The interplay of policy and energy retrofit decision-making for real estate decarbonization
Open access
Date
2021-12-20Type
- Journal Article
ETH Bibliography
yes
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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. Show more
Permanent link
https://doi.org/10.3929/ethz-b-000521867Publication status
publishedExternal links
Journal / series
Environmental Research: Infrastructure and SustainabilityVolume
Pages / Article No.
Publisher
IOP PublishingSubject
Policy mix; Building retrofits; Real estate; Energy policy; Energy efficiency; DecarbonizationOrganisational unit
03695 - Hoffmann, Volker / Hoffmann, Volker
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ETH Bibliography
yes
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