In an effort to lift energy productivity and aid climate change, an independent review into the Commercial Building Disclosure (CBD) programme proposes amendments to the mandatory efficiency disclosure which would affect the energy efficiency of mid-tier commercial properties.
Started in 2010, the CBD programme requires the mandatory delivery of information and data concerning the energy efficiency of commercial office space transactions of 2000 square metres and over.
The aim is to ensure sustainability targets are met by large-scale offices. This is achieved through transparency: the supplied data helps better inform market participants of the energy efficiency capabilities of the office building they intend to buy, sell, or lease.
“Mandatory disclosure guidelines provide valuable information to consumers to encourage them to make informed choices about the energy efficiency of the buildings they buy and lease and, in turn, encourage building owners to invest in energy efficiency,” explained the Minister for Resources, Energy and Northern Australia, Josh Frydenberg.
The review (released this month by Minister Frydenberg) recommends 2 major amendments which would boost the programme’s energy efficiency outcomes:
1. Expand the programme to include more office buildings by including the mid-tier commercial real estate sector which is comprised of around 80,000 building across the country.
Mid-tier office buildings are those commercial properties which measure between 1000 and 2000 square metres.
According to Romilly Madew, CEO of the Green Building Council of Australia, branching out the CBD programme to include mid-tiers would “help the Australian Government's target of increasing Australia's energy productivity by 40% by 2030”.
2. Lengthen the period a Tenancy Lighting Agreement is valid from 1 to 5 years.
In Part 2 of Commercial Building Disclosure Amendments You Need to Know. (hyperlink)