The interplay of policy and energy retrofit decision-making for real estate decarbonization
OPEN ACCESS
Author / Producer
Date
2021-12-20
Publication Type
Journal Article
ETH Bibliography
yes
Citations
Altmetric
OPEN ACCESS
Data
Rights / License
Abstract
Retrofitting existing buildings is critical for meeting global and institutional net-zero CO2 emissions goals. Prominent energy and climate policy strategies are aiming to increase notoriously low retrofitting rates by triggering energy efficient and/or decarbonized real estate investments. Although many real estate assets are owned by large-scale investors (LSIs), the interplay of their retrofit decision-making and policies are under researched. Relying on interviews with four major owner types, industry experts, and policymakers, we unpack the 'black box' of retrofit investment and demonstrate how LSIs can transform retrofit decision-making processes to meet emissions goals. We show that to accelerate deep retrofits, policymakers should focus on integrated policy mixes, and consider the cross-impacts of policy instruments from various domains on the value-driven retrofitting decision. Instruments indirectly influencing retrofits, such as those targeting affordability or densification, represent a critical avenue for improving the retrofitting policy mix by moving away from single instruments directly targeting energy or emissions aspects. This policy mix should specifically target asset management budgetary decisions, which mainly drive investment planning relevant for deep retrofits.
Permanent link
Publication status
published
External links
Editor
Book title
Volume
1 (3)
Pages / Article No.
35006
Publisher
IOP Publishing
Event
Edition / version
Methods
Software
Geographic location
Date collected
Date created
Subject
Policy mix; Building retrofits; Real estate; Energy policy; Energy efficiency; Decarbonization
Organisational unit
03695 - Hoffmann, Volker / Hoffmann, Volker