New York, USA, 27 October 2011 – A new World Economic Forum report
recommends practical steps government leaders can take to stimulate
investments into energy efficiency upgrades in existing commercial
buildings in order to enable job creation and green growth. The
report, entitled, A Profitable and Resource Efficient Future:
Catalysing Retrofit Finance and Investing in Commercial Real Estate,
also describes the critical role that banks, insurance companies,
institutional investors, utilities, energy service companies and real
estate holders need to play in unlocking the potential of the retrofit
market, which has been estimated at US$ 400 billion in the United
States alone.
One of the key recommendations of the report is a government-mandated,
standardized energy consumption reporting and efficiency rating system
for buildings. When combined with additional policies such as tax
incentives, loan guarantees or credit enhancements, the information
generated by such a reporting and rating system can help would-be
investors make better-informed decisions to invest in energy
efficiency projects.
“This report offers a clear set of actions for policy-makers and
industry, starting now, making the low-carbon economy a reality for
all our futures,” said Chris Luebkeman, Director, Global Foresight and
Innovation, Arup Group.
Among the six countries studied in-depth, Australia was found to have
the most mature retrofit market as a result of a long-standing
reporting and rating system, coupled with additional government-led
action, including tax deductions and a third party institution to take
on demonstration projects. Other markets examined included China,
Japan, the United States, the United Kingdom and Germany. In total,
over 100 interviews with experts, government leaders and business
leaders from a cross-section of industries in these countries
reinforced the findings and yielded 20 practical, action-oriented
recommendations for the public and private sector to undertake
immediately.
“Government and business share an interest in improving energy
efficiency in commercial buildings,” said Colin Dyer, President and
Chief Executive Officer, Jones Lang LaSalle. “Policies enabling and
encouraging cost-effective building retrofits could reduce carbon
emissions while driving economic growth through job creation, cost
reduction and risk mitigation.”
“As the world’s population swells to 9 billion people by 2050, more
buildings will be built than ever before. The recommended actions can
help countries reduce the amount of resources needed to fuel such
growth, avoid exposure to the risks of resource scarcity and help spur
economic growth,” added Robin Ried, Senior Community Manager of the
Infrastructure & Urban Development Industry at the World Economic
Forum, and lead author of the report.