Opening the door to energy efficiency
Energy efficiency measures in buildings can save $20 billion and meet 28 per cent of Australia’s 2030 emission reduction target, finds a new report from the Australian Sustainable Built Environment Council.
As a signatory to the Paris Climate Change Agreement, Australia has committed to reduce its carbon emissions to ‘net zero’ by the middle of the century.
The Low Carbon, High Performance report, developed by ClimateWorks Australia, outlines the role Australia’s built environment sector can play in meeting this target, given buildings currently account for 23 per cent of the nation’s emissions profile.
The report finds energy efficiency measures could deliver a 23 per cent reduction in emissions by 2030, and 55 per cent by 20, using technology that exists today.
When combined with ‘fuel switching’ to electric alternatives, emissions from buildings could be reduced by 57 per cent by 20.
ASBEC’s president, Ken Maher, says delaying action constitutes a massive missed opportunity.
“Every year we delay will cost us significantly in emissions, climate change, money, and quality of life,” he says.
“Even five years of delay in the take-up of these opportunities could lead to $24 billion in wasted energy costs and more than 170 megatonnes of lost emissions reduction opportunities.”
According to Property Council of Australia chief executive and chair of ASBEC’s energy efficiency and emissions task group, Ken Morrison, the report is a blueprint for government action.
“Major emissions reduction gains can be made with the property industry, but it requires a focused plan that includes regulation, strong incentives, energy market reform and market information to support transformation,” Morrison says.
Without further action to address market barriers, buildings would consume 46 per cent of Australia’s ‘carbon budget’ – the total amount of emissions the nation can release into the atmosphere before reaching zero net emissions.
Meanwhile, a coalition of global investor and property groups – including five of the world’s largest investor networks – have joined forces to publish a framework for real estate investors wanting to factor environmental, social and governance principles and climate risks into investment decision-making.
Speaking at the launch of the Sustainable Real Estate Investment Framework last week, Rowan Griffin, Lendlease’s head of sustainability and member of the working group responsible for developing the framework, said investors had a “key role” to play in meeting Australia’s climate change targets.
“The launch of this action framework means that real estate investors now have the tools they need to take concrete steps to address climate change and deliver greater value,” Griffin said.
Download ASBEC’s Low Carbon, High Performance report and the Sustainable Real Estate Investment Framework.