European Property Sustainability Matters European Property ...

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King Sturge: European Property Sustainability Matters Do occupiers demand green buildings? The Green Value report notes that it is with better occupiers’ productivity that significant financial advantages of green buildings can be realised. In order to break the “vicious circle of blame”, whereby investors, developers and occupiers pass the blame for the slow provision of green buildings from one to another, a number of organisations have produced research results which demonstrate that businesses, (ie the occupiers of commercial space,) do demand environmentally efficient space. For example, Gensler’s 2006 report, “Faulty Towers: Is the British Office Sustainable” states that: “… nearly three quarters (72%) of company property directors believe that business is picking up the bill for badly designed, inefficient buildings and more than a quarter (26%) state that bad office stock is actually damaging UK productivity. With spiralling energy costs pushing energy efficiency up the agenda, business is shown to welcome the grading of buildings and is aiming to reduce property-related energy consumption by 12% over the next five years. While property directors confirm that business is willing to pay 10% more in rent for efficiently designed and constructed buildings, the majority of property developers (67%) state that they will only go as far as legislation demands when it comes to energy efficiency. With around 40% of energy consumption in the EU coming from the building sector, more sustainable and efficient design offers an enormous opportunity for reducing energy wastage, reducing carbon emissions and cutting costs. However, there is a perception among developers that there is no demand for sustainable buildings. As a result, they lack the incentive to commission greener buildings. Our research shows that this pessimism is misplaced - business recognises the benefits of energy-efficient buildings and is willing to pay 10% more in rent for more efficiently designed and constructed buildings.” Carbon Footprinting One way in which many individuals and organisations have sought to assess their environmental impact is through calculating their carbon footprint. It is calculated in terms of the total amount of greenhouse gases produced (in units of carbon dioxide) and is therefore a measure of the impact that individuals or organisations can have on climate change. The key property questions relating to an individual’s creation of carbon dioxide (and other “greenhouse” gases are: 1 How much energy does your home use: heating, lighting, entertainment? 2 How much energy do you use travelling to work and to leisure/social activities? 3 How much energy do you use when at work? 4 When you’re out shopping, how much energy does the retail property consume? 5 Evenings, weekends and holidays; how much energy are you using? There are many versions of calculators available for carbon footprinting, some of which are freely available on the internet. The calculators use models based on typical emissions ratings for power-generation plant and other relevant energyusing machinery. Care should be taken to ensure that use of such calculators allows the users to customise the data to reflect their own individual circumstances, such as energy sources (eg whether from renewables or fossil fuels) and efficiency measures employed (eg if from highly efficient plant or machinery). An example of an extract from a web-based carbon footprinting tool is set out opposite: 10
to compare funds’ performance on an environmental basis. The report ranks 44 main UK investment and mutual funds, revealing the best and worst performers, in terms of their carbon footprint. The funds amount to approximately £45bn, and are managed by 28 different fund managers. Key highlights from the June 2006 survey ranking are: http://www.bestfootforward.com/carboncalc.htm Carbon footprinting has been relied on by a number of businesses to assess and reduce their energy use, as well as to analyse the performance of others. Carbon Footprint Ranking Trucost has released the first Carbon Footprint Ranking of UK Investment Funds’ approaches to combating climate change. This enables investors • There is a massive range in performance between the best and worst • The impact of moving a £10,000 investment from the worst fund to the best is 14 tonnes of CO 2 emissions per annum. The average UK household emits six tonnes of CO 2 pa. • There is no gain in financial performance from ignoring the environment; funds with larger carbon footprints do not produce higher returns. Ranking of the Trucost investment and mutual funds by carbon footprint 1 Scottish Widows Investment Partnership UK & Income ICVC - Environmental Investor 2 Scottish Widows Investment Partnership UK & Income ICVC - Ethical Fund 3 Norwich Union Sustainable Future ICVC - UK Growth Fund 4 Lazard Investment Funds - UK Alpha Fund 5 F&C Stewardship Investment Funds ICVC-Stewardship Growth 6 CIS Sustainable Leaders Trust 7 Henderson Global Care Funds - Henderson Global Care Income 8 Aberforth Smaller Companies Trust PLC 9 Standard Life Investment Co. ICVC - UK Ethical Fund 10 Schroder UK Alpha Plus Fund 11 Equator Investment Funds ICVC-United Kingdom Equity Fund 12 Halifax UK Invt. Funds ICVC-UK Growth 13 Scottish Widows Investment Partnership UK & Income ICVC - UK Equity Income Fund 14 Threadneedle Investment Funds-UK Institutional Fund 15 INVESCO Perpetual UK Invt. Ser-Income & Growth 16 Edinburgh Investment Trust plc 17 Woolwich UK Stockmarket Fund 18 Fidelity Institutional Funds - UK Fund 19 Jupiter Environmental Income Fund 20 Gartmore Invsmt Fds Series III - Gartmore UK Index Fund 21 Legal & General UK Index Trust 22 F&C Investment Fund ICVC-FTSE All-Share Tracker Fund 23 Legal & General (Barclays) General Trust 24 Halifax UK Invt. Funds ICVC-UK FTSE All-Share Index Tracking 25 Virgin UK Index Tracking Trust 26 Scottish Widows Investment Partnership Tracker & Specialist ICVC - UK All Share Tracker 27 Norwich Union Investment Funds ICVC-UK Index Tracking Fund 28 Nationwide Tracker Fund 29 HSBC Index Tracker Investment Funds - FTSE All-Share Index 30 Merrill Lynch UK Dynamic Fund 31 CIS UK Growth Trust 32 Scottish Widows Investment Partnership UK & Income ICVC - UK Growth Fund 33 Scottish Life UK Equity Trust 34 Halifax UK Invt. Funds ICVC-UK Equity Income 35 Prudential UK Growth Trust 36 Legal & General Equity Trust 37 Family Asset Trust 38 F&C Stewardship Investment Funds ICVC-Stewardship Income 39 Gartmore Invsmt Fds Series II - Gartmore UK Growth Fund 40 Old Mutual Investment Company - Old Mutual Ethical Fund 41 Standard Life UK Equity General Trust 42 Threadneedle Investment Funds-UK Fund 43 Jupiter Income Trust 44 AXA UK Investment company ICVC - UK Equity Income Fund http://www.trucost.com/carbon_news.html For an example of a carbon footprint calculator, see: http://www.carbonfootprint.com/calculator.html 11
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