How can the CRE industry help fight Climate Change?
Climate change is nothing new to most of us. The big question is; what can we do individually, collectively and within our CRE industry to help slow the effects of Climate Change?
- The CRE industry consumes approximately 40% of the worlds energy produced.
- New construction annually contributes over 3.7 billion metric tons of embodied carbon emissions
- Climate change may result in $135 billion in commercial property damage by 2045
The CRE industry in new construction and design is taking steps in the right direction. Modular Construction is the off-site construction of commercial buildings including offices, temporary structures, high-rise multi-residential, hospitality and affordable housing structures and buildings has proven to be more environmentally friendly, as cost effective and actually allows for faster construction and can speed delivery of completed projects.
Interior prefab of offices, healthcare, residential and institutional facilities is also becoming regognized as a very viable, cost effective and greener way to build-out interiors in commercial projects.
Energy retrofits of our existing built environment is another great way to reduce energy consumption and actually improve a building's return on investment; despite the upfront costs of retrofitting which can now be elgiable to recieve incentives such as those proposed by goverments, including that of the new US administration's Biden Plan for Building Retrofits will hopefully speed the adoption of building energy retrofits. Retrofits can also be undertaken with the help of industry solutions providers that will deliver energy savings without the risks of upfront capital costs. These solutions providers will look at installing smart building and automation solutions for individual buildings or a complete portfolio for massive energy savings.
Building Envelope systems for new buildings and deep building retrofits are also changing to help improve a buildings energy efficiency and to with new solar glass technology some buildings are being actually produce energy from their high-tech glass facades.
There are many options and solutions for commercial tenants, owners, building and facility managers to get inspired and make the necessary changes to make sure we address climate change head on and not only within the built environment, but new commercial building construction and within offices to dramatically increase CRE Sustainability.