Property and Real Estate
Buildings account for more than 20 per cent of Singapore’s carbon emissions, making the greening of the property and real estate sector imperative for Singapore to achieve net zero emissions.
Given that buildings account for more than 20 per cent of Singapore’s carbon emissions, energy efficiency in property is a lynchpin in Singapore’s pathway to net-zero emissions. Singapore’s Building and Construction Authority (BCA) has already enhanced its target of greening of the larger stock of existing buildings and engaging building occupants to change their energy consumption behaviour, aiming to have “at least 80% of buildings (by floor area) in Singapore to be green by 2030”.
Clearer data and sharper benchmarks indicating efficiency gains will become increasingly necessary to meet enhanced regulations, attract investors and increase tenant trust. Beyond energy consumption and carbon emissions, the treatment of waste and water use will also likely be subject to tightening environmental scrutiny by both regulators and end users.
Investors are also increasingly incorporating environmental, social and governance (ESG) factors into their responsible investment practices, aware that there are operational efficiencies and cost savings to be gleaned from more sustainable operations. In other the words, greening the property and real estate sector has never been more necessary or cost-effective.