SITESv2 Rating System
SITESv2 Rating System
SITESv2 Rating System
n i t e d
at i o n s
n v i r o n m e n t
Prog
r a m m e
Green Buildings
and the Finance
Sector
An Overview of Financial Institution
Involvement in Green Buildings in
North America
February 2010
Prepared by:
DAVID GARDINER & ASSOCIATES, LLC
910 17TH ST., NW
SUITE 210
WASHINGTON, DC 20006
WWW.DGARDINER.COM
Table of Contents
List of Acronyms
Executive Summary
What Are Green Buildings? Who Determines What Counts as a Green Building?
9
10
11
12
16
16
17
17
18
20
20
22
22
23
First Costs
24
25
26
26
27
27
28
30
32
References
33
List of Acronyms
ASHRAE
BOMA
CaGBC
CalPERS
CMP
GBS
GDP
GSF
LEED
LEED-CI
LEED-CS
LEED-EB
LEED-NC
NAHB
RPI
USGBC
Executive Summary
This report is intended for financial institutions in the United States and Canada
that are interested in becoming involved or have started to get involved with
green buildings. It is meant to provide an overview of the relevant facts and
issues related to green buildings, the roles that the financial sector can play, and
the potential barriers and benefits to financial sector involvement. It also offers
some guidance and strategies for financial institutions preparing for greater
involvement with green buildings.
These and other drivers have led to gradually increasing involvement by the
financial sector in green buildings. There are four principal roles that financial
institutions play in the green building process: owner or user, investor or private
developer, lender, and insurer. The owner/user role, which is the least unique
to financial institutions, is often their most direct involvement in green buildings,
with many institutions seeking third-party certification for the office buildings and
branches that they own or lease. Investor participation in green buildings began
slowly but has been accelerating rapidly, with increasing project development,
investment in green real estate funds, and attention to Responsible Property
These barriers and risks require attention, but they should not obscure the
numerous benefits that accrue to financial institutions from involvement in green
buildings. In fact, some observers suggest the greater risk with green buildings
is not getting involved, particularly given a policy environment that is moving
strongly in the direction of requiring green buildings and energy efficiency
and given market trends indicating that green buildings may become the
standard for quality real estate in the near future. Additional benefits for financial
institutions include reduced operating expenses (such as energy and water),
lower default risk and liability from issues such as mould and indoor air quality,
improved risk profiles for insured buildings (and owners and tenants), and higher
value buildings that have premium occupancy rates, sale prices, and rental rates.
building?
n What has the recent history of green buildings been? What is the outlook for
investments in green buildings, and why?
While LEED is growing in Canada, the dominant system for commercial buildings
in Canada is BOMA BESt, the Building Environmental Standards (BES) from the
Building Owners and Managers Association (BOMA). BOMA BESt used to be
known as BOMA Go Green; in the United States, the system goes by the name
Green Globes. BOMA BESt has certified five times more buildings in Canada
than LEED.8 BOMA BESt certification, which is based on compliance with a
set of best practices and a self-administered online assessment process, is
available for office buildings, shopping centres, open air retail, and light industrial
properties in Canada. There are four levels of certification, Level 1 being the
lowest and Level 4 the highest; more than 450 office buildings and 132 million
square feet (12.15 million square metres) have achieved Levels 2, 3 and 4 and- as
of the end of 2009, more than 1,100 buildings held BOMA BESt certification. The
online assessment categories include energy, water, waste reduction and site,
emissions and effluents, indoor environment, and environmental management
system.9
It is important to note that both the U.S. and Canada are home to other notable
certification systems, such as the National Green Building Standard (developed by
the National Association of Home Builders (NAHB) Research Centre).10 (See the
Appendix for a comparison of some of the major certification/labelling systems.)
There are also other operational standards, programmes, and attributes
that can help green the performance of buildings, such as environmental
management systems, ISO 14001 standards, recycling programmes, and green
roofs. At times, some of these systems and standards converge. For instance,
LEED incorporates technical standards from the American Society of Heating,
Refrigerating and Air-Conditioning Engineers (ASHRAE) as well as Energy Stars
Portfolio Manager rating.11 ISO 14001 calls for development of an environmental
management system, and LEED EB is designed to integrate effectively within an
ISO 14001 framework.12
10
This vital role involves both new and existing buildings. New buildings account
for only about 23 per cent of the stock of existing buildings each year; most
current buildings will still be around in 2015, and at least half will still be standing
by 2050.16
Commercial office buildings are one type of buildings with which financial
institutions are most often involved as owners, tenants, investors, lenders,
insurers, etc. Green office buildings are particularly important because
conventional office buildings have a very broad impact, as they are the most
common and consume the most energy of all commercial buildings.17
Office
Mercantile
Education
Health Care
Lodging
Food Service
Public Assembly
Service
Other
Food Sales
Religious Worship
Vacant
Trillion Btu
Mall Buildings
1,021
820
620
510
456
427
370
312
286
251
163
126
54
0
200
400
600
800
1,000
1,200
11
Since these green building types may be of importance to financial institutions for
very different reasons and present different types of challenges and opportunities,
they provide useful reference points throughout this report.
2009-2013
GDP
(millions US$ 2009)
$172,864
$554,057
Employment
(jobs)
2,459,891
7,902,466
Labour Earnings
(Millions US$ 2008)
$123,248
$395,662
Green construction has had a growing impact on the North American economy.
According to Booz Allen Hamilton, from 20002008, the green construction
market in the U.S. generated US$ 173 billion in gross domestic product (GDP),
supported over 2.4 million jobs, and provided US$ 123 billion in labour earnings;
between 2009 and 2013, green building construction could generate an
additional US$ 554 billion in GDP, support over 7.9 million jobs, and provide US$
396 billion in labour earnings.19 RREEF (the real estate, infrastructure, and private
equity division for the asset management activities of Deutsche Bank AG) notes
that the amount of green building area has been growing at about a 50 per cent
compounded growth rate since 2000 [in the U.S.] about 25 times the growth
rate for commercial real estate overall in this country, which averages a bit under 2
per cent annually.20 McGraw-Hill Construction has a similar assessment of green
buildings past and future in the U.S.:
In 2005, green building was a small, burgeoning market, approximately 2 per cent of both
non-residential (commercial and institutional) and residential construction, valued at a total
US$ 10 billion US$ 3 billion for non-residential and US$ 7 billion for residential. Green
seems to be one area of construction insulated by the downturn, and we expect green building
will continue to grow over the next five years despite negative market conditions to be a US$
96-$140 billion market.21
Looking just at U.S. commercial office buildings, the amount of green office space
constructed in 2008 was about 25 times the amount in 2000 and is now growing
at 50 times that rate At the same time, overall office construction in the nation
has been flat, so there has been a decisive swing from conventional to greener
construction.22 More than 80 per cent of commercial building owners in the U.S.
allocated funds to green measures and programmes in 2008, and nearly 45 per
cent planned to increase that funding in 2009.23
Green buildings have also been growing rapidly in Canada. The number of LEEDcertified projects has risen steadily over the past few years, from eight projects
prior to 2005 to more than 200 in early 2010.24 The number of BOMA BESt
certifications (under its various names) has also been rising, from 86 buildings in its
12
There are a number of factors driving the interest and growth in green-certified
buildings,26 including:
13
14
State and local authorities are also working to make buildings in their
communities more sustainable. For example, in December 2009, the New
York City Council passed four bills to boost energy efficiency in buildings,
including measures requiring owners of buildings larger than 50,000 square feet
(4,600 square metres) to conduct energy audits every 10 years (with certain
upgrades and retrofits required in some city-owned buildings), requiring large
building owners to keep an annual benchmark analysis of energy and water
consumption, and establishing a New York City Energy Code that buildings
will have to meet when they undergo major renovations.39 Mayors across the
country are also encouraging or requiring green affordable housing.40
quicker than conventional buildings, and have lower energy and other
operating expeses, together yielding greater net incomes.42 A four-year,
US$ 500,000 due diligence effort by Capital Markets Partnership found that
green buildings and sustainable investments are more valuable than
conventional, substantially reduce risk, and provide much needed social
benefits, with the data suggesting that green buildings command higher
rents and sale prices and that the green building sector will be characterized
by strong growth, limited supply, and strong demand over the next several
years.43 The President of the National Association of Industrial and Office
Properties has stated that [t]he business case [for LEED] is so strong that
you would be foolish to ignore it.44
Given these factors and trends, the future for green buildings looks strong. In
fact, some speculate that green buildings will become the new standard. For
instance, one New York environmental lawyer argued that green buildings are
slowly redefining what constitutes a Class A office space. As a result, owners
and investors of conventional buildings have become concerned that they may
soon be perceived as holding obsolete or inefficient buildings that will be at a
competitive disadvantage as green buildings become the preferred choice
of tenants.45 A real estate consultant at Deloitte Financial Advisory Services
similarly suggested that green buildings may become the standard instead of
the outlier. Both real estate practitioners and their analyses have communicated
that there is only a short window of time before incentives and rebates for green
buildings transform into requirements and penalties for non-compliance.46
As stated back in 2007 by the head of corporate services and real estate at
Goldman Sachs, No fundamental change in the building industry has moved as
quickly as sustainable building.47
15
There are four principal roles that the financial sector plays in the green building
process:
n
n
n
n
This section explores and provides examples of each of these roles in turn.
The most direct ways that financial institutions play a role in the green building
Nevertheless, it is a valuable role and one that financial institutions are playing
arena are by owning and/or using those buildings. Of the four roles discussed
in this section, however, this role is also the least unique to the financial sector,
as there are a wide range of institutions that own and use green buildings.
with increasing frequency. For exampe:
n In April 2009, as part of its goal to reduce its greenhouse gas emissions 10
per cent below 2005 levels by 2011, Citi announced that it had become the
first company in the world with more than 100 LEED-certified retail branch
offices. CitiFinancial works to make a positive impact in the cities we serve
through our employees, products and services, and were also working to
ensure that our buildings have a positive impact, stated the President and
CEO of CitiFinancial North America. This is something that our customers
care about, and its also a source of pride for our employees. Citi has also
received LEED certification for two office parks in Texas, a New York City
skyscraper, and data centres. 48
n In 2002, PNC Bank became the first American bank with LEED-CI-certified
bank branches in the U.S.; PNCs 64 Green Branch locations reduce
energy use by almost 35 per cent and water use by almost 4,000 gallons
a year compared to traditional branches. PNC also has two LEED-certified
office buildings, and about 20 other branches and two major buildings were
under construction or awaiting LEED-certification as of September 2009.
The company claims it has more newly constructed buildings certified by
the United States Green Building Council under its LEED programme than
any other company in the world. 49
n In 2009, the LEED-Gold RBC Centre opened in Toronto with the Royal
Bank of Canada as the anchor tenant. The RBC Centre is the first triple-A
building over one million square feet (92,000 square metres) in Canada to
achieve LEED Gold NC. To secure the Bank as the major tenant, the Bank
insisted that environmental sustainability be a key element of the design and
construction.50 RBCs vice president of corporate real estate explained that
the RBC Centre provides us with an opportunity to address our premises
needs by providing a quality, energy-efficient work environment for our
employees. Further, its environmental standards will help to reduce our
operational footprint, which is good business sense and is the smart thing to
do.51
16
17
18
n Argo Insurance Group created in April 2009 a Green Architects & Engineers
Professional Liability insurance programme for architects, engineers,
and others involved in sustainable projects, broadening the definition of
professional services to include a variety of activities customary to green
design.72
19
The challenge of split incentives is not unique to financial institutions but rather
is a barrier to anyone looking to get involved in the green building sector,
particularly as it concerns commercial office space. Nevertheless, the financial
sector should be cognizant of this key issue.
Broadly speaking, split incentives occur when the flow of investments and
benefits are not properly rationed among the parties to a transaction.73 In
the context of green buildings specifically, split incentives are a principalagent problem that poses a particular challenge to pursuing energy efficiency
investments in rental buildings. Building owners (landlords) want to maximize
their revenues, while tenants want to minimize their costs; depending on how
the parties structure the lease agreement, neither may have an incentive to
invest in energy efficiency or other green attributes.
There are several strategies for realigning the incentives for building owners and
tenants to improve energy efficiency and other green attributes,76 including:
20
n Net Lease with Passed-Along Costs in this type of lease building owners
arrange leases that allow them to pass the costs for green building
improvements on to the tenants. If the building is already green, the owner
can amortize the green-related costs (e.g., certification or recertification
fees associated with green building rating systems, commissioning costs)
and pass them along to tenants so that tenants pay a portion of the cost for
the period of time they occupy the premises. If the owner wants to green
an existing building, the owner can try to create a proviso in the lease that
defines the categories of things the owner can do to reduce operating costs
for which tenants will share the costs.78 Such arrangements take away the
disincentive for owners to invest in green improvements, but owners also
do not reap any benefits from reduced operating costs, other than the
improved maketability of the building.
Clearly, building owners and tenants that want to build or retrofit green can face
challenges in negotiating leases that provide the right incentives. The leasing
issues go beyond alignment of incentives, however, and extend to allocation
and specification of responsibilities. Green leasing requires negotiating a
unique balance of benefits and burdens for each leased property, which can
add time and complexity to the lease transaction. One green leasing expert
recommended several elements to incorporate into a green lease, including
specifying:
n Those design elements that the owner is responsible for maintaining and
those the tenant is responsible for maintaining.
n Who captures any carbon offset credits for activities inside the building.82
Other experts suggest that additional key issues in the rapidly evolving
area of green leasing include implications of lease terms on third-party
certification programmes, allocating costs incurred for sustainability purposes,
responsibility for ongoing compliance costs related to third-party certification,
and the consequences for a partys failure to live up to the defined sustainability
standards (i.e., what to do if a landlord or tenant constructs improvements
in a manner that jeopardizes the propertys LEED certification or financing
qualifications).83 Furthermore, green leases may want to specify the tools and
An Overview of Financial Institution Involvement in Green Buildings in North America
21
As noted earlier in this report, there are a wide range of approaches, criteria,
and standards for certifying green buildings in North America. (See the Appendix
for a comparison of some of the major certification / labeling systems.) Given
that North American institutions are still in the early stages of green building
regulation and financing, understanding the diverse requirements and criteria in
each system and how those correlate with data gathering and transactional
disclosure needs can be challenging. For instance, non-residential buildings
in California will have to release their energy use data, calculated using the
U.S. Environmental Protection Agencys Energy Star Portfolio Manager, to
a prospective buyer, lessee, or lender to promote commercial valuation of
energy use during commercial real estate transactions.85 Determining how to
incorporate this sort of Energy Star data, combined with information about LEED
and other rating systems, into property transactions, valuation, and due diligence
processes is new terrain for many financial institutions.86 (As noted earlier, the
different rating systems can also reference each other.) In fact, even more
broadly, obtaining quality data and utilizing that data to get consistent valuations
are two of the principal barriers to greater financial sector involvement in green
buildings, as described below.
22
sum, as the Responsible Property Investing Center explains, [w]e are stuck in a
chicken-and-egg situation, where investors are interested in RPI but need data
to support investments, while the lack of investments, of course, restricts
data.93
The problem extends to green affordable housing as well, where the limited
experience with green building has led to their value not being reflected in the
market; [a]s a result, the economic benefits of green building have largely been
ignored by project financiers in their assessment of lending and investment
opportunities in affordable housing. This lack of market recognition for the
long-term value of high-performance green buildings is a significant barrier to
developing more sustainable affordable housing.94
There are some notable changes taking place that might help with the current
lack of data. On the performance front, as noted earlier, the USGBC is now
requiring building owners to submit building performance data. On the valuation
front, CoStar, a leading real estate information provider, is adapting its sales,
leasing, and related databases to enable the identification and evaluation
of sustainable properties efforts that are considered to be a critical first
step in promoting an energetic and independent assessment of the financial
costs and benefits of green buildings.95 The Capital Markets Partnership, as
previously mentioned, has developed Green Building Investment Underwriting
Standards to allow the value of green buildings to be incorporated into analysis,
underwriting, and securitization,96 as well as promoted a Value Rating System
for the green building industry.97 In addition, the Marshall Valuation Service (MVS)
cost manual for North American commercial building real estate, insurance, and
appraisal professionals expanded in September 2009 to include green building
features.98
Given the relatively early stage of the involvement of financial institutions in green
buildings, business units need to educate themselves about green buildings,
the barriers and benefits, how green buildings fit into their business plans, how
to utilize the data that does exist, and who has responsibility for particular parts
of the process such as due diligence and technical analysis. Efforts to advance
such education have already begun. PNC Bank, for instance, has been trying
to educate its loan officers to enhance their understanding of rating systems
such as LEED and the implications of certification for construction costs and
building values.102 There are even external training programmes, such as the
23
First Costs
[T]here is no significant
Davis Langdon
obstacle to green leasing for investors that hold assets for relatively short terms,
as opposed to long-term investors who can expect to earn a return on their
invesment over time.105
24
confident that the extra costs would be recouped over time due to lower
operating costs, higher property values, and/or the value gained through
intangible factors.114 Similarly, other experts have suggested that research
has increasingly shown these up-front costs to be minor and rapidly recovered
through lower operating costs.115
Liability and litigation risk related to green buildings could potentially deter some
in the financial sector from owning, investing in, or lending for green building
projects. Such risk can arise from several legal theories, including contract,
tort, and statute. Breach of contract claims might include breach of the implied
warranty of construction materials, workmanship, and purpose, failure to deliver
a promised level of certification, and failure to meet energy efficiency standards.
Parties may also be subject to fraud claims as a result of false or misleading
statements made in marketing materials, agreements, or other communications
regarding the performance or attributes of green buildings. A negligence
action might arise if failure or defects of a green buildings design, materials,
or construction techniques results in damage to the property. Green building
related claims may also be made under state consumer protection statutes.116
Liability risks could arise, for instance, because developers and owners are
requiring green building elements for which design firms and contractors may
not be insured. An important example of this is green roofs, which can benefit
a green building in several ways (e.g., keeping buildings cooler) but which
some insurers may exclude due to their flammability or their potential for water
damage.117 (Several insurers, such as Affiliated FM, do include green roofs in their
coverage.118)
Litigation could also delay efforts to address other barriers to green building. For
instance, the New York Public Service Commission recently held up approvals
to sub-meter electricity in several rent-assisted and low-income multi-family
buildings with electric heat. Despite its support for promoting energy efficiency
and equity, it required each building owner to develop a plan to ensure that
tenants would not suffer financial harm, to provide thermostats in each dwelling
unit, implement energy efficiency measures, and to inform tenants on how to
reduce their electricity use.119
25
Some of the basic attributes and processes involved in green building can result
in reduced operating expenses (both unbudgeted and budgeted), default risk,
and liability, benefiting financial institutions that own, use, invest in, and/or lend to
the building.
For example, the commissioning process required during LEED to ensure that
all features and equipment are functioning as intended produces lower risk
and can catch material failures. Commissioning can also reduce operating and
maintenance costs (e.g., by improving energy and water efficiency) and lower
the incidence of equipment replacement.121 (Green buildings may be more
intensively managed, though, so while energy and water expenses may be
lower, total expenses may not be markedly different.122)
Similarly, reduced energy costs lower both operating expenses and default risk
and can be of significant benefit to small business owners, energy-intensive
businesses, and, more broadly, any business in a struggling economy with
stressed operating margins.125
These reduced expenses, maintenance costs, default risk, and liability make
green buildings potentially attractive investments and assets. For instance, the
reduced operating costs of Banner Banks LEED Platinum building in Boise,
Idaho have contributed to a US$1.47 million increase in asset value, a 32.4 per
cent return on investment, and the ability to attract tenants with lower rents.126
26
Financial institutions that insure green buildings benefit from the reduced
risk profiles of the buildings owners and tenants, as well as of the building
itself.127 Travelers Insurance, for instance, believes that commercial
property owners who embrace green technologies are likely to be more
risk management-minded, practicing greater care in building maintenance
and operation.128 As Aon describes it: The owners and occupants of green
buildings are often among the most careful of insured classes. With better
attention to maintenance, the buildings are often superior to their conventional
counterparts.129 Similarly, the vice president of engineering for Hartford Steam
and Boiler, which insures commercial building systems equipment, has explained
that [a] building that manages its energy well and efficiently probably maintains
its equipment well, is careful about slips and falls, and is probably in general a
good caretaker. This sort of thing reduces the risk to the insurer.130
Green buildings themselves also have a lower risk profile. As noted above, the
commissioning process required during LEED can result in a safer building. The
product director for commercial business at Firemans Fund has explained that
the insurer sees the green-building commissioning process as a risk-reduction
technique, given that a third-party engineer will review and certify the systems,
and primary among those are the electrical system and the heating system. We
look at them as also addressing the safety of those systems.131 Similarly, a senior
vice president at Marsh Inc. has stated that she sees LEED certification as a way
to reduce risks, since LEED certification is generally more stringent than typical
inspections, looks at how systems interact, and involves a collaborative process
among the architects, design team, contractors, and the construction team that
can avoid claims based on failures to collaborate and poor communication.132
Financial institutions also benefit from green buildings price and capital
advantages; in other words, green buildings are worth more. Green building
has been referred to as Super Class A, because there is evidence that green
features lead to high performance.133
Energy Star
US$11.33
(US$122 per sq. m)
US$2.40
(US$25 per sq. m)
Occupancy increase
US$171
(US$1,846 per sq. m)
US$61
(US$650 per sq.m)
Studies have found that commercial and residential occupants will pay
premiums for green properties.134 For instance, data collected in 2009 by
CoreNet Global and Jones Lang LaSalle demonstrates that 74 per cent of
corporate real estate executives are willing to pay a premium to retrofit space
that they own for sustainability, while 37 per cent would be willing to pay a 1 to
10 per cent rental premium to occupy space in a green property; an additional
21 per cent would only be willing to pay a rental premium if it was offset by
lower operating costs.135 In March 2008, CoStar Group released data showing
27
The benefits described above consider the reduced risks and increased worth
of green buildings; while the data is incomplete (as noted earlier), these benefits
are starting to become quantifiable. Somewhat more amorphous, but no less
important, are the benefits that can accrue to financial institutions from aligning
their practices with emerging market and regulatory trends.
Examples of the regulatory incentives and requirements that are helping to drive
green buildings were described in an earlier section, and numerous additional
examples could be added. Increasingly, as RREEF points out, ever more state
and local governments are adopting green building regulations. Many
governments initially provided subsidies to encourage more green building, but
now the pendulum is increasingly swinging toward mandates.140
RREEF
28
While the regulatory arena is moving quickly, it is possible that market forces
compelling action outpace regulatory requirements.143 According to RREEF,
the construction and certification of greener buildings continues to accelerate,
increasing the green share of the building stock, and speeding markets to the
tipping point where green buildings become the standard for quality real
estate product. Ignoring this impending market transformation would be
risky and imprudent144 Similarly, Deloitte suggested in 2008 that within the
next three years, owners and investors in conventional buildings will be
less able to compete in the marketplace as green buildings become tenants
preferred choice.145
29
The rapidly expanding North American market for green buildings represents
a significant opportunity for the financial sector. At the same time, financial
institutions are still in the early stages of integrating green building considerations
into their mainstream business roles as lenders, insurers, and investors.
The challenges in these early stages should not obscure the overall direction
of commercial building markets. Green buildings are emerging as the new
standard in the industry, driven by government regulations, consumer demands,
and increasing awareness of green buildings economic, environmental, and
other benefits. These drivers suggest that green building requirements will only
become stronger and more prominent, and financial institutions that do not
prepare for this dramatic transformation may face significant risks. Those that
take action sooner will likely gain market advantage.
Although it is too early in the development of the green buildings market to offer
detailed recommendations regarding, for example, how to develop specific
green building product offerings, there are several actions financial institutions
can and should be taking to prepare for the green building transformation.
Specifically, financial institutions should consider implementing the following four
strategies:
The knowledge of many professionals in the financial sector may not have
been keeping pace with the burgeoning interest in green buildings. Financial
institutions must increase their capacity to address green building considerations
throughout their organizations. Regardless of whether they rely primarily on
in-house capacity or expert consultants, financial institutions should ensure
that they are conversant in green buildings in all relevant business areas and
should evaluate initial and ongoing training requirements for specific staff and
managers.
30
n W
ho has the needed data, and what is the cost of acquiring it?
n If no one has the needed data, how can financial institutions acting alone
n H
ow is the availability and cost of needed data likely to change over time?
n What kind of expertise will financial institutions need to use this data?
31
Programme
Leadership in Energy
and Environmental Design (LEED)146
Green Globes /
BOMA BESt (Building
Environmental
Standards)152
Country of
Origin &
Sponsoring
Organization
United States
Building
Types Rated
Description
Broad coverage:
existing buildings,
new construction,
commercial
interiors, core
& shell, homes,
schools,
healthcare, retail148
Certification levels:
LEED, LEED Silver;
LEED Gold, LEED
Platinum149
Canada
Commercial Office
Developed by
Building Owners
& Managers
Association (BOMA)
Canada
Additional building
types planned
Certification levels:
1,2 3, 4
Developed and
maintained by the
U.S. Green Building
Council147
U.S. distribution
authorized by the
Green Buildings
Institute
Market
Size
35,000+
projects in 91
countries151
Covers: water
efficiency, sustainable
sites, energy &
atmosphere,
materials & resources,
indoor environmental
quality150
Covers: energy,
indoor environment,
site, water, resources,
emissions, project/
environmental
management
1100+
buildings
certified in
Canada153
100+ buildings
certified in the
U.S.154
ENERGY STAR155
United States
Government
programme
run by the US
Environmental
Protection Agency
United States
Developed and
maintained by the
National Association
of Homebuilders
(NAHB)
Wide variety
of commercial
building types,
both new and
existing
Measures energy
performance as
percentile rank (1-100)
compared to similar
buildings
Separate
certifications
for homes and
industry
Residential only:
single & multifamily homes,
remodelling
projects, and site
developments
Certification levels:
Bronze, Silver, Gold,
Emerald
9000+ earned
Energy Star
Label156
32
120,000+
commercial
buildings rated
500+ homes,
multi-family
units, and
remodelling
projects158
References
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
(Endnotes)
U.S. Environmental Protection Agency, Green Building: Basic Information, Webpage, updated October
21, 2009, http://www.epa.gov/greenbuilding/pubs/about.htm
Office of the Federal Environmental Executive, The Federal Commitment to Green Building:
Experiences and Expectations, September 13, 2003, http://www.p2pays.org/ref/41/40912.pdf
See Andrew J. Nelson, RREEF, The Greening of U.S. Investment Real Estate Market Fundamentals,
Prospects and Opportunities, November 2007, https://www.rreef.com/GLO_en/bin/SO_57_Greening_
of_US_Investment_RE.pdf; Turner Construction Company, 2008 Green Building Market Barometer,
November 2008, http://www.turnerconstruction.com/greenbuildings/content.asp?d=6552; K.M.
Fowler & E.M. Rauch, Pacific Northwest National Laboratory, Sustainable Building Rating Systems
Summary, prepared for General Services Administration, July 2006, https://www.usgbc.org/ShowFile.
aspx?DocumentID=1915 and accompanying letter on September 15, 2006, https://www.usgbc.org/
ShowFile.aspx?DocumentID=1916
U.S. Green Building Council, USGBC Tackles Building Performance Head On, Press Release, August 25,
2009, http://www.usgbc.org/Docs/News/BPI082509.pdf
U.S. Green Building Council, LEED Rating Systems, Webpage, http://www.usgbc.org/DisplayPage.
aspx?CMSPageID=222
See, e.g., Regulations Demanding Actual Data Are Leapfrogging LEED, Environmental News Network,
October 1, 2008, http://www.enn.com/top_stories/article/38301
U.S. Green Building Council, USGBC Tackles Building Performance Head On, supra note 4
DTZ Barnicke, Q4 2009 Green Building Trends in Canada, 2010, http://content.yudu.com/Library/
A1krkg/DTZBarnickeResearchQ/resources/index.htm?referrerUrl=http%3A%2F%2Fwww.yudu.com%2
Fitem%2Fdetails%2F117258%2FDTZ-Barnicke---Q4-2009-Green-Building-Trends-in-Canada
BOMA BESt, Website, http://www.bomabest.com/
National Association of Home Builders, National Green Building Standard, Website, http://www.
nahbgreen.org/Guidelines/ansistandard.aspx
See Urban Design, LLC, Useful LEED Information, Webpage, August 20, 2009, http://www.urbandesgn.
com/leedinfo.htm. Energy Stars Portfolio Manager is an interactive energy management tool that
allows tracking and assessment of energy and water consumption across an entire portfolio of
buildings. Energy Star, Portfolio Manager Overview, Website, http://www.energystar.gov/index.
cfm?c=evaluate_performance.bus_portfoliomanager
Dr. Malcolm Lewis, The Future of LEED, The LEED Guide, ED+C Magazine, July 11, 2003, http://www.
edcmag.com/Articles/Leed/c5f7916daa697010VgnVCM100000f932a8c0____
D.M. Roodman and N. Lenssen, A Building Revolution: How Ecology and Health Concerns are
Transforming Construction, Worldwatch Paper 124, Worldwatch Institute, March 1995, http://www.
worldwatch.org/node/866
U.S. EPA, Buildings and their Impact on the Environment: A Statistical Summary, April 22, 2009, http://
www.epa.gov/greenbuilding/pubs/gbstats.pdf
Commission for Environmental Cooperation, Green Building in North America: Opportunities and
Challenges, 2008, p.22, http://www.cec.org/files/PDF//GB_Report_EN.pdf
Marilyn A. Brown, Frank Southworth, and Therese K. Stovall, Oak Ridge National Laboratory, Towards
a Climate-Friendly Built Environment, Pew Center on Global Climate Change, June 2005, p.11, www.
pewclimate.org/docUploads/Buildings_FINAL.pdf
Energy Information Administration, Overview of Commercial Buildings, 2003, December 2008, http://
www.eia.doe.gov/emeu/cbecs/cbecs2003/overview.html
Energy Programs Consortium, Income, Energy Efficiency and Emissions: The Critical Relationship,
February 2008, Table 6, http://www.energyprograms.org/briefs/080226.pdf
Booz Allen Hamilton, prepared for the U.S. Green Building Council, US Green Building Council Green
Jobs Study, November 2009, http://www.usgbc.org/ShowFile.aspx?DocumentID=6435
Andrew J. Nelson, RREEF, How Green a Recession? Sustainability Prospects in the US Real Estate
Industry, February 2009, p.4, https://www.rreef.com/GLO_en/bin/SO_70_How_Green_a_Recession_-_
final_Final.pdf
McGraw-Hill Construction, Green Outlook 2009: Trends Driving Change, November 2008, http://
construction.com/market_research/reports/GreenOutlook.asp
Nelson, RREEF, How Green a Recession?, supra note 20, p.4
BOMA et al., The 2008 Green Survey: Existing Buildings, Real Estate Forum, November 2008, p.2, http://
www.reforum-digital.com/reforum/200811/?pg=44#pg44
CaGBC, LEED Certified Projects in Canada (excluding residential projects of less than 600 m2)
Complete Listing, updated February 9, 2010, http://www.cagbc.org/database/rte/LEED_Certified_
Projects_in_Canada_Updated_100209.pdf
Ann White, BOMA Canadas Go Green Environmental Certification Takes Off in First Year, The Real
Estate News Exchange, March 20, 2006, http://www.bomabest.com/news/20060320_RENX_
BGGOneYear.pdf; BOMA Canada, BOMA Canada Announces 1100th BOMA BESt Building, Press
Release, July 20, 2009, http://www.bomabest.com/news/2009-07-20_1100th-BOMA-BESt_Bldg_
Certified.pdf
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See Nelson, RREEF, The Greening of U.S. Investment Real Estate, supra note 3, pp.10-26
Id., p.1
Deloitte and Charles Lockwood, The Dollars and Sense of Green Retrofits, 2008, p.3, http://www.
deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_re_Dollars_Sense_
Retrofits_190608_.pdf
Responsible Property Investing Center, Overview: 3rd Annual Responsible Property Investing Forum:
Growing the Field, RPI Quarterly, Spring 2008, p.3, http://www.responsibleproperty.net/assets/files/
rpiquarterly2.pdf
The White House, President Obama Sets Greenhouse Gas Emissions Reduction Target for Federal
Operations, Press Release, January 29, 2010, http://www.whitehouse.gov/the-press-office/presidentobama-sets-greenhouse-gas-emissions-reduction-target-federal-operations
The White House, President Obama signs an Executive Order Focused on Federal Leadership in
Environmental, Energy, and Economic Performance, Press Release, October 5, 2009, http://www.
whitehouse.gov/the_press_office/President-Obama-signs-an-Executive-Order-Focused-on-FederalLeadership-in-Environmental-Energy-and-Economic-Performance/
U.S. General Services Administration, Sustainable Design Program, Webpage, last reviewed January 5,
2010, http://www.gsa.gov/sustainabledesign
Public Works and Government Services Canada, Sustainable Office Buildings, Webpage, February 20,
2009, http://www.tpsgc-pwgsc.gc.ca/ecologisation-greening/immeubles-buildings-eng.html
State of California, Executive Order S-20-04 by the Governor of the State of California, December 14,
2004, http://gov.ca.gov/executive-order/3360/
City of Ottawa, Green Building Policy for the Construction of Corporate Buildings - Corporate Policy,
approved September 28, 2005, http://www.ottawa.ca/city_hall/policies/green_building/index_en.html
U.S. Department of Housing and Urban Development, Green Retrofit Program for Multifamily Housing,
Webpage, http://portal.hud.gov/portal/page/portal/RECOVERY/programs/GREEN
Natural Resources Canada, Commercial and Institutional Organizations: ecoENERGY Retrofit Incentive
for Buildings, updated January 15, 2010, http://oee.nrcan.gc.ca/commercial/financial-assistance/
existing/retrofits/index.cfm?attr=20
The American Clean Energy and Security Act of 2009, H.R. 2454, 111th Congress, http://www.govtrack.
us/congress/bill.xpd?bill=h111-2454
The City of New York, Mayor Bloomberg and Council Speaker Quinn Announce Passage
of Landmark Package of Legislation to Create Greener, Greater Buildings in New York City,
Press Release, December 9, 2009, http://www.nyc.gov/portal/site/nycgov/menuitem.
c0935b9a57bb4ef3daf2f1c701c789a0/index.jsp?pageID=mayor_press_release&catID=1194&doc_
name=http%3A%2F%2Fwww.nyc.gov%2Fhtml%2Fom%2Fhtml%2F2009b%2Fpr532-09.html&cc=unu
sed1978&rc=1194&ndi=1
See Enterprise Green Communities, Sustainable Cities, Webpage, http://www.greencommunitiesonline.
org/green/benefits/cities.asp
University of WisconsinExtension, Government Green Building Programs Inventory, Webpage, 2009,
http://www4.uwm.edu/shwec/governmentgreen/
Nelson, RREEF, How Green a Recession?, supra note 20, p.12
Capital Markets Partnership, Executive Summary: Capital Markets Briefing Paper: Sustainable
Investment Business Case, July 2008, p.4, http://www.capitalmarketspartnership.com/UserFiles/
Admin%20MTS%20Capital%20Markets%20Brieifng%20Paper%20ExSum%20Final%20-%20
DRAFT%2009.02.08.pdf. Capital Markets Partnership is a nonpartisan and nonprofit coalition of 70
investment banks, investors, professional firms, local, State, and federal governments, countries and
non-governmental organizations.
Thomas Bisacquino, quoted in David M. Hart, Dont Worry About the Government? The LEED-NC
Green Building Rating System and Energy Efficiency in U.S. Commercial Buildings, prepared for the
Energy Innovation Pathways Project at the Massachusetts Institute of Technology, March 18, 2009, p.1,
http://web.mit.edu/ipc/publications/pdf/09-001.pdf
Larry Schnapf, Green Building Leasing Issues, The Practical Real Estate Lawyer, November 2009,
p.29, http://www.srz.com/files/News/8f5d2513-02de-4abb-ab22-0ca0d27914fd/Presentation/
NewsAttachment/84f3556f-5216-4d63-b7ec-0ee4d9ac7a44/Schnapf_Green_Building_Leasing_
Issues_11_09_The_Practical_Real_Estate_Lawyer.pdf
Rese Fox, An Inconvenient Value, The Sustainable Enterprise Report, 2nd ed., March 3, 2009, http://www.
awarenessintoaction.com/whitepapers/getting-the-true-assessment-of-a-leed-certified-buildingsvalue.html
Timur Galen, quoted in Marc Gunther, Whos the Greenest Bank of All?, Fortune, September 12,
2007, http://money.cnn.com/magazines/fortune/fortune_archive/2007/09/17/100258871/index.
htm?section=money_latest
Mary McDowell, quoted in U.S. Green Building Council, Citi Becomes the First Company in the World
with More Than 100 LEED Certified Branches, Press Release, April 22, 2009, http://www.usgbc.org/
News/PressReleaseDetails.aspx?ID=4054
PNC Bank, Video: PNC Unveils Largest Green Wall in North America, Press Release, September 22,
2009, http://pnc.mediaroom.com/index.php?s=43&item=650; PNC Banks First New York City Branch
is Green, Press Release, September 29, 2009, http://pnc.mediaroom.com/index.php?s=43&item=652
See Dan OReilly, Computer-controlled lighting system helps RBC Centre achieve LEED Gold, Daily
Commercial News and Construction Record, November 13, 2009, http://dcnonl.com/article/id36324
Chitwant Kohli, quoted in RBC Centre, RBC Centre Achieves Gold Standard for Going Green,
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Power Bills and Increase Energy Efficiency and Demand Response, Press Release, September 6, 2007,
http://docs.cpuc.ca.gov/published/NEWS_RELEASE/72431.htm
Schnapf, supra note 45, pp.39-43
Perkins Coie, Green Leasing: Addressing Sustainability in Your Lease: Lease Terms Are Going Green:
Are You Ready?, May 15, 2009, http://www.perkinscoie.com/news/pubs_detail.aspx?op=updates&pub
lication=2130
LePatner & Cronk, supra note 75
California Assembly Bill 1103, February 23, 2007, http://www.energy.ca.gov/ab1103/documents/
ab_1103_bill_20071012_chaptered.pdf; see also Naomi Milln, California AB 1103 Requires Energy
Benchmarking Data Released During Sales, FacilitiesNet, August 2009, http://www.facilitiesnet.com/
energyefficiency/article/California-AB-1103-Requires-Energy-Benchmarking-Data-Released-DuringSales--11020; California Assembly Bill 531, 2009, http://www.aroundthecapitol.com/billtrack/text.
html?bvid=20090AB53194CHP
See generally BNA, Green Building Criteria and Benchmarking Evolving Rapidly in Marketplace, May 19,
2009, http://subscript.bna.com/pic2/eddg.nsf/id/BNAP-7S8L2D?OpenDocument
Andrew C. Burr, Report: Green Bldg. Holdouts Have Everything to Lose, CoStar, August 28, 2008,
http://www.costar.com/News/Article.aspx?id=835C6E9EC9249E7E8AF889CE5C90CDE1
CASCADIA, Vancouver Valuation Accord, and Cushman and Wakefield, High Performance Green
Building: Whats it Worth?, May 2009, p.11, http://www.cascadiagbc.org/news/GBValueStudy.pdf
The Leadership Roundtable, Green Building: Balancing Fact and Fiction, 2008, http://findarticles.com/p/
articles/mi_qa3681/is_200807/ai_n27996675/
Molly McCabe, President of HaydenTurner, quoted in The Leadership Roundtable, supra note 89
Jennifer Pitts and Thomas O. Jackson, Green buildings: valuation issues and perspectives, Entrepreneur,
Spring 2008, http://www.entrepreneur.com/tradejournals/article/print/179535023.html
Paul Brumbaum, quoted in Beth Mattson-Teig, supra note 59
Responsible Property Investing Center, supra note 29, p.4
Alex C. Walker Foundation, Recognizing the True Value of Greening Multi-family Affordable Housing: A
Case Study and National Model, posted August 19, 2007, http://walker-foundation.org/net/org/project.
aspx?projectid=44069&p=29281&s=0.0.69.5316
Scott Muldavin, Green Building Finance Consortium, Quantifying Green Value: Assessing the
Applicability of the CoStar Studies, June 2008, p.3, http://www.greenbuildingfc.com/Home/
ViewResearchDoc.aspx?id=34
Capital Markets Partnership, Underwriting Standards, supra note 57
Evolution Partners and MTS, Value Rating System for the Green Building Industry: Version 2.0, updated
May 2008, http://mts.sustainableproducts.com/Capital_Markets_Partnership/Underwriting_Standards/
Green%20Building%20Value%20Rating%20System%20v2.0%20and%20Appendix.pdf
Marshall & Swift, Marshall & Swift to Add Green Building Section to Historic Building Cost Manual,
Press Release, August 1, 2009, http://www.marshallswift.com/pressreleases.aspx?ReleaseID=14
Ann Griffin, Earth Advantage Institute, Certified Home Performance: Assessing the Market Impacts of
Third Party Certification on Residential Properties, May 29, 2009, p.8, http://www.earthadvantage.com/
uploads/GBVI_Report.pdf
Scott Muldavin, referenced in Hudgins, supra note 60
See, e.g., Woodwell, supra note 58
See Mattson-Teig, supra note 59
PorterWorks, Green Lending Specialist, Webpage, http://www.porterworks.com/gls
Turner Construction Company, supra note 3
California Sustainability Alliance, Greening Californias Leased Office Space: Challenges and
Opportunities, May 5, 2009, p.10, http://sustainca.org/files/GreenLeases_report_050509.pdf
National Institute of Building Sciences, Whole Building Design Guide, Website, http://www.wbdg.org/
7Group and Bill Reed, The Integrative Design Guide to Green Building: Redefining the Practice of
Sustainability, 2009, http://www.buildinggreen.com/auth/article.cfm/ID/4267/
Davis Langdon, Cost of Green Revisited: Reexamining the Feasibility and Cost Impact of Sustainable
Design in the Light of Increased Market Adoption, July 2007, p.3, http://www.davislangdon.com/
upload/images/publications/USA/The%20Cost%20of%20Green%20Revisited.pdf; Davis Langdon,
Costing Green: A Comprehensive Cost Database and Budgeting Methodology, July 2004, http://
www.davislangdon.com/upload/images/publications/USA/2004%20Costing%20Green%20
Comprehensive%20Cost%20Database.pdf; Urban Green Council and Davis Langdon, The Cost of
Green in NYC, 2009, http://www.davislangdon.com/upload/images/publications/USA/Cost_Study_
NYC_10.02.09.pdf
Green Building Finance Summit: Briefing Book, December 6, 2005, p.5, http://www.
capitalmarketspartnership.com/UserFiles/Admin%20FINAL%20-%20Finance%20Summit%20
Background%20Briefing%20TOC%20&%20ExSum%2011.15.05.pdf
Chuck Vaciliou, The Real Cost of LEED, Environmental Design + Construction, April 2009, http://www.
erland.com/articles/CostLEED_formatted.pdf
Interface Engineering, Portlands Interface Engineering Wins Design Awards for Its Work on OHSUs
Center for Health & Healing, Press Release, January 22, 2007, http://www.interfaceengineering.
com/files/2009/01/interface-engineering-wins-design-awards.pdf; Rocky Mountain Institute, High
Performance Building: Perspective and Practice, Oregon Health & Science University Center for Health
and Healing, http://bet.rmi.org/files/case-studies/ohsu/Oregon_Health_Science_University.pdf
Michael Koman and Dr. Gene Luna, University of South Carolina, Introduction to Green Buildings &
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Nelson, RREEF, The Greening of U.S. Investment Real Estate, supra note 3, p.1
Nelson, RREEF, How Green a Recession?, supra note 20, p.1
Deloitte and Charles Lockwood, supra note 28, p.2
For the latest version, see U.S. Green Building Council, LEED 2009: Technical advancements to the
LEED rating system, Website, http://www.usgbc.org/DisplayPage.aspx?CMSPageID=1971
U.S. Green Building Council, Intro What LEED Is, Webpage, http://www.usgbc.org/DisplayPage.
aspx?CMSPageID=1988
U.S. Green Building Council, LEED Rating Systems, Website, http://www.usgbc.org/DisplayPage.
aspx?CMSPageID=222
LEED Steering Committee, Foundations of the Leadership in Energy and Environmental Design
Environmental Rating System: A Tool for Market Transformation, Spring 2003, http://www.usgbc.org/
Docs/LEEDdocs/LEED%20Foundations%20Policy%20Manual%20-%20August%202003.pdf
U.S. Green Building Council, LEED Rating Systems, supra note 148
U.S. Green Building Council, USGBC Tackles Building Performance Head On, supra note 4
See Green Building Initiative, Green Globes, Website, http://www.thegbi.org/green-globes/; BOMA
BESt, Website, supra note 9
BOMA Canada, BOMA Canada Announces 1100th BOMA BESt Building, supra note 25
Green Building Initiative, Green Building Initiative Certifies 100th Green Globes Building, Press Release,
January 14, 2010, http://www.thegbi.org/news/news/2010/news_201001_100th-GG-Building.asp
See Energy Star, Buildings & Plants, Website, http://www.energystar.gov/index.cfm?c=business.bus_
index
U.S. Environmental Protection Agency, Celebrating a Decade of Energy Star Buildings: 1999-2009, p.7,
http://www.energystar.gov/ia/business/downloads/Decade_of_Energy_Star.pdf
NAHB-National Green Building Program, Rating Systems Overview, Website, http://www.nahbgreen.
org/guidelines/default.aspx
500th Home Achieves National Green Building Certification, Nations Building News, October 19, 2009,
http://www.nbnnews.com/NBN/issues/2009-10-19/Green+Building/2.html
The mission of David Gardiner & Associates (DGA) is to help organizations and
decision-makers to understand the different market risks, opportunities and
issues associated with environmental sustainability. By marshalling technology,
policy, and finance, DGA helps its clients build consensus and advance workable
solutions. DGA creates strategic advantages for its clients by helping them
understand environmental sustainability issues and providing advice, analysis,
and strategies tailored to their needs. Our history of building bridges between
businesses, governments, and non-profit organizations ensures that our clients
plans are well-informed.
The UNEP FI North American Task Force (NATF) works to incorporate the
principles of sustainable development as normal business practice throughout
the North American financial sector.
39
Project Team
North American Task Force
Sandra Odendahl, Director, Corporate Environmental Affairs, RBC (NATF CoChair, 2006-09)
Dennis Deters, Senior vice president, Member Relations & Corporate Services,
the Cooperators
Jack Smits, Assistant vice president, Engineering & Technical Services, Manulife
UNEP FI secretariat
40
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