While it is customary to blame vehicles for contributing to our
carbon footprint, buildings and the construction sector account for
close to 40% of global CO2 emissions, compared to just 10% for
vehicles. So, it is fitting to consider ways to reduce a
building's carbon footprint. Things have come a long way since
the first Canadian "green lease" was proposed by REALPAC in 2008, but we still have a ways to
go. In that regard, Canada lags behind its European neighbours,
where the European Climate Pact is
helping set achievable goals to improve energy performance in
existing buildings, and new targets for sustainability in new
construction.
While cost concerns have been an impediment to creating more
sustainable buildings, experience out of the European Union is that
"green" buildings lease for higher rents, have less
occupancy downtime, and ultimately have a greater value on sale.
Many of today's top-rated tenants have environmental, social
and governance ("ESG")
