Property will lead the way in a green revolution in Ireland as investors return to the marketplace and activity picks up.
The isle is building back greener and cleaner as part of a raft of measures outlined by the Irish Government, which fully supports a green deal being central to a post COVID-19 economic recovery plan at EU level.
Prioritisation of the Green New Deal, along with action on climate and biodiversity has been outlined by the Government, which in June, formed a new coalition government with the Green Party.
The Irish property market remains attractive to overseas investors, who are primed to invest in residential and commercial property developments. ESG investing remains top of the agenda, and ESG portfolios continue to outperform the wider market with money flowing out of traditional funds and into ESG funds. At Hollis we have provided ESG advice as part of our technical due diligence offering to both local and international clients and we see this as becoming standard in the market.
This move in investor requirements is leading more companies in the property sector to take on more social and sustainable projects. We are working with several developers on schemes where sustainability and cleaner energy are at the heart of the design and construction, including advising on green building and wellness certificates (LEED, BREEAM, Well & Fitwel).
However, we should be mindful that it is much easier to design and build cleaner and greener using the latest technology and materials, than it is to retrofit existing assets. It is estimated that up to 80% of the building stock by 2050 is already built.
Therefore, investors and building owners need to look at ways they can refurbish buildings and increase energy saving measures, alongside the health and wellbeing of occupants. To this end we are currently undertaking bespoke ‘energy optimisation reports’ for an international client on their portfolio. These reports are split into 3 distinct phases:
- Phase 1 – Optimise the current energy infrastructure and services without capital investment
- Phase 2 – Recommend energy improvements
- Phase 3 – Path to net zero using a dynamic model
The construction industry and built environment is one of the largest producers of carbon, so the property industry has an important role to play in helping the Government meet its net zero carbon emissions target of 2050.
The target will be set in law by the Climate Action Bill which will be introduced in the Dáil within the first 100 days of government alongside a newly established Climate Action Council.
Utilising the latest technology to build sustainably produces a multitude of benefits, from reductions in energy consumption, carbon emissions and pollutants, to improvements in the wellbeing of occupants, and greater financial returns for the owners and occupiers of these green buildings.
It is clear there is much that can be gained from building more sustainably and this is an issue the Government, the property industry and society needs to tackle together.
If you would like to speak to us about sustainability advice or real estate consultancy then please contact, Tony at email@example.com or Stephen McGibney at firstname.lastname@example.org