The government-led Green Construction Board has teamed up with the Green Property Alliance to commission Deloitte to carry out a study into whether carbon policies are having the desired effect on the property sector.
The study – which will look into areas such as the Green Deal, Carbon Reduction Commitment, and Energy Performance Certificates – is focusing on non-residential properties.
The government is committed to an 80 per cent carbon reduction by 2050.
In a recent report, the Committee on Climate Change urged the completion of a comprehensive assessment of non-residential low-carbon policies.
Green Property Alliance chairman Bill Hughes said: “There is a growing interest in the management of regulatory and financial risk for property arising from climate change, with a belief that its relationship to the financial performance of real estate may emerge in the near future.
“It is in the industry and government’s interests to ensure that laws and taxes designed to elicit energy and carbon efficient behaviours are achieving their objectives, not to mention those of the wider economy.
“In taking a broad view of the framework for carbon incentives and penalties, this project may also illuminate opportunities to influence energy efficient behaviour that we had not previously discerned.”
Business minister Michael Fallon said: “I look forward to seeing the outcome of this work. Through the Green Construction Board and the Construction Leadership Council, we are putting a lot of focus on the potential for growth in low carbon and sustainable construction.
“It is important that the regulatory framework works with our objectives, so that business opportunity is maximised and business burden is minimised.”
Deloitte Real Estate director in sustainability Jon Lovell, who will lead the study, said: “The landscape of penalties and incentives pertaining to the energy and carbon performance of commercial property is complex and fluid.
“People and organisations tend to become exercised on the merits and limitations of individual instruments, such as the Carbon Reduction Commitment Energy Efficiency Scheme or Feed-in Tariffs, when individual policy changes are mooted by government.
“This project is about taking a helicopter view of the aggregate impact of the regulatory and fiscal framework, and to consider how it can be shaped to best effect, both for the industry and for the environment.
“This is a genuine effort to constructively inform future policy by those who understand the risks and opportunities presented to the commercial real estate industry: climate change, energy insecurity and environmental pressures.
“All of this demands a coherent, proportionate and manageable framework of regulatory and fiscal instruments.”