Buildings are a key contributor to CO2 emissions. Research indicates that buildings and construction projects are a key contributor to global CO2 emissions, accounting for 39 per cent of total emissions. In view of this, and to address issues of sustainability and meet government targets to reduce pollution, there needs to be a refocus on buildings’ energy efficiency.
Energy efficiency is a first step to being a green building. Green building certification will be granted by a recognised bodies (such as Building and Construction Authority), taking into account areas like energy efficiency, water efficiency, green practices and innovation (including recycling and the use of sensors to manage energy use). Companies could also consider the use of solar energy to power buildings to enjoy costs savings and a lower carbon footprint.
Benefits of going green. Other than being more environmentally friendly and meeting Environmental, Social and Corporate governance (ESG) aspirations, green buildings also enjoy lower operating costs, higher capital value and provide a better environment for people working or living within them. Studies indicate potential cost savings of up to 37 per cent for office properties and 17 per cent for retail properties. Correspondingly, there could also be a rise in capital value of the green building by over 2 per cent based on higher net income.
Government incentives. In view of the push towards sustainability, regional governments have offered incentives for building owners to go green. These range from co-funding incentives, green investment tax allowances, import duty exemptions for companies in renewable energy and energy efficiency business.
Companies that wishes to embark on a journey to transition their buildings to a green building status or to improve the energy efficiency of their buildings can contact us here for more information.