Property Council has welcomed new research by Sustainability Victoria demonstrating the benefits of energy efficiency upgrades in older commercial buildings.
The Property Council’s Victorian Executive Director, Sally Capp, said the report highlights the importance of harnessing untapped opportunities in existing buildings.
“Whilst industry is showing great leadership with energy efficiency in new commercial developments, the mid-tier sector accounts for 80 per cent of Victoria’s office buildings
“Research tells us that this sector operates differently to the top end of the office market, and the motivations for taking action can be quite different.
“For instance, there are often split incentives between owner and occupier which can be a barrier to energy efficiency investments.
“There are also information asymmetries that need to be addressed.
“By reducing market barriers to energy efficiency upgrades, the Energy Efficiency Office Buildings Program helps business owners overcome the limitations they face with technical expertise, experience and capital constraints.
The Property Council developed the business case for the Energy Efficiency Office Buildings Program with the Victorian Government in 2011. The program is designed to assist building owners who are committed to sustainability, but may not have the experience, technical expertise, or the financial resources to act.
“The Property Council is pleased with industry’s response to the program, which has helped building owners to considerably reduce their operational energy, in addition to accelerating action on Victoria’s emissions reduction targets.
“Going forward, we look forward to working with Sustainability Victoria to build on its engagement with industry, and help close the gap between market leaders and the bottom base of market practice.
Sustainability Victoria’s report can be found at www.sustainability.vic.gov.au
Media contact: Asher Judah | M 0499 841 715 | E [email protected]