The global discourse on sustainability in real estate is progressing rapidly, with global construction accounts for almost 38% of global greenhouse gas emissions. Companies are under high pressure to establish carbon footprint reduction and elimination process as well as designing and constructing buildings in an environmentally friendly and energy-efficient way. Meeting the demand for new buildings through green construction will be a great stimulant for low-carbon economic growth and create skilled jobs in emerging markets for decades to come. New materials are more expensive, and will therefore demand a new pricing model. However, they can significantly reduce embodied carbon—in commercial buildings by as much as 70 percent by 2030 based on McKinsey report.
The chief executive of the Green Building Council of Australia, Davina Rooney conveyed to accomplish net zero across the entire economy by 2050, Australia’s property sector needs to be net zero by 2030. The current proposal from the Australian Building Codes Board to upgrade the energy efficiency requirements in new housing as part of the National Construction Code 2022. Further, ASBEC alerted that postponing the “cost-effective” transformation would add $2 billion to household energy bills by 2030 and an extra 9 million tonnes of emissions. Also, Financial Review reported that efficient buildings will be an investment opportunity worth $US24.7 billion by 2030. This is going to happen, companies will move to sustainable construction, late comers will be penalized.