EXCERPT from GLOBEST.COM

Contained in the proposals announced by Mayor Michael Bloomberg on Wednesday are mandates that require older buildings to invest in necessary technology and infrastructure that would increase energy efficiency and reduce the city's carbon footprint. New York City's buildings are responsible for 80% of its carbon emissions. The investments could prove costly, but promise tremendous savings in power bills for thousands of properties.

In a release, Bloomberg says his plan "will significantly improve economic competitiveness, put thousands of New Yorkers to work in green jobs, and do more to shrink our own direct impact on global warming than any other actions imaginable." Speaking to the perilous economic times, Mike Fishman, president of the Service Employees International Union's Local 32BJ, the largest private sector union in New York, says in a statement that the initiative would "protect the environment, boost the real estate industry and get workers the training they need to get ahead."

Owners and industry groups agree that the city's initiative is bold, but worry that it could prove intrusive. There are worries that a "one size fits all" approach by government may not prove effective in a city of such wide diversity within its building stock. "In a city with buildings as complex and diverse as New York City, each building's situation is unique and the extent to which it can perform energy upgrades is best evaluated and acted upon by the owner and manager," says a statement from the Building Owners and Managers Association's New York chapter.

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