Climate change affects the real estate industry in different ways. Therefore, each real estate property should implement green building standards to combat climate change.
Decarbonization refers to the carbon dioxide emissions into the atmosphere and in order to reduce its impact on the climate (for example, the burning of the fossil fuels and other natural resources). And it is achieved by switching to usage of low carbon energy sources.
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Due to the consistent rise in greenhouse gas emissions produced, Decarbonization or the carbon emissions has become a priority for society, governments, and companies, because it plays an important role in restraining global warming. A lot of companies across all the industries have declared their intention to become carbon neutral in the next couple of years.
The greater energy efficiency is becoming a priority to improve global temperature and the air quality, and to meet the emission targets.
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To achieve the net zero goals, advancing the decarbonization is needed. By highlighting an approach that focus on the development of energy sufficiency that involves the reduction of the energy construction. By using renewable energy sources such as biomass, solar power, and wind power that is greener and more energy efficiency. And by safeguarding the natural resources and ecosystems such as the forests, soil, and etc. that seize carbon, and by progressing a new technologies that carbon capture and store.
“Consume less, consume better” is one of the best ways to decarbonize. Learn more about how to Accelerate decarbonization and achieve meaningful energy
Climate change is a change of a usual weather found in a place. this could be a change of a usual temperature in a place for a season or month. Or it could be a change in how much rain a place usually gets over a year.
And like through variations in the solar cycle, these shifts may also be natural. But because of the human activities, it became the main driver of climate change, primarily because of burning fossil fuels such as oil, gas, and coal.
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The climate change affects every aspects in life. And recently, real estate industry and real estate professionals has been slow to address the real estate transactions about the gravity of climate change’s impact on the market, houses, unit, living space, and properties. But as we have witnessed over the past years, the frequent natural disasters and higher global temperature have had impacts on commercial real estate and residential real estate.
Climate change affects the real estate industry and even personal property in different ways. And climate change-related natural disasters are promptly sweeping through the country. Therefore, each real estate property should implement green building standards to combat climate change.
An increase in the temperature of the earth is triggering climate change-related incidents such as rain and flooding, and dangerous levels of winds. And an increase in temperature can also have an impact on managing a rental property, and electricity and heat production. And for tenants to stay cool, they will rely on electricity to run HVAC systems or fans. And it can place a high burden on the city resources and electrical grid.
On your bottom line, the weather-related property damage can have a serious impact. Not only you’ll be facing a greater cost but the properties start to lose their appeal.
And selling a property in a high-risk area if not a loss, it could mean less of a profit. And due to climate related impacts, home prices are dropping and becoming less attractive because of the increase rate of damaging events.
Climate change can have a destructive effect on housing costs. Climate change also affects the mortgage rates, especially the areas that are prone to extreme weather.
And when building a new home or reconstructing a vacant land, or an existing one or an undeveloped property, the cost effective are higher than ever due to the climate change and global pandemic.
The cost of building material is nothing new in post-pandemic world. But in terms of cause and effect, overlooking the impact of climate change on the availability and pricing of construction materials would be a mistake.
Another benefit of green building and design is the improved air quality. Harmful air pollution is rampant and people die every year all around the world due to breathing bad air, according to the reports of World Health Organization (WHO).
One of the side effects of climate change is the poor outside air, but it also does not mean that the global indoor air quality is any better. And a lot of people are not even aware that they are already breathing the contaminated air that is commonly caused by several pollutants that is also known “sick building syndrome“.
A new form of refugee crisis has also brought by climate change. And climate refugees are those individuals who flee from wildfire, weather, and more, and they are flooding an over-taxed housing market.
We can act now to lessen these burdens by going green and by using a massive investments in energy efficient sources in real estate industry. Climate change has a huge influence than ever before on the decision process for the people and managing tenants who are looking for a place to live. And ignoring that fact could be the worst mistake for the real estate industry.
Suggested Read: what climate change will mean for your home.
Combating the climate change as the ultimate goal, there are also other advantages, and benefits associated with decarbonization.
The effect that it will have on earth is the first benefit of decarbonization. The reduction of the harmful emissions will not only bridle global warming, but it will also bring back the extreme weather under control and ensure that we do not pass a tipping point from which is there no recovery.
There are concrete health public benefits that will affect the future generation in an immediate sense. Using technologies to monitor and reduce the contaminants emitted in air will not only prevent climate change, but will also boost the air quality.
The health consequences of a carbon-heavy world is also measured with the attendant impact of the public purse, and not just only in hospitalizations and lost lives statistics. And according to a research, the expansion of low carbon technologies could have a result in economic benefits. And that takes a lot of different forms, from minimal spending on health services to greater employee productivity to enhanced energy efficiency.
By fiddling out the use of fossil fuels, which are both concentrated and finite in the hands of resource-rich nations, that is in favor of renewable energy system and sources of power generation like wind, wave, and solar, that can futureproof the society against the scarcity of resources that will arrive.
As we notice the extreme climate changes, it is important to make a change in patterns of energy construction and in energy sources. Taking a sign to the rising criticality, the world is transitioning to renewable energy sources from the use of fossil fuels and other natural resources. And to make the decarbonized economy into a reality, the government, businesses, and the citizens need to take up the challenge of transitioning in transformative ways and drive the way to carbon neutrality.
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