The Green Property Working Group, published their proposed eligibility criteria for property investments to be certified under the Climate Bonds Standard on the 19th of June 2014. The aim is to provide clarity to investors as to the low carbon integrity of energy efficiency investments in green buildings through a standardised screening tool The published Green property criteria are now subject to a 30 day period of consultation – if you are interested you can submit your comments in the comments box below or email email@example.com(link sends e-mail). The Climate Bond Standard for Green Property covers three different types of assets pools: Commercial buildings Residential buildings Upgrade finance The green buildings working group was set up in July 2012 with an objective to develop a standard that ensures the low carbon credibility of certified Climate Bonds issued for ‘Green Buildings’. The International Energy Agency’s (IEA) modelling of emission reductions required to head off catastrophic climate change allocates some 40% to emissions avoided from reduced energy consumption. There is a need for investment. However financial barriers, including the cost of capital, risk exposure and the inadequacy of traditional financing mechanisms for energy-efficient projects, hinder the flow of qualifying investment. The Standard aims to provide clarity to investors as to the low carbon integrity of energy efficiency investments through a standardised screening tool. It will support energy efficiency project developers in signalling to the market the minimal reputational risks associated with their projects at low transaction costs. And finally, it will allow governments to incentivise energy efficiency investments with the confidence that the funds are being used to deliver a Low-Carbon Economy. The Working Group members include: Drafting sub-committee Ché Wall, Director, Flux, Sydney Ché Wall is a Director of Flux – a Sydney based specialist sustainability consultancy focused on breaking new ground in sustainable buildings. He was founding Chairman of the World Green Building Council and co-founder of the Green Building Council of Australia. Before setting up Flux in 2012, he was a director at Lend Lease Sustainability Solutions where he worked on a number of concepts to “commercialise sustainability” in the built environment. Earlier was a managing director at WSP. He worked on a number of leading green buildings, including Lend Lease’s 30 The Bond in Sydney, Macquarie Bank’s head office at One Shelley Street in Sydney, Melbourne City Council’s CH2 and the Melbourne Convention Centre. In 2002, Ché was the recipient of the Royal Australian Institute of Architects President's Award for outstanding contribution to the architectural profession in the area of sustainable development. Two years later, in 2004, Ché received the prestigious Prime Minister's Environmentalist of the Year Award from the Banksia Foundation. Yamina Saheb, Scientific and Policy Officer , European Commission, Milan Yamina Saheb is a Scientific and Policy Officer at European Commission (Joint Research Centre). She is in charge of conducting analysis of energy efficiency policies at the building and the city level. Prior to that, she was the Head of the Sustainable Buildings Centre of the International Energy Agency - role which included conducting research and analysis on the use of policy instruments to reduce energy consumption in the buildings sector. Yamina holds a Ph.D in Energy Engineering, master's degrees on Economics and environmental policies and an Engineering degree in Buildings. OIiver Rapf, Executive Director, Buildings Performance Institute Europe, Brussels Olivier Rapf is a Executive Director of BPIE, the Buildings Performance Institute Europe, a Brussels based think-do-tank with a focus on energy and the built environment. In this role, he represents BPIE in the Executive Committee of the Global Buildings Performance Network (GBPN). Before joining BPIE, Oliver worked for the global conservation organization WWF in various roles including Head of the Climate Business Engagement unit of WWF International where he managed strategy and partnership development with the private sector. Leading an international team, he advised multinational companies on climate change and energy issues. Oliver’s experience in buildings efficiency goes back to the late 90s when he was a project leader for several deep renovation projects on behalf of WWF in cooperation with housing companies across Germany. Earlier, Oliver participated in UNFCCC negotiation process, and was the leader of the German NGO coalition at international conferences. Oliver has been active as a jury member of environmental and sustainability awards, and serves on various advisory boards. In his early career, he worked on regional sustainability strategies and spatial planning. Peter Sweatman, CEO, Climate Strategy & Partners, Madrid Climate Strategy’s Chief Executive and Founder, Peter Sweatman brings together a rare combination of energy, financial, entrepreneurial, climate and low carbon technology experience. He is an engineer from Cambridge University in the UK and in the last 20 years has held senior positions at JPMorgan, Climate Strategy and Climate Change Capital managing Iberian and Latin American business units and founded and ran a successful technology venture. For the last 8 years, Peter has maintained an active programme of public address and media comments on matters relating to Clean Energy, Energy Efficiency, Climate Change and Carbon Finance. Peter is advisor to the UKTI in Spain, visiting lecturer at Instituto de Empresa and IIT-Comillas Universities, Member of JCI Energy Efficiency Expert Panel and the Network for Sustainable Financial Markets and is a member of the Ashoka Support Network in Spain.Asari Efiong, Principal Product Development Manager, Climate Change, EBRD, London Asari is a Senior Product Development Manager in the Energy Efficiency & Climate Change Team at the European Bank for Reconstruction & Development (EBRD). She is responsible for new financial product development in renewable energy and clean technology across the EBRD countries of operations. Committee members Sander Paul van Tongeren, Head of Sustainability Real Estate & Infrastructure, APG Asset Management, Amsterdam Drs. Sander Paul van Tongeren is Head of Sustainability Real Estate & Infrastructure in APG Asset Management – a leading Responsible Institutional Investor based in the Netherlands. He is responsible for integrating sustainability and governance across APG’s global real estate (approximately EUR 28 billion) and infrastructure (approximately EUR 5 billion) portfolio. Sander Paul joins EPRA’s Sustainability Reporting Committee, INREV’s Sustainability Committee, UN PRI’s Property Advisory Group and IIGCC’s Property Working Group. He has experience in developing sustainability standards and contributed to the establishment of the GRI CRESS and EPRA’s best practise recommendations on sustainability reporting. Furthermore, he is co-founder and executive director of the Global Real Estate Sustainability Benchmark , which has become the global standard for measuring the sustainability performance of listed property companies and non-listed vehicles. Sander Paul holds a Masters degree in Business Economics as well as an Executive Master degree of Finance and Control from the University of Amsterdam and a Master of Studies in Real Estate from the Amsterdam School of Real Estate. He is also member of the Royal Institution of Chartered Surveyors (specialisation Environment). Dr Tatiana Bosteels, Head of Responsible Property Investment, Hermes Real Estate / Chair, IIGCC, Brussels Tatiana Bosteels is Head of Responsible Property Investment in Hermes Real Estate, part of Hermes Fund Management - a leading Institutional Fund Manager in the UK. Tatiana’s work focuses on mitigating impacts and enhancing opportunities of existing urban environments. She is also a Chair of IIGCC Property Working Group, Director of the Better Buildings Partnership, Director of Climate Change Solutions and sits in the World Future Council Commission on Cities and Climate Change. Tatiana has experience developing innovative sustainability programmes through public private partnerships. At the London Climate Change Agency, where she advised the London Deputy Mayor, she developed and delivered the Better Buildings Partnership (BBP) and contributed to the establishment of the London ESCO. Her previous work covered UK and international climate change policy, carbon markets, Kyoto carbon project mechanisms, the EU and UK emission trading schemes and third party energy efficiency financing. Cath Bremner, Global Head of Environmental Sustainability, ANZ Bank, Sydney Catherine Bremner is a Global Head of Environmental Sustainability at ANZ Bank where she leads bank’s environmental programs covering compliance and risk, reduction initiatives and advice on environmental finance opportunities. Ms. Bremner was formerly a Chief Operating Officer at Low Carbon Australia where she led a delivery of $100m investment fund in clean tech investments. Previously, she was a Head of International Development at The Carbon Trust where she led Chinese Government and UK negotiations to develop low carbon technologies in China. James Wilde, , Director of Innovation and Policy, UK Carbon Trust, London James Wilde is a Director of Innovation and Policy at the Carbon Trust. He leads Carbon Trust’s policy and markets work as well as its innovation business area, working with governments and corporates to commercialise new low carbon technologies. Prior to joining the Carbon Trust, James worked for management consultants McKinsey & Company. He has a PhD in Nanotechnology from the University of Cambridge and a first class degree in Materials Science from the University of Oxford. Maggie Comstock, Policy Analyst, USGBC, Washington DC Maggie Comstock is a Policy Analyst at the U.S. Green Building Council working on federal and international green building policy and climate affairs. She currently serves as a Regional Representative for North America to the United Nations Environment Programme and has extensive experience working on environmental and climate policy both domestically and abroad through her time working in the U.S. Senate, House of Representatives, UK Parliament, and Irish Parliament. Dr. Chris Pyke, Vice-President Research, US Green Building Council, Washington DC Dr. Chris Pyke is a Vice President of Research for the US Green Building Council. He directs a diverse research portfolio leveraging green building project experience to gain practical insights into building performance, occupant experience, and market trends. Dr. Pyke serves in a number of technical advisory roles, including representing the United States for green house gas mitigation issues related to residential and commercial buildings on the Intergovernmental Panel on Climate Change. Prior to joining USGBC, he was the National Director of Climate Change Services for CTG Energetics, Inc. and a research scientist with the US EPA’s Global Change Research Program.Dr. Hilary Elliott, Operations Manager, Centre for Carbon Measurement, National Physical Laboratory, London Dr. Hilary Elliott is an Operations Manager at NPL Centre for Carbon Measurement - UK’s national standards laboratory, an internationally respected and independent centre of excellence in research, development and knowledge transfer in measurement and materials science.Robert Tromop, Head of Energy Efficiency, Sustainable Buildings, International Energy Agency, Paris Robert Tromop is Head of Energy Efficiency Unit that leads the International Energy Agency’s work on energy efficiency policy. His previous role was Manager Monitoring and Research for the New Zealand Energy Efficiency & Conservation Authority (EECA). This involved leading monitoring and analysis of programme design and performance as well as tracking changes in energy use, energy efficiency and renewable energy change across the New Zealand economy. Robert's international energy efficiency experience includes IEA and APEC Energy Efficiency committees and programmes, and development of the APEC PREE review process with the APEC Energy Working Group Secretariat.Matthew Deegan, Consultant, Sydney Matthew Deegan is a Business Development Manager at CDP - not-for-profit organization providing global environmental reporting system and working to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. Previously he was a Director, Energy & Commercial Partnerships at Low Carbon Australia. Matthew has got over 20 years’ experience working with banks, funds & government corporations in delivering commercial finance programs across multiple industry sectors for stakeholders engaged in sustainable property, clean energy assets & infrastructure investment. Niall McCarthy, Executive Director, Eureka Funds Management / Member, IGCC, Sydney Niall McCarthy is an Executive Director of Eureka Funds Management. He is responsible for the management and strategic direction of the business across core property, clean energy and infrastructure. He has over 25 years of experience in the construction, property development and investment industries in Australia, Middle East, Asia and the UK. Niall is an active member of the Investor Group on Climate Change (IGCC) Management Committee as well as the IGCC Low Carbon Financing Working Group. Thomas Boermans, Unit Manager, Buildings, Ecofys, Cologne Thomas Boermans is a Unit Manager at Ecofys - a leading consultancy in renewable energy, energy & carbon efficiency, energy systems & markets and energy & climate policy. He has got has more than twelve years of expertise in the environmental and energy business and specialises in the field of renewable energy and energy efficiency in the built environment with specific expertise concerning market analysis and policy evaluation as well as energy concepts for buildings and settlements. Previously, he was responsible for the development of energy concepts for several price winning "solar settlements" in Germany, provided consultancy for municipalities, regional and national governments, European associations, international companies and the European Commission. He is also experienced in the management of large scale and international projects. Bettina Redway, California State Treasurer’s Office, Sacramento Bettina ‘Nini’ Redway has been a Deputy Treasurer at the California State Treasurer’s Office since 2007. Earlier she served as a Special Assistant Attorney General where she managed A-G policies on consumer, anti-trust and energy law. Previously, she served as counsel to the state Administrative Office of the Courts, general counsel to the California Manufacturers Association, and aide to Assemblyman Robert Campbell. Brian Rice, Investment Officer, CalSTRS, SacramentoBrian Rice is an Investment Officer in the CakSTRS Corporate Governance Department. His main areas of focus are environmental risk management, the CalSTRS activist manager equity portfolio, and company’s corporate governance efforts in Asia. Brian is also the staff lead for the CalSTRS Green Initiative Task Force, a multi asset class effort charged with identifying, implementing and reporting on environmental investment opportunities and risk management strategies.Simon Brooker, Executive Director, Clean Energy Finance Corporation, Sydney Simon Brooker is an Executive Director at Clean Energy Finance Corporation; organisation that mobilises capital investment in renewable energy, low-emission technology and energy efficiency in Australia. Previously, he was an Investment Director at Transfield Holdings where he focused on the Company’s student accommodation and renewable energy investment activities. Prior to joining Transfield, Simon worked for 14 years in investment banking at Macquarie Bank and Bankers Trust, leading transactions in asset based financing, structured finance and infrastructure investing.Jacob Halcomb, Senior Consultant, Ecofys, Amsterdam Jacob Halcomb is a Senior Consultant at Ecofys focusing on international projects. Previously, he worked within the UNEP’s Built Environment Unit, supporting the Sustainable Buildings Climate Initiative and contributed to a number of reports that, among others, covered: Green Economy, Green Buildings and Job Creation, Cities and Carbon Finance, Environmental Indicators for the Built Environment. He also participated in the UNFCCC and World Bank work on Climate Finance and International policy for buildings. Peter Margruber, Siemens, Germany Peter Margruber, Siemens, GermanyTooraj Arvajeh, Senior Consultant, Arup, New York Tooraj Arvajeh is a Senior Consultant at Arup; firm providing engineering, design, planning and consulting services for all aspects of the built environment. Previously he worked at Clinton Global Initiative and held a position of Sustainability Advisor in Advitech Pty and Hatch. What do we mean by “Green buildings?” Any investments directed towards energy efficiency improvements in buildings is important and should be supported, but the urgency for roll-out is driven by the need to reduce greenhouse gas emissions generated through the built environment. This will require substantial improvements of the whole building rather than just achieving any impact with modest improvements. For example, if all buildings achieve a 20% efficiency upgrade but a 40% increase is required to avoid 2 degrees, then 20% is clearly not enough. The risk is to “lock in” weak levels of performance until the next investment period which may not occur for another decade or more. It will also require large volumes of qualifying assets. To date, energy efficiency projects have been too small to be commercially attractive to institutional investors. The average retrofit for the average commercial building is in the range of $1-10m. Therefore, aggregating energy efficiency projects into large scale opportunities will be needed. This has the benefit of not only rewarding new builds but also existing assets that exemplify best in practice. View the discussion thread.