Conclusion and

Recommendations
Conclusion and Recommendations

T
he future of building construction is green. It must be if we are to reach
global climate goals and restrict global warming temperatures to under
1.5°C from pre-industrial levels. Green buildings can substantially reduce the
carbon emissions that come from heating and cooling spaces and powering multiple
appliances and devices.

Reducing emissions through green buildings comes with a $24.7 trillion

investment opportunity over the next decade across emerging market
cities, which are growing and building at a rapid pace.

There is a strong business case for investing in green buildings. They

are more efficient than traditional buildings, driving up revenues and
lowering operating costs. Equally important, they can reduce the risk of
buildings becoming stranded assets as a result of their exposure to the
physical and transition risks stemming from climate change.

Realizing the full investment potential in green buildings is within reach.

Technologies to build green are well known and easy to implement; and
the cost of applying these technologies continues to decrease with their
greater adoption. Furthermore, financing and investment mechanisms
for constructing and operating buildings are well known.

This report has identified and reviewed best practice approaches

that can be replicated and scaled to move emerging markets towards
green construction. A summary of recommended actions that key
market players can take to translate the multitrillion-dollar investment
opportunity in green buildings into investment projects is set out below.
Investors and financiers Investors and financiers can do the following to build their green real
estate portfolios:
Investors and financiers hold tremendous influence in shaping and
accelerating the capital-intensive real estate market’s transition to green • Develop a green buildings asset strategy and process, which relies on
construction. This shift will help take advantage of the significant green building certification and labeling systems for industry-accepted
green building investment opportunity and build stronger real estate definitions and eligibility criteria.
investment portfolios resilient to financial, regulatory, and reputational • Create green buildings finance products that could include favorable
risks associated with the transition to low-carbon economies. The financing terms to offset higher upfront costs of green construction for
valuation of green properties can be higher because they have lower developers and home buyers. This will help jump-start the market and
operating costs and higher occupancy rates and rental income. In the ensure a pipeline of projects.
clean energy transition scenarios, the valuation of green buildings can
• Determine appropriate funding sources to support the rollout of green
increase further because they avoid the increasing likelihood of penalties
buildings finance products, such as rapidly expanding the green bond
imposed on carbon emissions. All these factors also make green
and loan markets to provide additional capital for expanding green
buildings a better credit risk asset and better collateral.
buildings finance products.
In emerging markets, banks and funds are starting to take it upon
• Generate a pipeline of eligible projects by actively engaging developers
themselves to educate developers and customers about the benefits of
on the economic benefits of green construction and explaining the
building and buying green and, at times, offer favorable financing terms
long-term advantages of green homeownership to prospective buyers.
to incentivize green construction and green homeownership. By doing
so, financiers can develop new green finance products, capitalize on • Collect, analyze, and report data on the environmental and financial
the first mover advantage to expand into new market segments, access performance of green real estate projects and the allocation of funds
diverse and potentially cheaper sources of capital through the green to green projects.
bond market, and build higher-value and lower-risk portfolios.

Conclusion and Recommendations 71

 Governments as an investor and regulator Governments—national, subnational, and local—can create the right
conditions for the growth of the green buildings market and provide
As the world’s largest investor, owner, and operator of real estate,
clarity and policy certainty to the private sector through regulations. To
governments have significant power to shape the green buildings market.
do so, they can:
Governments set rules and create incentives for market players through
policies, regulations, and monitoring compliance. By requiring and • Set national targets for emission reductions, sending a clear signal to
incentivizing green construction practices, governments can help create a the market and setting clear objectives across ministries and different
strong pipeline of green assets for banks and investors to finance. levels of government to develop enabling policies and regulations
(energy codes, building energy codes, and green building codes).
Governments stand to benefit from the transition to green construction
both financially and in meeting their environmental and social • Adopt mandatory labeling and certification systems that can help
objectives. Green public buildings deliver significant budget savings drive enforcement of policies and regulations and provide assurance to
through paying lower utility bills. Green buildings can drive up tax the market that buildings meet the requirements. Training government
revenue on profits from local businesses, which in turn are able to and industry professionals will optimize enforcement.
benefit from lower operating costs. Green buildings can help strengthen • Develop and implement programs to incentivize practices that go
countries’ energy and water security and help them achieve their goals beyond mandatory codes, including, as appropriate, tax incentives—
to reduce emissions. income tax, VAT, and real estate tax breaks, grants for capital
Governments can catalyze the green construction market by. They can: expenditure buy-downs, interest rate rebates, and technical capacity-
building programs.
• Require all new public buildings to be built green in line with well-
established green building certification systems. • Implement effective non-financial incentives, such as expedited and/
or preferential permitting processes and density bonuses—increased
• Help build technical capacity in the market to design, build, appraise,
height and/or footprint allowances for green buildings.
and finance green buildings.
• Align financial regulations to incentivize the flow of finance to green
• Put in place procurement policies for green building systems and
buildings, including the definition of the green buildings as an asset
appliances to incentivize the cost-efficient production of green heating
class, the mechanism for monitoring allocation of finance to green
and cooling equipment, as well as energy-efficient appliances and lighting.
buildings, and reducing capital adequacy requirements for green
• Collect, analyze, and report data on the environmental and financial buildings finance. Develop guidance for domestic markets on how to
performance of green buildings to communicate the business case to issue green bonds.
the market.
Not all of these steps can, nor should they, be taken simultaneously
• Develop incentives and programs to help cover higher upfront costs or in the same linear sequence in every market. They must be tailored
of green construction and green homeownership to accelerate the and applied as best suited to local conditions, according to the legal
transition to green construction beyond public buildings. frameworks, socioeconomic contexts, and developmental priorities in
each market.

72 Green Buildings | A Finance and Policy Blueprint

Developers and owners • Collect and analyze data comparing the business benefits of green and
traditional properties. The data can be used to consider adjustments
The green buildings market can also be shaped by progressive
to the business model, such as integrating the impact of utility savings
companies—developers and owners—that demonstrate a proof of
into building valuation models.
concept and pave the way for others to follow. Voluntary commitments
and actions by these players have been critical in the absence of • Communicate data on the benefits of green buildings to customers and
comprehensive policies and practices mandating and incentivizing green financiers to gain a competitive differentiation in the market.
construction. Corporations and large brands around the world also drive voluntary
Standard-setting organizations have contributed to these efforts by adoption of green building practices, as they make commitments to
developing green building certification systems, building technical reduce emissions from their buildings and operations. In the process
capacity, and continuously advocating for higher standards and bolder they benefit from lower utility bills and lower maintenance costs, and
commitments from leading market players towards net zero carbon reduced legal and reputational risk.
buildings. Recommendations for corporate property owners and operators include
Certifying with well-established green building certification systems allows the following:
developers to differentiate their products in the market and reap the • Communicate sustainability goals and actions to send clear signals to
benefits of a green building label—including access to faster sales times developers and financiers.
and higher sale premiums; additional sources of finance earmarked for
• Acquire green buildings to benefit from lower operating costs and
green lending, such as green bonds, green loans, and green funds; and
higher revenue, and to ensure the values of their assets are preserved
lower-priced loans. Additional benefits to developers include tax incentives,
over the long term.
expedited permitting processes, and permissions to build higher.
• Measure, analyze, and report resource usage and emission reductions,
Based on best practice among progressive developers, others can
as well as the financial benefits of owning and operating green
consider the following recommendations:
buildings.
• Integrate green features into the project specification, contracts, and
A common consideration for all market players is the importance of
early design to find the most cost-effective way to build green.
raising awareness of the business case for green buildings and building
• Invest in green building certification to demonstrate compliance with technical capacity across markets. All market players have stepped
today’s green finance criteria and to ensure market recognition by into this role, which not only serves their needs, but also contributes to
customers. advancing the green buildings market.
• Explore financial and non-financial incentives, as well as support Awareness and capacity-building efforts intend to support both new
programs offered by national, subnational, and local authorities to entrants and those looking to increase their green building ambitions.
build green. Increased collaboration among these initiatives will help generate robust
• Explore specialized green construction finance products and other and transparent markets across all types of stakeholders.
incentives offered by commercial banks and/or issue green bonds to
access cheaper capital for green construction.

Conclusion and Recommendations 73

 To date, the most common material characteristics of green buildings
have included energy efficiency and emission reductions measurements.

Clear definitions and metrics enable the collection and reporting of

information on the size and performance of green building portfolios,
bringing transparency to the market. The availability of larger datasets
enhances investors’ ability to make more informed decisions. Greater
awareness of the business case for green buildings will help stimulate
supply and demand in the market—growing a pipeline of green building
assets and the financial products to finance them. Increased consumer
awareness of the financial benefits of green buildings will further
stimulate demand for green construction.

It is critical that the market players continue to work towards widely

accepted definitions and metrics for green buildings that can apply
across geographies and enable skills transfer. It is important to ensure
Photo: A construction worker on the job at DCM’s Elements that these definitions and metrics incentivize continuous improvement
near Mexico City, which has received EDGE Advanced
certification. Rooftop co-generation systems will provide along a progression scale, from a minimum of 20 percent energy-
power to meet electricity and hot water demand.
efficient improvements towards net zero carbon buildings.

E X PA N D I N G S C O P E

It is also vital to work towards reducing carbon emissions from the

Future direction
production of construction materials. The construction industry is the
world’s largest consumer of raw materials such as cement, steel, bricks,
NEED FOR DEFINITIONS AND METRICS
aluminum, and glass. If embodied carbon is taken into consideration,
Accepted definitions and metrics of what constitutes a green building are buildings are responsible for 40 percent of global greenhouse-gas
foundational to the efforts by all market players to catalyze investment emissions.180 Addressing the issue of embodied carbon is particularly
at the scale required to green the massive new construction market. important because emerging markets are in a construction boom.
Definitions and metrics are essential for:
A holistic approach to construction is needed to reduce buildings’
• Policymakers to establish minimum code requirements and provide emissions, from their development to the end of their lives. While outside
incentives for the private sector and financial innovation. of the scope of this report, approaches to decarbonizing construction
• Developers to create green building assets and get recognition from materials have been covered in separate IFC reports on the construction
buyers and financiers for their superior quality. value chain.181 IFC is also working to address the issue of embodied
carbon through its EDGE certification. EDGE is the only system that
• Financiers to access capital markets for their portfolio of green
requires efficiency in embodied energy in materials as a certification
building assets.
parameter and IFC aims to measure embodied carbon in the future.

74 Green Buildings | A Finance and Policy Blueprint

Annex
 Building Awareness and entrants and existing participants looking to increase their ambitions.
Increasing awareness and building capacity can be done through policy

Capacity Among Key development, financial support, and market-building initiatives, many of
which are cross-cutting. This annex looks at some of these efforts.

Market Players P O L I C Y D E V E LO P M E N T A N D S U P P O RT

Implementation of Sustainable Consumption and Production in India

(SCP): Aims to generate awareness among policy and decision makers
The complex nature of buildings—and green buildings in particular—
on the importance of adopting SCP approaches in India’s sustainable
has generated a range of legal requirements, certification schemes,
development policy.
and marketing initiatives. To build awareness and capacity, there are
» More info: https://www.oneplanetnetwork.org/initiative/implementation-
a variety of supporting initiatives, exchanges, hubs, programs, and
sustainable-consumption-and-production-india
projects. Efforts target a variety of audiences, including governments,
developers, owners, investors, and financial institutions, at the local, International Energy Agency (IEA) Global Exchange for Energy
national, regional, and global levels. Increasing awareness and building Efficiency: A resource for policymakers to learn about sector-specific
capacity can be done through policy development, financial support, and policies and lessons learned around the world.
market building, with many additional cross-cutting initiatives:
» More info: https://www.iea.org/topics/energyefficiency/
• Policy: Capacity-building initiatives that focus on policy provide an
overview of existing policies, as well as best practices and lessons Regional Policies Towards Green Buildings (REGREEN): Operates

learned. across the EU, targeting developers and investors to improve regional
development policies and promote green regions as part of a broader
• Finance: Financial capacity-building efforts can help develop a
green economy.
pipeline of creditworthy and bankable projects.
» More info: http://www.re-green.eu/en/go/objectives
• Cross-cutting activities and initiatives incorporate both finance and
policy approaches to create demand and generate markets. These
F I N A N C I A L S U P P O R T A N D M O B I L I Z AT I O N
types of initiatives develop reporting frameworks and create tools to
assist, quantify, and reduce the built environment’s impact. Asia Sustainable Finance Initiative (ASFI) Knowledge Hub: A multi-
stakeholder forum in Singapore to support financial institutions in
A selection of relevant initiatives from these three categories is provided
implementing ESG practices to harness and amplify the finance sector’s
below.
ability to create resilient economies that deliver on the Sustainable
Development Goals and the Paris Agreement.
Sample initiatives » More info: https://www.asfi.asia/#
Understanding the technical aspects of green buildings as well
ENERFUND: An Energy Retrofit Funding Tool that rates and scores
as the various certification schemes and marketing tactics can
deep renovation opportunities based on a set of parameters, such as
be overwhelming. There is a wide range of initiatives, alliances,
energy performance certificates, the number of certified installers,
coalitions, and other support mechanisms available to support new
existing governmental schemes, and the quality of heating systems. It

76 Green Buildings | A Finance and Policy Blueprint

aims to enhance investments in the refurbishment of buildings across Kreditanstalt fuer Wiederaufbau (KfW) Energy Efficient Construction
Europe. Program: Supports building and acquiring new energy-efficient
» More info: http://enerfund.eu/ residential buildings with low energy consumption and reduced carbon
emissions. It offers an incentive reduction of between 5 percent and
European Bank for Reconstruction and Development (EBRD) Green 15 percent on the total amount on which interest is paid, depending
Cities: Has over €1 billion in committed funds and is operational on achieved KfW energy efficiency building standards, in addition to
in more than 20 EU cities. It is focused on building a better and favorable interest rates.
more sustainable future for cities and their residents by identifying, » More info: https://www.kfw.de/kfw.de-2.html
prioritizing, and connecting cities’ environmental challenges with
sustainable infrastructure investments and policy measures.
MARKET BUILDING
» More info: https://www.ebrdgreencities.com/about
Better Buildings Initiative: A U.S. initiative that aims to enforce
European Covered Bond Council: Energy Efficient Mortgages Initiative multifamily affordable rental housing and acts as a non-profit developer
(EeMI): Organized by the European Covered Bond Council, it consists to make commercial, public, industrial, and residential buildings
of EeMAP (Energy efficient Mortgages Action Plan) and EeDaPP 20 percent more energy efficient over the next decade.
(Energy efficient Data Protocol and Portal). Both projects are funded via » More info: https://betterbuildingssolutioncenter.energy.gov/
the European Commission’s Horizon 2020 Programme.
» More info: https://hypo.org/ecbc/market-initiative/emf-ecbc-energy-mortgages- Concrete Sustainability Council: Partners from Europe, the United
initiative/ States, Latin America, and Asia promote and demonstrate concrete
as a sustainable building material to enable informed decisions in
Financing Sustainable Cities Initiative (FSCI): A partnership between construction. The council uses its certification system for responsibly
the World Resources Institute (WRI) Ross Center for Sustainable sourced concrete, which includes the complete concrete supply chain:
Cities, C40 Cities Climate Leadership Group, and Citi Foundation. cement producers, aggregates suppliers, and concrete manufacturers.
Main components include the development of a peer-to peer learning
» More info: https://www.concretesustainabilitycouncil.com/
community, technical assistance, and an online engagement platform.
» More info: http://financingsustainablecities.org/ Construction Industry Development Board (CIDB) Malaysia,
Sustainable Construction Excellence Centre (MAMPAN), and Malaysian
Global Alliance for Buildings and Construction (GABC): A UN Carbon Reduction & Environmental Sustainability Tool (MyCREST):
initiative that aims to increase the pace and scale of the green buildings CIDB Malaysia regulates, develops, and facilitates the construction
transformation and to keep the buildings and construction sector on industry by delivering a high-quality and sustainable built environment.
warming path of well below 2°C. GABC’s Programme for Energy MAMPAN focuses on sustainable construction. MyCREST aims to
Efficiency in Buildings (PEEB) combines financing for energy efficiency guide, quantify, and reduce the built environment’s carbon impact
in large-scale projects with technical assistance through policy advice while considering a more holistic view of the built environment and
and expertise for building sector professionals. integrating socioeconomic considerations.
» More info: https://globalabc.org/ and https://www.peeb.build/ » More info: http://www.cidb.gov.my/index.php/en/focus-areas/sustainable-
construction and http://www.cidb.gov.my/index.php/en/bidang-utama/
pembinaan-mampan/mycrest

Annex 77
 European Commission Level(s) program: A voluntary reporting UN Green Growth Knowledge Partnership (GGKP): Consists of three
framework to improve the sustainability of buildings. Using existing knowledge platforms—the Green Growth Knowledge Platform, the
standards, Level(s) provides a common EU approach to the assessment Green Industry Platform, and the Green Finance Platform. They offer
of environmental performance in the built environment. quick and easy access to the latest research, case studies, toolkits,
» More info: https://ec.europa.eu/environment/eussd/buildings.htm learning products, principles, and protocols to empower policymakers
and advisors, small and medium-sized enterprises, and banks, insurance,
Energy in Buildings and Community Program (EBC): Allows researchers and investment firms to make evidence-based decisions about how to
and experts funded by national programs and industry to pool their green their operations.
collective expertise to produce high-quality project outputs, creating and » More info: https://www.greengrowthknowledge.org/sector/buildings
reinforcing technical networks.
» More info: https://iea-ebc.org/ebc/about UN Sustainable Housing Initiative (SBCI): A UNEP initiative that
promotes and supports sustainable building practices on a global
Passive House Institute: Researches and develops construction concepts, scale with a focus on energy efficiency and greenhouse-gas emissions
building components, planning tools, and quality assurance for energy- reduction. SBCI brings together stakeholders involved in the building,
efficient buildings. The institute provides building consultancy and planning, and policymaking process at the local, national, and
technical guidance. international level by providing a platform for dialogue and collective
» More info: https://passivehouse.com/ action.
» More info: https://www.unenvironment.org/explore-topics/resource-efficiency/
SBT4buildings: A World Business Council for Sustainable Development what-we-do/cities/sustainable-buildings
(WBCSD) initiative to accelerate the transformation of the built
environment to reduce carbon emissions and pave the way to a net zero WBSCD Energy Efficiency in Buildings Amplify (EEB Amplify):
built environment by 2050. It develops guidance for companies in the A convening vehicle for the private sector to engage with local
building and construction system that want to set their carbon reduction governments and collaborate on ensuring that the right policies, funding
targets in line with keeping global warming below 1.5°C. mechanisms, capacity-building programs, and awareness initiatives are
» More info: https://www.wbcsd.org/Programs/Cities-and-Mobility/Sustainable- in place to maximize market growth of energy-efficient buildings.
Cities/Science-based-targets » More info: https://www.wbcsd.org/Programs/Cities-and-Mobility/Energy-
Efficiency-in-Buildings/Resources/EEB-Amplify-2017-2020
UNEP United for Efficiency (U4E): A UNEP-led global effort that
informs policymakers of the potential environmental, financial, and
economic savings of a transition to high-efficiency products; identifies
and promotes global best practices in transforming markets; and offers
tailored assistance to governments to develop and implement national
and regional strategies and projects to achieve a fast and sustainable
market transformation.
» More info: https://united4efficiency.org/

78 Green Buildings | A Finance and Policy Blueprint

Acronyms and
Endnotes
Acronyms
BREEAM Building Research Establishment Environmental Assessment Method
C Celsius
ECBC Energy Conservation Building Code
EDGE Excellence in Design for Greater Efficiencies
ESG Environmental, social, and governance
EU European Union
GBEL Green Building Evaluation Label
GRESB Global Real Estate Sustainability Benchmark
IFC International Finance Corporation
IHS International Housing Solutions
LED Light-emitting diode
LEED Leadership in Energy and Environmental Design
NDC Nationally Determined Contribution
REIT Real estate investment trust
RoGBC Romania Green Building Council
UK United Kingdom
UN United Nations
U.S. United States
USD United States dollar
VAT Value-added tax

80 Green Buildings | A Finance and Policy Blueprint

Endnotes
1 IFC (2018), Climate Investment Opportunities in Cities, available at: https://www.ifc.org/wps/wcm/connect/ 24 Philippine Daily Inquirer (2019), World’s first “EDGE Zero Carbon” building is in PH, available at: https://
topics_ext_content/ifc_external_corporate_site/climate+business/resources/cioc-ifc-analysis. business.inquirer.net/280824/worlds-first-edge-zero-carbon-building-is-in-ph.
2 United Nations, Department of Economic and Social Affairs, Population Division (2017), Probabilistic 25 See https://www.worldgbc.org/thecommitment.
Population Projections based on the World Population Prospects: The 2017 Revision, available at http://esa.
un.org/unpd/wpp/. 26 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org.

3 World Green Building Council (2013), The Business Case for Green Building: A Review of the Costs and Benefits 27 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org.
for Developers, Investors and Occupants, available at: https://www.worldgbc.org/news-media/business- 28 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/
case-green-building-review-costs-and-benefits-developers-investors-and-occupants. default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf.
4 World Green Business Council (2013), The Business Case for Green Building: A Review of the Costs and 29 Principles for Responsible Investment/UNEP FI/UN Global Compact (2018), Impact Investing Market Map,
Benefits for Developers, Investors and Occupants, available at: https://www.worldgbc.org/sites/default/files/ available at: https://www.unpri.org/thematic-and-impact-investing/impact-investing-market-map-green-
Business_Case_For_Green_Building_Report_WEB_2013-04-11-2.pdf. buildings/3540.article.
5 Fuerst, F. and McAllister, P. (2011), Green Noise or Green Value? Measuring the Effects of Environmental 30 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org.
Certification on Office Values, available at: http://immobilierdurable.eu/images/2128_uploads/Fuerst_article_
autoris_.pdf. 31 Globe Newswire (2019), Green Building Market 2019: Global Industry Overview By Historical Analysis,
Comprehensive Research Study, Opportunities, Competitive Landscape and Regional Trends by Forecast
6 World Green Business Council (2013), The Business Case for Green Building: A Review of the Costs and to 2023, available at: https://www.globenewswire.com/news-release/2019/06/12/1867490/0/en/Green-
Benefits for Developers, Investors and Occupants, available at: https://www.worldgbc.org/sites/default/files/ Building-Market-2019-Global-Industry-Overview-By-Historical-Analysis-Comprehensive-Research-Study-
Business_Case_For_Green_Building_Report_WEB_2013-04-11-2.pdf. Opportunities-Competitive-Landscape-and-Regional-Trends-by-Forecast-to-2023.html.
7 Eichholtz, P., Nils Kok, N., and Quigley, J. (2010), Why Companies Rent Green: CRS and the Role of Real Estate, 32 Globe Newswire (2019), Green Building Market 2019: Global Industry Overview By Historical Analysis,
available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.457.4571&rep=rep1&type=pdf. Comprehensive Research Study, Opportunities, Competitive Landscape and Regional Trends by Forecast
8 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/ to 2023, available at: https://www.globenewswire.com/news-release/2019/06/12/1867490/0/en/Green-
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf. Building-Market-2019-Global-Industry-Overview-By-Historical-Analysis-Comprehensive-Research-Study-
Opportunities-Competitive-Landscape-and-Regional-Trends-by-Forecast-to-2023.html.
9 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org.
33 Dodge Data & Analytics (2018), World Green Building and Construction Trends 2018, available at: https://www.
10 See https://www.iea.org/topics/energyefficiency/buildings/. construction.com/toolkit/reports/world-green-building-trends-2018.
11 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org. 34 IFC (2018), Climate Investment Opportunities in Cities, available at: https://www.ifc.org/wps/wcm/connect/
topics_ext_content/ifc_external_corporate_site/climate+business/resources/cioc-ifc-analysis.
12 See https://www.usaid.gov/energy/efficiency/economic-impacts.
35 The calculation considers the projected growth in building stock and the climate commitments by city and
13 IEA (2019), Perspectives for the Clean Energy Transition, available at: https://www.iea.org/publications/ national governments (including Nationally Determined Contributions), and green construction targets
reports/PerspectivesfortheCleanEnergyTransition/. and investment plans contained in city action plans and other policy documents. For further detail on
14 IEA (2019), Perspectives for the Clean Energy Transition, available at: https://www.iea.org/publications/ methodology, see IFC’s Climate Investment Opportunities in Cities report (2018).
reports/PerspectivesfortheCleanEnergyTransition/. 36 IFC (2018), Climate Investment Opportunities in Cities, available at https://www.ifc.org/wps/wcm/connect/
15 See https://www.worldgbc.org/what-green-building. topics_ext_content/ifc_external_corporate_site/climate+business/resources/cioc-ifc-analysis.

16 IFC (2018), Climate Metrics for Intermediary Financing, Version 1.3. 37 Dodge Data & Analytics (2018), World Green Building Trends 2018: Middle East/North Africa, available at:
https://www.worldgbc.org/sites/default/files/SMR0918_MENA_24Nov18.pdf.
17 IFC (2018), Climate Metrics for Intermediary Financing, Version 1.3.
38 IFC (2018), Climate Investment Opportunities in Cities, available at: https://www.ifc.org/wps/wcm/connect/
18 UN Environment Inquiry/Climate Strategy & Partners (2017), Green Tagging: Mobilising Bank Finance for topics_ext_content/ifc_external_corporate_site/climate+business/resources/cioc-ifc-analysis.
Energy Efficiency in Real Estate, available at: https://unepinquiry.org/publication/green-tagging-mobilising-
bank-finance-for-energy-efficiency-in-real-estate/. 39 IFC (2018), Climate Investment Opportunities in Cities, available at: https://www.ifc.org/wps/wcm/connect/
topics_ext_content/ifc_external_corporate_site/climate+business/resources/cioc-ifc-analysis.
19 See https://www.usgbc.org/education/sessions/qatar-green-building-conference-2015/closing-performance-
gap-6085290. 40 Residential buildings include apartments, condominiums, single or multifamily homes, and dormitories.

20 See https://www.epcregister.com/. 41 Commercial buildings include office buildings, medical centers and hospitals, educational buildings, hotels and
restaurants, retail buildings and malls, institutional and assembly buildings, transport-related buildings, and
21 Paulson Institute (2019), Insuring to Ensure Green Buildings, available at: http://www.paulsoninstitute.org/ warehouses.
paulson-blog/2019/05/06/insuring-to-ensure-green-buildings/.
42 McKinsey Global Institute (2016), Addressing the Global Affordable Housing Challenge, available at: http://
22 World Resources Institute (2019), Accelerating Building Decarbonization: Eight Attainable Policy Pathways to pubdocs.worldbank.org/en/773591464879251915/housing-finance-conference2016-session-1-presentations.
Net Zero Carbon Buildings for All, available at: https://wriorg.s3.amazonaws.com/s3fs-public/accelerating- pdf.
building-decarbonization.pdf.
43 McKinsey Global Institute (2014), A blueprint for addressing the global affordable housing challenge, available
23 Plautz, J. (2019), Boston to require carbon neutral design for new city buildings, available at: https://www. at: https://www.mckinsey.com/featured-insights/urbanization/tackling-the-worlds-affordable-housing-
smartcitiesdive.com/news/boston-to-require-carbon-neutral-design-for-new-city-buildings/564624/. challenge.

Acronyms and Endnotes 81

44 JLL/Indian Chamber of Commerce (2016), Affordable Housing in India, Key Initiatives for Inclusive Housing for 66 The Nassau Guardian (2019), Dorian caused $7B in damage to the Bahamas, estimates catastrophic modeling
All, available at: https://smartnet.niua.org/sites/default/files/resources/Affordable%20Housing-ICC%20-%20 firm, available at: https://thenassauguardian.com/2019/09/09/dorian-caused-7b-in-damage-to-the-
Final.pdf. bahamas-estimates-catastrophic-modeling-firm/.
45 Bloomberg (2019), Kenya on Course to Deliver 500,000 Homes by 2022, President Says, available at: https:// 67 World Bank (2019), Lifelines: The Resilient Infrastructure Opportunity, Sustainable Infrastructure Series,
www.bloomberg.com/news/articles/2019-06-01/kenya-on-course-to-deliver-500-000-homes-by-2022- available at: https://openknowledge.worldbank.org/handle/10986/31805.
president-says.
68 Johnson Controls (2018), Energy Efficiency Indicator Survey, available at: https://www.johnsoncontrols.com/
46 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/ media-center/news/press-releases/2018/11/15/2018-energy-efficiency-indicator-survey.
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf.
69 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/
47 Ecofys/NewClimate Institute/Climate Analytics (2016), CAT Decarbonisation Series, Constructing the Future: default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf.
Will the Building Sector Use Its Decarbonisation Tools?, available at: https://climateanalytics.org/media/
cat_decarbonisation_series_buildings.pdf. 70 World Green Building Council (2013), The Business Case for Green Building: A Review of the Costs and Benefits
for Developers, Investors and Occupants, available at: https://www.worldgbc.org/news-media/business-
48 Environment + Energy Leader (2018), Energy Retrofit Systems Market to Grow 8% by 2023, available at: case-green-building-review-costs-and-benefits-developers-investors-and-occupants.
https://www.environmentalleader.com/2018/11/energy-retrofit-systems-market-to-grow-8-by-2023/.
71 IMF (2016), Working Paper: From Global Savings Glut to Financing Infrastructure: The Advent of Investment
49 UNEP Finance Initiative (2014), Commercial Real Estate, Unlocking the Energy Efficiency Retrofit Investment Platforms, available at: https://www.imf.org/external/pubs/ft/wp/2016/wp1618.pdf.
Opportunity, available at: https://www.unepfi.org/publications/investment-publications/property-
publications/commercial-real-estate-unlocking-the-energy-efficiency-retrofit-investment-opportunity/. 72 Institutional Real Estate, Inc (2018), 2018 Institutional Investors Real Estate Trends, available at: https://irei.
com/wp-content/uploads/woocommerce_uploads/2018/04/2018_IRE-Trends-Survey.pdf.
50 World Green Building Council (2013), The Business Case for Green Building: A Review of the Costs and Benefits
for Developers, Investors and Occupants, available at: https://www.worldgbc.org/news-media/business- 73 G20 Energy Efficiency Finance Task Group/IEA/UNEP FI/IPEEC (2017), G20 Energy Efficiency Investment
case-green-building-review-costs-and-benefits-developers-investors-and-occupants. Toolkit, available at: https://www.unepfi.org/wordpress/wp-content/uploads/2017/05/G20-EE-Toolkit.pdf.

51 Shared Value Initiative, 2019 Fortune Change the World List, available at https://www.sharedvalue.org/ 74 See https://www.prnewswire.com/news-releases/residential-mortgages-market-worth-31k-billion-globally-
groups/2019-fortune-change-world-list by-2018-289672451.html.

52 Institute for Market Transformation/UNC Center for Community Capital (2013), Home Energy Efficiency 75 The Global Real Estate Sustainability Benchmark (GRESB) has become the benchmark for environmental,
and Mortgage Risks, available at: https://www.imt.org/wp-content/uploads/2018/02/IMT_UNC_ social, and governance (ESG) reporting for real assets, aligned with international reporting standards such
HomeEEMortgageRisksfinal.pdf. as the Global Reporting Initiative and Principles for Responsible Investment. GRESB works in collaboration
with the real estate industry and institutional investors to provide standardized and validated ESG data to the
53 World Green Business Council (2013), The Business Case for Green Building: A Review of the Costs and capital markets.
Benefits for Developers, Investors and Occupants, available at: https://www.worldgbc.org/sites/default/files/
Business_Case_For_Green_Building_Report_WEB_2013-04-11-2.pdf. 76 ABN AMRO (2018), Summary – Sustainability Requirements for Commercial Real Estate, available at: https://
www.abnamro.com/en/images/Documents/040_Sustainable_banking/070_Sustainability_policy/ABN_
54 Bushnell, S. G. (2010), Insurance and Going Green, available at: https://www.insurancejournal.com/ AMRO_CRE_Sustainability_Policy_summary.pdf
magazines/mag-features/2010/11/14/160495.htm.
77 ABN AMRO (2016), ABN AMRO makes 1 billion euros available for energy transition of real estate clients,
55 Eichholtz, P., Kok, N., and Quigley, J. (2010), Why Companies Rent Green: CRS and the Role of Real Estate , available at: https://www.abnamro.com/en/newsroom/press-releases/2016/abn-amro-makes-1-billion-
available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.457.4571&rep=rep1&type=pdf. euros-available-for-energy-transition-of-real-estate-clients.html
56 World Green Business Council (2013), The Business Case for Green Building: A Review of the Costs and 78 Better Buildings Partnership (2017), BEYOND RISK MANAGEMENT: How sustainability is driving innovation
Benefits for Developers, Investors and Occupants, available at: https://www.worldgbc.org/sites/default/files/ in commercial real estate finance, available at: https://www.hermes-investment.com/wp-content/
Business_Case_For_Green_Building_Report_WEB_2013-04-11-2.pdf. uploads/2018/10/beyond-risk-management_how-sustainability-is-driving-innovation-in-commercial-real-
estate-finance.pdf
57 World Green Business Council (2013), The Business Case for Green Building: A Review of the Costs and
Benefits for Developers, Investors and Occupants, available at: https://www.worldgbc.org/sites/default/files/ 79 UN Environment Inquiry/Climate Strategy & Partners (2017), Green Tagging: Mobilising Bank Finance for
Business_Case_For_Green_Building_Report_WEB_2013-04-11-2.pdf. Energy Efficiency in Real Estate, available at: https://unepinquiry.org/publication/green-tagging-mobilising-
bank-finance-for-energy-efficiency-in-real-estate/.
58 Fuerst, F. and McAllister, P. (2011), Green Noise or Green Value? Measuring the Effects of Environmental
Certification on Office Values, available at: http://immobilierdurable.eu/images/2128_uploads/Fuerst_article_ 80 See https://eemap.energyefficientmortgages.eu/.
autoris_.pdf.
81 See https://www.linklaters.com/en-us/insights/thought-leadership/sustainable-finance/the-rise-of-green-
59 Institute for Market Transformation/UNC Center for Community Capital (2013), Home Energy Efficiency loans-and-sustainability-linked-lending.
and Mortgage Risks, available at: https://www.imt.org/wp-content/uploads/2018/02/IMT_UNC_
HomeEEMortgageRisksfinal.pdf. 82 Climate Bonds Initiative (2018), Green Bonds: The State of The Market 2018, available at: https://www.
climatebonds.net/files/reports/cbi_gbm_final_032019_web.pdf.
60 City Lab (2019), New York City Passes Sweeping Climate Legislation, available at: https://www.citylab.com/
environment/2019/04/new-york-city-climate-mobilization-act-energy-efficient-buildings/587548/. 83 G20 Energy Efficiency Finance Task Group/IEA/UNEP FI/IPEEC (2017), G20 Energy Efficiency Investment
Toolkit, available at: https://www.unepfi.org/wordpress/wp-content/uploads/2017/05/G20-EE-Toolkit.pdf.
61 Institute for Market Transformation/UNC Center for Community Capital (2013), Home Energy Efficiency
and Mortgage Risks, available at: https://www.imt.org/wp-content/uploads/2018/02/IMT_UNC_ 84 Bushnell, S. G. (2010), Insurance and Going Green, available at: https://www.insurancejournal.com/
HomeEEMortgageRisksfinal.pdf. magazines/mag-features/2010/11/14/160495.htm.

62 See https://www.worldgbc.org/benefits-green-buildings. 85 See http://www.mohurd.gov.cn/wjfb/201703/t20170314_230978.html.

63 Climate Bonds Initiative (2018), Green Bonds: The State of The Market 2018, available at: https://www. 86 Better Buildings Partnership (2017), Beyond Risk Management: How sustainability is driving innovation in
climatebonds.net/files/reports/cbi_gbm_final_032019_web.pdf. commercial real estate finance, available at: http://www.betterbuildingspartnership.co.uk/beyond-risk-
management-how-sustainability-driving-innovation-commercial-real-estate-finance.
64 International Labour Organization (2018), Greening with Jobs—World Employment and Social Outlook 2018,
available at: https://www.ilo.org/weso-greening/. 87 https://www.energy.gov/eere/slsc/property-assessed-clean-energy-programs.

65 Forbes (2017), Solving the Mystery of Government-Owned Real Estate, available at: https://www.forbes.com/ 88 Infonavit (2011), GREEN MORTGAGE PROGRAM INFONAVIT—MÉXICO, available at: http://www.ecpamericas.
sites/bisnow/2017/04/11/solving-the-mystery-of-government-owned-real-estate/#6d47309f2bd0. org/data/files/Initiatives/energy_efficiency_working_group/eewg_mexico_workshop/infonavit.pdf
89 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf.

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90 U.S. Green Building Council/C40/World Green Building Council (2015), Green Building City Market Briefs, 121 See https://busquedas.elperuano.pe/normaslegales/ordenanza-de-promocion-de-edificaciones-sostenibles-
available at: https://www.c40.org/researches/c40-usgbc-and-wgbc-green-building-city-market-brief- en-zonas-ordenanza-no-610-msb-1710516-1/.
compendium.
122 See https://www.edgebuildings.com/market-players/governments/.
91 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf. 123 See https://www.edgebuildings.com/market-players/governments/#toggle-id-7.

92 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/ 124 BPIE (2016), Building Renovation Passports: Customised roadmaps towards deep renovation and better
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf. homes, available at: http://bpie.eu/wp-content/uploads/2017/01/Building-Passport-Report_2nd-edition.pdf.

93 UNEP (2018), A Guide for Incorporating Buildings Actions in NDCs, available at: https://www.globalabc.org/ 125 See https://www.c2es.org/content/market-based-strategies/.
uploads/media/default/0001/02/05f09bba8699afcc3115c02ce6daa96eaa0920a7.pdf. 126 IFC (2019), Greening Construction: The Role of Carbon Pricing, available at: https://www.ifc.org/wps/
94 IEA (2018), Market Report Series: Energy Efficiency 2018, available at: https://webstore.iea.org/download/ wcm/connect/topics_ext_content/ifc_external_corporate_site/climate+business/resources/greening-
direct/2369?fileName=Market_Report_Series_Energy_Efficiency_2018.pdf. construction.

95 See https://www.iea.org/tcep/buildings/. 127 See https://www.iea.org/policiesandmeasures/pams/india/name-30373-en.php?s=dHlwZT1lZSZzdGF0dXM9T2

s,&return=PG5hdiBpZD0iYnJlYWRjcnVtYiI-PGEgaHJlZj0iLyI-SG9tZTwvYT4gJnJhcXVvOyA8YSBocmVmPSIvcG9s
96 IEA (2018), Market Report Series: Energy Efficiency 2018, available at: https://webstore.iea.org/download/ aWNpZXNhbmRtZWFzdXJlcy8iPlBvbGljaWVzIGFuZCBNZWFzdXJlczwvYT4gJnJhcXVvOyA8YSBocmVmPSIvcG9s
direct/2369?fileName=Market_Report_Series_Energy_Efficiency_2018.pdf. aWNpZXNhbmRtZWFzdXJlcy9lbmVyZ3llZmZpY2llbmN5LyI-RW5lcmd5IEVmZmljaWVuY3k8L2E-PC9uYXY-.
97 IEA (2018), Market Report Series: Energy Efficiency 2018, available at: https://webstore.iea.org/download/ 128 See http://www.econiwas.com/blog-details-7.html.
direct/2369?fileName=Market_Report_Series_Energy_Efficiency_2018.pdf.
129 See https://www.iea.org/policiesandmeasures/pams/india/name-30373-en.php?s=dHlwZT1lZSZzdGF0dXM9T2
98 See https://www.weforum.org/agenda/2017/06/china-clean-green-buildings-future/. s,&return=PG5hdiBpZD0iYnJlYWRjcnVtYiI-PGEgaHJlZj0iLyI-SG9tZTwvYT4gJnJhcXVvOyA8YSBocmVmPSIvcG9s
aWNpZXNhbmRtZWFzdXJlcy8iPlBvbGljaWVzIGFuZCBNZWFzdXJlczwvYT4gJnJhcXVvOyA8YSBocmVmPSIvcG9s
99 See https://www.weforum.org/agenda/2017/06/china-clean-green-buildings-future/. aWNpZXNhbmRtZWFzdXJlcy9lbmVyZ3llZmZpY2llbmN5LyI-RW5lcmd5IEVmZmljaWVuY3k8L2E-PC9uYXY-.
100 See https://buildingefficiencyaccelerator.org/bea-cities/#gabrovo. 130 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org.
101 UNEP (2017), Global Review of Sustainable Public Procurement 2017, available at: https://wedocs.unep.org/ 131 Bureau of Energy Efficiency (2018), Perform Achieve and Trade—Hotel under PAT Sectors, available at: https://
bitstream/handle/20.500.11822/20919/GlobalReview_Sust_Procurement.pdf?sequence=1&isAllowed=y. beeindia.gov.in/sites/default/files/Perform%20Achieve%20and%20Trade%20-%20Hotel%20under%20PAT%20
102 The Economic Times (2019), Over 25 crore LED bulbs distributed under UJALA scheme: EESL, available at: sectors.pdf
https://economictimes.indiatimes.com/industry/energy/power/over-25-crore-led-bulbs-distributed-under- 132 Resources for the Future (2016), Pricing Carbon Consumption, available at: https://media.rff.org/documents/
ujala-scheme-eesl/articleshow/59635515.cms. RFF-DP-16-49.pdf.
103 See https://eeslindia.org/content/raj/eesl/en/Programmes/UJALA/About-UJALA.html. 133 ACEEE (2016), Learning from 19 Carbon Taxes: What Does the Evidence Show?, available at: https://aceee.org/
104 See https://eeslindia.org/content/raj/eesl/en/Programmes/UJALA/About-UJALA.html. files/proceedings/2016/data/papers/9_49.pdf.

105 See https://eeslmart.in/. 134 Resources for the Future (2016), Pricing Carbon Consumption, available at: https://media.rff.org/documents/
RFF-DP-16-49.pdf.
106 Agyepong and Nhamo (2016), Green procurement in South Africa: Perspectives on legislative provisions in
metropolitan municipalities, available at: https://link.springer.com/article/10.1007/s10668-016-9865-9. 135 Resources for the Future (2016), Pricing Carbon Consumption, available at: https://media.rff.org/documents/
RFF-DP-16-49.pdf.
107 Agyepong and Nhamo (2016), Green procurement in South Africa: Perspectives on legislative provisions in
metropolitan municipalities, available at: https://link.springer.com/article/10.1007/s10668-016-9865-9. 136 ACEEE (2016), Learning from 19 Carbon Taxes: What Does the Evidence Show?, available at: https://aceee.org/
files/proceedings/2016/data/papers/9_49.pdf.
108 See https://www.oneplanetnetwork.org/initiative/green-public-procurement-republic-korea.
137 Marie-Laure, N., Branger, F., and Quirion, P. (2014), Abating CO2 emissions in the building sector: The role of
109 GreenBiz (2017), First global standard for sustainable procurement hits the market, available at: https://www. carbon pricing and regulations, available at: https://cecilia2050.eu/system/files/Marie-Laure%20et%20al.%20
greenbiz.com/article/first-global-standard-sustainable-procurement-hits-market. %282014%29_Abating%20CO2%20emissions%20in%20the%20building%20sector.pdf.
110 ISO (2017), Sustainable Procurement—Guidance, available at: https://www.iso.org/obp/ 138 IFC (2019), Greening Construction: The Role of Carbon Pricing, available at: https://www.ifc.org/wps/
ui#iso:std:iso:20400:ed-1:v1:en:sec:4. wcm/connect/topics_ext_content/ifc_external_corporate_site/climate+business/resources/greening-
construction.
111 IFC (2019), Greening Construction: The Role of Carbon Pricing, available at: https://www.ifc.org/wps/
wcm/connect/topics_ext_content/ifc_external_corporate_site/climate+business/resources/greening- 139 See https://www.banque-france.fr/en/financial-stability/international-role/network-greening-financial-
construction. system/about-us.
112 See https://www.iea.org/tcep/buildings/. 140 Network for Greening the Financial System (2019), A Call for Action Report, available at: https://www.
banque-france.fr/sites/default/files/media/2019/04/17/ngfs_first_comprehensive_report_-_17042019_0.pdf.
113 IEA (2018), Market Report Series: Energy Efficiency 2018, available at: https://webstore.iea.org/download/
direct/2369?fileName=Market_Report_Series_Energy_Efficiency_2018.pdf. 141 See https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-
at-ifc/company-resources/sustainable-finance/sbn.
114 IEA (2018), Market Report Series: Energy Efficiency 2018, available at: https://webstore.iea.org/download/
direct/2369?fileName=Market_Report_Series_Energy_Efficiency_2018.pdf. 142 See https://www.edgebuildings.com/market-players/governments/#toggle-id-3.
115 See https://www.edgebuildings.com/market-players/governments/#toggle-id-1. 143 See https://www.iea.org/policiesandmeasures/pams/lebanon/name-158840-en.php.
116 See https://www.edgebuildings.com/market-players/governments/#toggle-id-2. 144 Campiglio, E. (2014), Beyond carbon pricing: The role of banking and monetary policy in financing the
transition to a low-carbon economy, available at: http://www.lse.ac.uk/GranthamInstitute/wp-content/
117 See https://www.edgebuildings.com/market-players/governments/#toggle-id-5.
uploads/2014/06/Working-Paper-160-Campiglio-20142.pdf.
118 See https://www.iea.org/policiesandmeasures/pams/japan/name-24270-en.php.
145 Climate Bonds Initiative (2018), Green Bonds: The State of the Market 2018, available at: https://www.
119 KPMG International (2015), Taxes and Incentives for Renewable Energy, available at: https://assets.kpmg/ climatebonds.net/files/reports/cbi_gbm_final_032019_web.pdf.
content/dam/kpmg/pdf/2015/09/taxes-and-incentives-2015-web-v2.pdf.
146 Climate Bonds Initiative (2018), Green Bonds: The State of the Market 2018, available at: https://www.
120 City of Mandaluyong (2014), Ordinance No. 535, S-2014: Green Building Regulations of Mandaluyong City, climatebonds.net/files/reports/cbi_gbm_final_032019_web.pdf.
available at: http://www.mandaluyong.gov.ph/updates/downloads/files/merged.pdf.

Acronyms and Endnotes 83

147 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/ 167 Delegation of the European Union to India and Bhutan (2017), The Sustainable Housing Leadership
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf. Consortium launches #greenhomes campaign for 20% of India’s new homes to become green by 2022,
available at: https://eeas.europa.eu/delegations/india_en/30112/The%20Sustainable%20Housing%20
148 IEA/UNEP (2018), 2018 Global Status Report, available at: https://www.globalabc.org/uploads/media/ Leadership%20Consortium%20launches.
default/0001/01/0bf694744862cf96252d4a402e1255fb6b79225e.pdf.
168 Urban Land Institute (2019), Sustainability in Hotels, available at: https://americas.uli.org/wp-content/
149 IEA/UNEP (2017), Global Status Report 2017, available at: www.globalabc.org. uploads/sites/2/ULI-Documents/ULI-HotelSustainabilityReport.pdf.
150 For example, in East Asia, Indonesia has GREENSHIP; Malaysia has GBI (Green Building Index); the Philippines 169 ACCOR (2018), 2018 Registration Document, available at: https://s3-us-west-2.amazonaws.com/ungc-
has BERDE (Building for Ecological Responsive Design Excellence); Singapore has GREENMARK; Thailand production/attachments/cop_2019/476637/original/ACCOR_2018_RD.pdf?1563202028.
has TREES (Thai’s Rating of Energy and Environmental Sustainability); and Vietnam has LOTUS (by Vietnam
Green Building Council or VGBC) and new rating tool VACEE (by Vietnam Association of Civil Engineering 170 See https://cib.bnpparibas.com/sustain/accommodating-sustainability_a-3-2196.html.
Environment). In the Middle East and North Africa, Egypt has TARSHEED, Abu Dhabi has the Pearl Rating
System for Estidama, and Lebanon has the ARZ. 171 See https://gbci.org/leed-itc-hotels-video.

151 See https://www.iea.org/tcep/buildings/buildingenvelopes/ 172 Urban Land Institute (2019), Sustainability in Hotels, available at: https://americas.uli.org/wp-content/
uploads/sites/2/ULI-Documents/ULI-HotelSustainabilityReport.pdf.
152 See https://gresb.com/2019-real-estate-results/.
173 See https://www.edgebuildings.com/building-types/retail/.
153 See https://gresb.com/2019-real-estate-results/.
174 Retail Industry Leaders Association (2016), The Value of Sustainability in Retail Marketing, available at: http://
154 Whole Building Design Guide (2019), Green Building Standards and Certification Systems, available at: https:// www.retailcrc.org/sustainability/Lists/Briefings/Attachments/14/RILA%20Issue%20Brief%20-%20The%20
www.wbdg.org/resources/green-building-standards-and-certification-systems. Value%20of%20Sustainability%20in%20Retail%20Marketing.pdf.
155 See https://www.export.gov/apex/article2?id=China-Construction-and-Green-Building. 175 MarketWatch (2018), Starbucks Announces Global Greener Stores Commitment, available at: https://www.
marketwatch.com/press-release/starbucks-announces-global-greener-stores-commitment-2018-09-13.
156 See https://www.export.gov/apex/article2?id=China-Construction-and-Green-Building.
176 See https://www.edgebuildings.com/projects/novare-great-north/.
157 IEA (2019), Perspectives for the Clean Energy Transition, available at: https://www.iea.org/publications/
reports/PerspectivesfortheCleanEnergyTransition/. 177 See https://www.edgebuildings.com/green-hospitals/.
158 See https://www.theclimategroup.org/EP100-members. 178 FM Link (2019), CyrusOne’s move to 100% renewable energy in its London data centers shows how the
industry can leverage its size to reduce energy use and costs, available at: https://fmlink.com/articles/
159 The Climate Group (2018), Why high street fashion retailer H&M is committed to smarter energy use and cyrusone-london-data-centers-100-renewable-energy/.
switching to 100% renewables, available at: https://www.theclimategroup.org/news/why-high-street-
fashion-retailer-hm-committed-smarter-energy-use-and-switching-100-renewables. 179 Microsoft (2017), Building and Operating Greener Datacenters: Our Commitment to LEED Gold, available at:
https://blogs.microsoft.com/green/2017/11/08/building-operating-greener-datacenters-commitment-leed-
160 UN (2019), Climate Action Summit 2019: In the face of worsening climate crisis, UN Summit to deliver new gold/.
pathways and practical actions to shift global response into higher gear, available at: https://www.un.org/
en/climatechange/assets/pdf/CAS_main_release.pdf?utm_source=newsletter&utm_medium=email&utm_ 180 World Economic Forum (2016), Shaping the Future of Construction: A Breakthrough in Mindset and
campaign=newsletter_axiosgenerate&stream=top. Technology, available at: http://www3.weforum.org/docs/WEF_Shaping_the_Future_of_Construction_full_
report__.pdf.
161 Dodge Data & Analytics (2018), World Green Building and Construction Trends 2018, available at: https://www.
construction.com/toolkit/reports/world-green-building-trends-2018. 181 IFC (2019), Greening Construction: The Role of Carbon Pricing, available at: https://www.ifc.org/wps/
wcm/connect/topics_ext_content/ifc_external_corporate_site/climate+business/resources/greening-
162 See https://www.cdlsustainability.com/cdl-six-capitals/manufactured-capital/green-lease-tenant- construction.
engagement/.
163 FM Link (2019), Find out what award-winning landlords and tenants are doing to save energy and reduce
costs, available at: https://fmlink.com/articles/imt-doe-2019-green-lease-leaders-boma-event/.
164 CBRE Research (2017), China Green Building Report: From Green to Health, available at: https://www.cbre.
us/research-and-reports/China-Major-Report---China-Green-Building-Report-2017.
165 See https://growthpoint.co.za/environmental-sustainability/targets.
166 See https://www.revistatqv.mx/soluciones-verdes/certificacion-edge-es-adoptada-por-miembros-de-la-
adi/.

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