is positioned to meet this demand with its cloud-based algorithms to increase efficiency within HVAC (Heating, Ventilation, AC). The software can be added to any kind of hardware and work with any kind of existing Building Management System, which allows for scalable adoption and quick results.
During the most recent trip to New York, Sally R met up with some of the leading property owners in the city. Sally R is part of the Skyline program, where 6 Swedish Proptech companies are supported by the Swedish Energy Agency and the Swedish American Chamber of Commerce (SACCNY). The purpose of the program is to export Swedish innovation in property technology, and to assist in the city’s transition towards sustainability and resilience. Sally R will be back in New York for UN Climate Week in September and is aiming to sign the first customer in the U.S before the end of the year.
The significance of New York City’s actions reverberates beyond its borders. As a global metropolis, it sets an example for other cities grappling with similar challenges. By prioritizing sustainable practices, New York City aims to create a greener and more resilient urban environment that can inspire change and contribute to the worldwide fight against climate change.
Pictures from the latest trip to New York, where Fredrik Tunberg, CEO of Sally R, met interesting and prominent individuals within the industry, including Anna Throne-Holst, President of The Swedish-American Chamber of Commerce – New York.
