To boost energy productivity and aid climate change, an independent review into the Commercial Building Disclosure (CBD) programme proposes changes which would affect the energy efficiency of mid-tier commercial properties.
Sellers and lessors of commercial properties boasting 2000 square metres and more. If looking to sell such real estate, a Building Energy Efficiency Certificate (BEEC) must be obtained before the property can be placed on the market.
Mid-tier commercial property owners and investors must stay up to date with what is happening regarding the amendments as they will be affected if the changes are heeded.
Real estate professionals operating in the commercial property space must stay informed of any changes to the amendments so they can advise their clients accordingly.
Aside from proposing amendments, the review also reported on 3 key results the mandatory efficiency disclosure has produced and is expected to produce with minimal cost to taxpayers and the industry:
It has already generated $44 million in benefits in just 4 years between 2010 and 2014 (well-over the cost of running the programme).
According to Minister Frydenberg, it will deliver a further $60 million to Australian consumers across the coming 3 years to 2019.
The independent review found from 2010 to 2023: end-use energy consumption will diminish by 10,020 tera-joules and greenhouse gas emissions will be reduced by 2,051 kilo-tonnes of Co2-equivalent (ktCo2-e)
You do! Australian businesses and households.
“Buildings are estimated to account for around 1 quarter of Australia’s greenhouse gas emissions, mainly through electricity and gas use. Improving the efficiency of Australia’s buildings can lower costs for households and businesses, reduce fuel use and lower greenhouse gas emissions,” explained Minister for the Environment, Greg Hunt.