Building Energy Performance Standards (BEPS) are intended to translate climate policy into real investment decisions, but their effectiveness depends on how owners respond in practice. As New York City’s Local Law 97 (LL97) enters its second reporting year, building owners continue to face complex choices related to capital investments, managing operational risk, and positioning assets for long term performance. This session brings together a panel of New York City building owners to examine how LL97 is influencing investment in sustainability, to assess where the policy is successfully aligning incentives with outcomes, and where challenges remain.
Panelists will share how LL97 has shaped investment decisions in existing buildings, including envelope improvements, mechanical upgrades, controls optimization, and electrification planning. The discussion will focus on how owners are prioritizing projects, sequencing retrofits, and weighing compliance requirements alongside operating savings, avoided penalties, tenant considerations, and capital constraints. Real examples will illustrate where the regulation has provided a clear business case for action and where decision making has been more complex.
The session will also address how LL97 and evolving BEPS frameworks are influencing new construction and major redevelopment projects. Panelists will discuss how future carbon limits are informing early design decisions, system selection, and long term performance planning, as well as how these considerations are being received by lenders, insurers, and tenants. Particular attention will be given to the tension between upfront investment, regulatory timelines, and long term asset value.
Finally, the panel will explore broader market implications, including impacts on asset valuation, financing assumptions, and due diligence practices.
Attendees will leave with a clear, experience based understanding of how BEPS policies like LL97 are promoting investment in building performance, how effectively they are influencing owner behavior, and what lessons can inform future policy design.
