Decarbonizing Buildings: Understanding the Urgency and Strategizing for Success
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Decarbonizing Buildings: Understanding the Urgency and Strategizing for Success

27 February 2024 / Report

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Real estate has a broad environmental impact, with buildings cited for emitting large amounts of carbon, accelerating resource depletion, and causing biodiversity loss. Companies that own or invest in commercial (nonresidential) building assets can set themselves up for success by staying abreast of advances in decarbonization, understanding the role of state and local governments, and implementing strategies for decarbonizing buildings, including fully electrifying real estate and using renewables as an energy source.

Trusted Insights for What’s Ahead™

  • Globally, buildings are responsible for 37% of carbon emissions and 34% of energy demand, and decarbonizing efforts are not at pace to reach net-zero goals, with emissions growing globally at 1% per year. Companies should decarbonize buildings to avoid operational, financial, and reputational risks associated with not complying with corporate and governmental goals.
  • Regulatory bodies at the local level in the US are leading the charge for decarbonization through instituting performance goals and energy codes on both existing and new buildings, all while using a carrot-and-stick approach that includes incentives and penalties for corporate owners of buildings.
  • Companies should build a proactive strategy to decarbonize building assets, following a process that involves team building, goal setting, retrofitting buildings, and reporting and communicating results for stakeholders and the broader community.

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Real estate has a broad environmental impact, with buildings cited for emitting large amounts of carbon, accelerating resource depletion, and causing biodiversity loss. Companies that own or invest in commercial (nonresidential) building assets can set themselves up for success by staying abreast of advances in decarbonization, understanding the role of state and local governments, and implementing strategies for decarbonizing buildings, including fully electrifying real estate and using renewables as an energy source.

Trusted Insights for What’s Ahead™

  • Globally, buildings are responsible for 37% of carbon emissions and 34% of energy demand, and decarbonizing efforts are not at pace to reach net-zero goals, with emissions growing globally at 1% per year. Companies should decarbonize buildings to avoid operational, financial, and reputational risks associated with not complying with corporate and governmental goals.
  • Regulatory bodies at the local level in the US are leading the charge for decarbonization through instituting performance goals and energy codes on both existing and new buildings, all while using a carrot-and-stick approach that includes incentives and penalties for corporate owners of buildings.
  • Companies should build a proactive strategy to decarbonize building assets, following a process that involves team building, goal setting, retrofitting buildings, and reporting and communicating results for stakeholders and the broader community.
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Author

Erin McLaughlin

Erin McLaughlin Erin McLaughlin

Senior Economist, ESF Center
The Conference Board

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