The Commonwealth Bank of Australia has partnered with Netherlands-based company CFP Green Buildings to develop a new green buildings tool that can help commercial building owners identify areas where they can reduce energy use and carbon emissions.
Australia’s first digital tool uses a data-driven approach that produces the building’s baseline emissions footprint based on third-party benchmarking data.
Customers using the tool are provided insights about potential decarbonisation and an estimate of the scope of investments required to achieve a certified national Australian Built Environment Rating System (NABERS) energy rating and energy cost savings.
With the help of the Green Building Council of Australia and NABERS, the tool aims to target the commercial buildings market, which accounts for 24 per cent of Australia’s national electricity consumption and 10 per cent of national greenhouse gas production.
Additionally, the CFP aims to recreate their success in helping more than 1.5 million European buildings achieve a greener building every year over the past 18 years.
What will the tool include?
Owners of a range of property types, including office, retail, industrial, hotels, and others, can input building information to get an estimate of:
- buildings’ baseline emissions footprint
- the impact of property upgrades on the buildings’ energy and emissions profile
- cost of upgrades and potential energy cost savings
- existing or predicted NABERS ratings and estimated improvement post-upgrade
- potential effectiveness of an upgrade based on financial investment
- green star rating system (due to be implemented)
It’s an uphill climb to retrofit for sustainability – and the bank is here to help
“It’s clear that property owners have a strong interest in sustainability, but many face an uphill climb to understand the environmental impact of the buildings they own, let alone what property upgrades can really move the needle on making their buildings more sustainable,” CBA’s group executive for business banking, Mike Vacy-Lyle said.
“Our green buildings tool will provide our customers with initial insights into their building’s estimated emissions profile and potential decarbonising actions free of charge.”
“Simple upgrades like LED lighting and intelligent building management systems can reduce a property’s carbon footprint meaningfully while improving energy efficiency. This, in turn, can reduce operating costs, making sustainability upgrades economically attractive and accretive to property value. We know from market research that green buildings tend to have higher occupancy rates, higher rents and longer lease terms.
Bram Adema, founder and managing director of CFP Green Buildings said “Australian owners of commercial estate can now save weeks and thousands of dollars per asset on energy consulting; the green buildings tool will show business cases and pathways to energy and carbon reduction instantly, empowering everyone to assess the next steps to sustainability. With the tool’s guidance, both single assets and portfolios can be analysed.”
Davina Rooney, chief executive officer of the Green Building Council of Australia said co-ordinated action from the finance sector was crucial to driving this change at scale, so the bank’s new tool was welcome and an important step in facilitating and financing green upgrades effectively.
The tool is now operational and available only to CBA business customers.