Architecture, Building and Planning - Research Publications

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Exploring the application of the Carbon Risk Real Estate Monitor tool for Australian office buildings

WARREN-MYERS, G ; Schmidt, M ; Crawford, R ; Jensen, C ; Helal, J (PRRES, 2024)

Urgent transitions to mitigate effects of climate change are needed. Policies and reduction targets for greenhouse gas emissions associated with the built environment are emerging. Meeting these targets will be essential to ensure built assets are not stranded. Asset ‘stranding’ occurs when a building no longer meets emissions targets and, as a result, may not be allowed to be occupied or rented, resulting in implications for asset income and occupancy. The Carbon Risk Real Estate Monitor (CRREM) tool was developed in Europe to enable emissions analysis of assets and portfolios to reduce the risk of stranding. CRREM is regarded as one of the most valuable tools for asset management and valuations in Europe and UK, however, in Australia it has only recently been adapted for local conditions. This research provides key insights into the effective use of CRREM for Australian built assets.