Abstract
Green Building is the term used for the buildings characterized by a higher energy and water efficiency, a lower use of natural resources and materials compared to the conventional buildings and an improvement in the health and comfort of the living environment. Since this building concept primarily focuses more on the ecological and the social factors, within the three aspects of a sustainable development, the economic benefits of Green Building are less discussed despite their presence. Therefore, this paper aims to look for the various values of Green Buildings at building and city levels through a summary of relevant secondary data. At the building level, in comparison with the conventional buildings, the values of Green Building are obtained from a saving of operation cost, a larger return compared to the initial cost, a shorter payback period, a higher property value, a higher transaction, rental and occupancy rate as well as an improvement in the occupants' health and productivity. At the city level, their values reflect through a lower demand for the urban technical infrastructure capacity, market expansion, job creation and higher tax collection possibilities. Since these values are gained through various ways, this paper indicates the positive relations between environmental and economic benefits at both building and city scale. By these findings, it contributes to the emerging literature on the benefits of Green Building that helps to promote further the development of Green Building in the future.
Highlights
As reported by the International Energy Agency and United Nation Environment, 36% of the final energy consumption and 39% of CO2 emissions in 2017 were caused by the activities related to building construction and operation [1]
An overview on literature about values of Green Buildings indicates a gap in data availability between building and city scale
While most of the other secondary materials focus on the metrics of values from Green Buildings, the discussion on the initial cost in this paper provide the investors further insights into the cost and benefit balance of Green Building development that might help them in their decision-making process
Summary
As reported by the International Energy Agency and United Nation Environment, 36% of the final energy consumption and 39% of CO2 emissions in 2017 were caused by the activities related to building construction and operation [1]. It is crucial to seek for sustainable solutions which help the building industry less rely on non-renewable energy resources as well as reduce its negative impacts on the environment. Among these solutions, Green Building construction has been promoted and developed in many countries. According to the World Green Building Council (WorldGBC) [2], Green Building is an interdisciplinary term used for the buildings whose design, construction and/or operation helps lower the negative while increasing the positive impacts on the climate and natural environment, and “preserves precious natural resources and improves the quality of life.”.
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