In a groundbreaking move, three leading green building authorities— the Building Research Establishment (BRE), the Green Building Council of Australia (GBCA), and the US Green Building Council—have joined forces to establish an unprecedented international alliance. Their collective mission? To elevate awareness surrounding sustainable finance mechanisms within the real estate sector and lay the groundwork for a more environmentally conscious built environment.
The Initiative:
At the forefront of this alliance is the development of a comprehensive sustainable finance guide. This initiative builds upon the foundation laid by GBCA in 2023 and aims to emphasise the critical role of rating systems like BREEAM, Green Star, and LEED in ensuring compliance with global sustainable classification frameworks, including the EU and UK green taxonomies.
Launch at London Climate Action Week:
The alliance’s flagship document is set to make its debut at the prestigious London Climate Action Week in June 2024. This guide will serve as a roadmap, shedding light on sustainable finance instruments available to the real estate market, such as green loans and green bonds.
Focus on Global Cooperation:
A key objective of the alliance is to foster enhanced global cooperation between the finance and real estate industries. By promoting the adoption of sustainable finance mechanisms, the alliance aims to contribute significantly to a decarbonised built environment on a global scale. The CEOs of BRE and GBCA express their unwavering commitment to fostering a deeper understanding of sustainable finance’s pivotal role in addressing pressing global challenges, particularly climate change.
Alignment Among Major Sustainability Rating Systems:
One of the alliance’s standout features is its emphasis on alignment among major sustainability rating systems. By highlighting the compatibility of rating systems like BREEAM, Green Star, and LEED with global sustainable classification frameworks, the alliance aims to unlock substantial benefits for buildings, the environment, and society as a whole.
As we stand on the cusp of a new era for sustainable finance in the real estate sector, the alliance formed by BRE, GBCA, and the US Green Building Council is poised to be a game-changer. Their commitment to promoting global cooperation, understanding, and adoption of sustainable finance mechanisms underscores the potential for a decarbonised built environment and a brighter, more sustainable future for us all. Stay tuned for the official launch of the comprehensive sustainable finance guide at London Climate Action Week in June 2024.
