How green buildings are key to sustainability targets: The growing retrofitting movement
Buildings consume a tremendous amount of energy and account for 40% of the world’s total emissions. Green retrofitting – adding new technologies to existing building stock – can help create decarbonized and more sustainable properties. Retrofitting can be as simple as installing shading systems or as complex as a complete renovation.
It will allow companies to be prepared for potentially volatile weather conditions in the future and save on operational costs and boost profits now. And as sustainability initiatives escalate globally, there are various external, corporate, and property level drivers.
Our team believes it will make retrofitting real estate portfolios and tracking energy consumption essential to retaining tenants, increasing cashing flow, and avoiding penalties.
Retrofitting drives down emissions… while increasing cash flow
As countries chase net-zero targets, demand for retrofitting is expected to grow in the coming years. Political drivers include the EU’s Green Deal, requiring 97% of buildings to undergo significant adjustments to meet energy targets.
Retrofitting is also recognized as a key critical in the US’s goal of reducing emissions by 55% by 2030. Growing calls for action on climate change from consumers means that retrofitted buildings or those with green certifications are highly desirable. At the same time, these properties also have the added benefit of being weather-resilient, longer-lasting, and more conducive to residents’ environmental health.