We are proud to share that CFP Green Buildings is now a Member of the Singapore Green Building Council (SGBC), the enabler of sustainability across the Singapore built environment supply chain. This is timely as we just opened our Asia Pacific regional office in Singapore, which will help to drive the rollout of our Green Buildings tool to the region.
As the need for sustainable solutions has never been more urgent, we are incredibly happy to team up with the SGBC. Represented by a distinctive public-private partnership that spans across the real estate value chain, SGBC is the nexus for the advocacy of green buildings that are healthier, low-carbon and more resource-efficient.
But why Singapore? In this article by fellow SGBC Member STACS, Singapore is seen as the vanguard of sustainable real estate in Asia. By 2030, Singapore is aiming to be the most eco-friendly city in the world, with the Building and Construction Authority (BCA) setting a goal of greening 80% of the country’s built environment by that year.
The real estate industry is a significant source of carbon emissions worldwide, accounting for 40% of total global emissions. Within this, around 70% of emissions are generated from regular building operations, while the remaining 30% result from the initial construction process. Research conducted by the Bank of England indicates that properties with high carbon emissions experienced a decrease in value after the implementation of environmental regulations.
Although real estate companies are attempting to decrease their emissions and environmental impact, there are still obstacles to overcome. OCBC Bank released a report for the industry warning that companies dependent on funding may have to follow sustainable practices or risk having fewer financing options. Currently, there are inefficiencies in the mobilization of green capital because banks lack sustainability data, and the review process for green financing is very manual and time-consuming.
As Ms Yvonne Soh, Executive Director of the SGBC puts it in the article: “It’s not just investors and financiers that have recognised the regulatory and climate transition risks that real estate will be subject to. Market preferences are also changing, with more consumers choosing to live more sustainably as the effects of climate change have become more real and tangible. With the majority of our time spent within buildings, whether for work, recreation or in our homes, consumers want their living environment to be one that saves on energy and water bills, conserves resources and enhances their wellbeing. And that’s what Green Buildings are all about.”
We look forward to joining hands with the SGBCommunity and work together on making all buildings greener and more sustainable. Would you like to find out more about CFP? On 26 June 2023, CFP will share more on our tool at the International Green Building Conference 2023. Meet us in person at the event, request a demo or stay updated by following our LinkedIn page.