Cutting the Carbs: Optimum Measures to Reduce Emissions in the Existing Office Stock

Sara J. Wilkinson and Richard Reed

ERES from European Real Estate Society (ERES)

Abstract: The conclusions of the Stern Report (HMSO, 2006) made clear the increasingly stark choices facing mankind. If stringent action to reduce carbon emissions is not taken within the ten to fifteen year period between 2016 and 2021, the coming generations are locked into climate disaster (HMSO, 2006). The report also made clear the economic and social consequences for mankind globally of limited action on climate change. Finally the governments of nations like Australia and the US who had vigorously asserted that scientific research on climate change was flawed and unreliable, softened their stance and bowed to the overwhelming evidence on climate change and global warming. Australian Prime Minister Howard agreed to negotiate on carbon trading in November 2006 and this marked a major shift in environmental policy. As the political will to act now appears to be in place, the property profession needs to be advising clients how to reduce property related carbon emissions. This paper highlights the degree of measures typically required to the Melbourne CBD office building stock, over a 15 year time frame to 2020 to deliver the level of reductions noted by Stern (2006).

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2007_409

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