COP21 and nZEB

Last year on 12th December 2015, the UN Framework Convention on Climate Change (UNFCCC) adopted the ‘Paris Agreement’ at the 21st Conference of Parties (COP21).

The key objectives of the agreement are to keep global temperature level growths below 2oC, and to limit increases to 1.5 oC above pre – industrial levels. Additionally, the key aims consist of increasing the ability of countries to adapt to the effects of climate change, and improve developments in climate resilience and greenhouse emissions, whilst making finance flows consistent with the pathway towards these developments.

During the COP21 conference, one day was dedicated to the launch of a new green building initiative, the ‘Nearly Zero Energy Buildings’ (nZEB), which was set up by a number of Europe’s leading businesses. The project is designed to support the delivery of nZEB new build properties by 2020, and nZEB refurbished buildings by 2030. The consortium of leading firms are from a number of sectors, and some of the names include JLL, Interface, Land Securities, Lloyds Banking Group, British Land, Tesco, Skanska and Hammersons. The parties involved represent £2.5 trillion in assets and have encouraged a divestment movement of over 500 institutions away from fossil fuels.

Eugene O’Sullivan, a Managing Director and Surveyor at Morgan Pryce, said: “I’m a strong advocate of green building. Not only will nZEB help stay within emission targets and improve the industry as a whole, but it’s likely to offer a new global business opportunity.

“From 1990 to 2013, the average reduction in emissions across all sectors of UK real estate was 21%, however this is mainly attributed to the residential sector as commercial emissions have remained flat. More needs to be done to get buildings in line with modern needs and concerns, and nZEB is a fantastic initiative to help achieve the goals of COP21.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.