Green Leases Research Articles

Unlocking Energy Efficiency: Debunking Myths on the Road to Decarbonization

Energy efficiency is widely recognized as the foundational and most critical strategy for decarbonizing the manufacturing sector. Misconceptions surrounding energy efficiency measures often hinder their widespread adoption. This article aims to debunk five common myths and provides data and resources to help implement efficiency projects faster and more effectively to achieve greater decarbonization. First, the article challenges the myth that organizations have exhausted all possible energy efficiency opportunities by achieving voluntary energy intensity goals or energy performance certification. Second, it also addresses the misconceptions that efficiency projects are capital-intensive, require many qualified specialists, and have long investment return periods. By presenting real-world case studies and referencing commonly found efficiency opportunities, the article illustrates that energy-savings opportunities are ubiquitous. Organizations can use various contracting mechanisms as well as financial and technical resources from utility companies and government programs to lessen their burden. The notion that efficiency measures can be implemented solely in proprietorship facilities is dispelled. This article emphasizes the importance of green leases and explains that aligning decarbonization goals between the lessor and lessee can help drive savings for both parties. Finally, using unbundled renewable energy certificates as the sole pathway to decarbonization is strongly discouraged. By debunking these prevalent myths, this article aims to foster a deeper understanding of energy efficiency’s potential as a cornerstone of decarbonization efforts and to embrace it as a critical pathway toward a sustainable future.

Research on Green Finance Supporting Green and Sustainable Development of Railway Enterprises

In the process of rapid industrialization and urbanization in China, there is a strong demand for energy, while carbon emissions have not yet reached their peak. As an important market-incentivized environmental policy tool, green finance plays an increasingly important role in the process of carbon neutrality. The railway is the backbone of the transportation system, and a complete green finance application model has not yet been formed in its green development process. This article focuses on the impact of green finance on railway enterprises, analyzes the challenges and necessity faced by the development of green finance in railway. It also explores the green and sustainable development methods of railway enterprises, analyzes the application of green financial tools in enterprises, and proposes exploration and expansion suggestions from the development path and mechanism of green finance in railway enterprises. The study has shown that the main sources of green funds for railway construction come from green loans and green bonds. The construction of a green transformation plan takes green funds as an important innovative financing method. In the railway industry, enterprises innovate and develop financial service supply side reforms through green insurance and green leasing, and apply carbon trading and related financial derivatives to obtain green development benefits. Carrying out green finance in the railway industry can optimize financing structure, broaden financing channels, reduce the overall financing costs, and guide funds to clean, science and technology and other key areas, which is of great significance to support the high-quality development and green upgrading of the railway enterprises.

Зеленые инвестиции: инструменты и сектора классификации

Green investments can have both characteristics as sovereign-national and transnational. Green projects are risky and have a long payback period, and for their implementation it is necessary to consider attracting various sources of investment financing. The article presents the main characteristics of the green economy, examines the concept of green investment, and examines various tools of green finance. It was emphasized that companies can use alternative innovative sources of raising funds for green projects – green leasing, green bonds, syndicated loans or crowdfunding.

Green Finance and High Quality Development in the Yellow River Basin

The unbalanced economic and ecological development, inefficient spatial governance, and single financial entity in each region of the upper, middle and lower reaches of the Yellow River Basin have restricted the level of development in the basin. Green finance is an important factor influencing high-quality development, providing financial support for the green development of the Yellow River Basin through green credit and green leasing. Taking the regional natural resource conditions and industrial development characteristics of the Yellow River Basin as important supports, we construct the financial system and regional governance countermeasures of green leasing and green credit respectively, so as to optimize the regional economic layout and build a scientific spatial financial planning system.

Awareness of green leases in real estate

This research paper assesses the level of awareness of green leases in England and establishes the range of current attitudes of various property professions towards adoption of the green clauses in commercial leases. The current willingness for landlords and tenants to adopt a green lease is scattered and not aligned with government initiatives to achieve net zero. Best practice recommendations are needed to ensure both landlords and tenants understand what arrangements best fit their circumstances. For the impact of green clauses to be maximised and, where appropriate, implemented, they need to be communicated in terms to which both parties are happy to commit.

An overlook on the relationship between green finance and the environment

This study aims to explain the relationship between green economy, green finance and the environment. Environmental sensitivities have become related to production with the increase in global warming, greenhouse gas emissions and carbon emission rates. As the relationship between production and the economy has increased, some financial instruments have emerged in order to be environmentally sensitive. The purpose of these products is primarily to protect the environment and to include environmentally conscious people in this financial system. In the personal or individual green finance dimension, green mortgages, green home loans, green commercial building loans, green car loans and green credit cards are the most prominent green financing. When environmental green financing products related to firms are analyzed, we come across some products such as green project finance, green securities, green technology leasing, carbon finance. Eco fund and carbon fund in the asset management section, car insurance, carbon insurance and green insurance in the insurance section. Considering that our environment is essential for all humanity, supporting and increasing green financing products that are environmentally sensitive will make more positive contributions both our country and the world.

At differing scales: the commonalities between green leasing and urban FM from the perspectives of sustainable urban development projects

PurposeThe purpose of this study is to look at what Urban Facilities Management (FM) and Green Leasing have in common and the degree to which they are ultimately reliant on one another. Whilst both are similar in terms of their placement in organizational management, Green Leasing is a building level concept whilst Urban FM is at the community level. The primary purpose of this paper is to show how the commonalities of both can strengthen one another and offer tangible possibilities to improve the sustainable credentials of urban development projects.Design/methodology/approachThis study will be conducted with a mixed-methods approach. Firstly, a literature study will determine the commonalities between both concepts, and the degree to which they rely on one another to work effectively in projects. The second method will be a cross-sectional case study. Using existing cases that use both (either implicitly or explicitly), the study can demonstrate how these commonalities and reliabilities can offer tangible outputs to real work projects. These will then be combined in a case study to demonstrate many of these aspects in a real-world setting.FindingsThe finding demonstrates that there are commonalities between Green Leasing and Urban FM at all levels of organizational management and that the success of both requires holistic consideration of each other, as well as other aspects such as FM and citizen participation. The success and failure of projects are depending upon considering these aspects. By not considering the buildings and community levels as separation aspects, but more as different levels of the same project, multi-level considerations can contribute to the success of urban development projects.Originality/valueThe commonalities between Urban FM and Green Leasing are profound and do not just show the value of holistic thinking, but also the inclusion of other considerations such as FM to reduce project failure and long-term project viability. This can add value to the study of not just Urban FM and Green Leasing, but also FM more generally, architectural design and urban planning.

BANK FINANCING OF GREEN ECONOMY: REVIEW OF MODERN RESEARCH

The aim of the research is to generalize and systematize the results of scientific research on the participation of banks in financing the green economy. In the context of the historical approach, the authors apply the methods of critical analysis, logical generalization, systematization, and grouping. The research is based on scientific publications by foreign authors. As a result, the authors substantiated the correlation of the concepts “green”, “sustainable”, “responsible” bank, and identified that such green financial instruments as green bonds, in some countries - green loans, green deposits, green leasing, and green insurance are being introduced into banking practices.

More Than a Green Certificate: Green Leases and Investment Return in Commercial Real Estate

More Than a Green Certificate: Green Leases and Investment Return in Commercial Real Estate

More than a Green Certificate Green Leases and Investment Return in Commercial Real Estate

More than a Green Certificate Green Leases and Investment Return in Commercial Real Estate

Sustainable real estate management practice: Exploring the priority of operational stage for actualizing sustainable built environment goal in sub-Saharan Africa

In the real estate and construction industry, the built environment contributes to environmental crises and climate threats . However, what are the environmental negative effects/impacts at the post-development stage (operational stages)? Are they different from those at virgin constructions? After the construction phase, what factors inhibit the adoption of sustainable real estate management practice, herein referred to as the green lease movement? To what extent has sustainable real estate management practice been adopted in Nigerian commercial cities? Specifically, this study examines negative environmental crises at the operational stages and confirms if different from the conventional counterpart. It also examines the factors inhibiting the full adoption of sustainable real estate management practices. Similar to conventional construction, carbon dioxide emissions and toxic waste generation emerged as the major negative effects/impacts during the operational stage. Lack of prerequisite skills, enforcement of green leases, inadequate training, and empowerment of licenced property managers and occupiers on how such leases operate significantly inhibit the full adoption of green leases in the region. Energy conservation bulbs and digital metering are the most adopted features. The current property management practice does not address these negative effects/impacts.

Pursuing a net-zero carbon future for all: Challenges for commercial real estate

Pursuing a net-zero carbon future for all: Challenges for commercial real estate

Banks Financing the Green Economy: A Review of Current Research

Achieving the goals of sustainable development and the transition to a green economy requires significant financial resources. Banks are active participants in the financing of projects and industries with a positive environmental and social impact. In this regard, the emerging responsible banking and its regulation are of scientific and practical interest, which ensures the relevance of the study. The aim of the study is to generalize and systematize the results of scientific research on the participation of banks in financing the green economy. In the context of the historical approach, the authors apply the methods of critical analysis, logical generalization, systematization, and grouping. The research is based on scientific publications by Russian and foreign authors. As a result, the authors substantiated the correlation of the concepts “green”,“sustainable”,“responsible” bank, and identified that such green financial instruments as green bonds, in some countries — green loans, green deposits, green leasing, and green insurance are being introduced into banking practices. Responsible banking is regulated using monetary and macroprudential policy instruments; in some countries, incentive-based regulation of responsible banking is mandatory. The authors concluded that responsible banking is moving towards the transformation of classic products and services into environmentally and socially oriented ones, accompanied by the transformation of business processes, management culture, and the content of banking policy. Responsible banking contributes to ensuring financial stability, but the regulator needs to use macroprudential tools to timely identify a green credit bubble, including through climate and environmental stress testing. Prospects for further research are aimed at assessing the impact of green financial instruments on the bank’s performance, the role of responsible banking in achieving sustainable development goals, at finding the most effective monetary and macroprudential tools to stimulate responsible banking and ensure financial stability.

Landlords and tenants must work together to meet net zero carbon targets

Almost one-third of the UK’s total emissions relate to the energy used in existing buildings. This paper discusses how it is clear that improvements in the energy efficiency performance of buildings (and the way in which occupiers use them) are absolutely central to the UK Government’s 2050 net zero carbon emissions target. It anaylyses how some of the impetus towards driving down operational energy usage is statute-led (such as the Streamlined Energy and Carbon Reporting [SERC] regulations) but so too is the upshift in emand for greener buildings from occupiers and investors. The paper dicusses the numerous ways in which improvements can be made to a building and its services that may well improve its energy performance certificate (EPC), but also argues that it is vitally important to educate occupiers on ways in which their actions can have a huge impact on the building’s in-use performance. The paper discusses a significant hurdle to implementing energy efficiency improvements: currently, most commercial leases do not adequately address the issues involved, including often highly contentious areas such as consent for alterations, whether it is the landlord or the tenant that pays, and whether or not changes need to be reinstated at lease end. The paper analyses ways to address this: by moving the way in which leases are drafted towards the green lease model, such as that set out in the Better Building Partnership Green Lease Toolkit. Such leases include clauses which provide for environmental performance improvements, management and monitoring as well as the way reinstatement at least end is dealt with. In the paper concludes that, alongside implementing physical energy efficiency improvements, monitoring energy use and educating building users, landlords and tenants must forge a new, collaborative approach in order to reach net zero by 2050.

An Evaluation of the Relevance of Current Traditional Leases in Commercial Properties as Compared to Green Leases

Many leading organisations worldwide, have adopted their workplaces as a means to meet a range of financial drivers thereby, secure competitive advantage, through sustainability in built environment. The lack of exploitation of this concept by the commercial property market of Botswana led to the research question for this study. Could it be because the conventional leasing yield the maximum benefits or that what literature and other international policy makers are promoting is something sensational rather than statement of common truth? The purpose of this study was to provide an answer to whether traditional leases are common in Botswana property market as compared to green leases which can be adopted as an alternative sustainable management practice. In realizing the objectives, the study investigated and compared the performance of properties both under green leasing and conventional or traditional leasing by measuring the performance indicators. These performance indicators were operational cost, vacancy rates and utility cost per metre. By utilizing the green design evaluation model, sustainable measures or fixtures were used as input variable in this model whilst profit maximization or returns on investment in commercial properties were treated as variables dependent on operational expenses, vacancy rates and generally costs were the output of this model. From three office nodes of Gaborone purposely selected by the researchers, data was collected through the use of a questionnaire and was analysed using descriptive statistics and overall mean scores were utilized to present the findings. The analysis also indicated that the differences between traditional and green leases in Botswana currently are minimal and therefore, current leases are still relevant to the commercial property market. The implications of the results are that though green leases are sustainable, traditional leases are still relevant and mostly utilised in Botswana’s leasing market. The study recommends policy change if green leases are to become more prominence in the rental property market.

FINDING EVIDENCE OF GREEN LEASING IN UNITED STATES GOVERNMENT-LEASED PROPERTIES

ABSTRACT Although the term “green leasing” is not yet well defined, its primary purpose is clear. With an aim to create a collaborative environment through legal provisions between a building owner and a tenant, green leasing may ultimately help resolve the energy paradox in tenanted properties. Issues surrounding split-incentives are driven by a mismatch between owners' capital expenditures on improving building energy efficiency and an uncertainty of tenant or occupant behavior that might affect a building's energy consumption. Though some countries have started to develop guidelines promoting the adoption of green leasing, especially in government buildings and commercial real estate, implementation has not been overly successful globally. This study has two focuses, the first of which is to compare green leasing guidelines from various countries and to suggest six comprehensive categories of green leasing components: management relationships, information sharing, certificates, legal stipulations, financial factors, and operation. The second core area of research places government-tenanted properties' lease agreement contracts. The goal is to find any evidence in a legal condition between a building owner and a tenant, in this case federal government, to improve building energy efficiency with less environmental impact in the United States. The findings of the study indicated 41 out of 400 leases had green clauses. Three out of six categories proposed in this study were found in the U.S. government-tenanted properties, while the other three types were not shown. The findings of this study also suggest categories of green leasing clauses can contribute to defining green leasing and provide empirical evidence of green leasing in governmenttenanted properties. Ultimately, this study produces arguments for possible reasoning behind the employment of some green lease categories but the lack of use of others, specifically in the U.S. office market and government-tenanted buildings.

Increasing the effectiveness of green leases: stakeholder collaboration holds the key

Increasing the effectiveness of green leases: stakeholder collaboration holds the key

Green leases and green leasing in theory and in practice: a state of the art review

PurposeThis paper aims to identify the state of the art in Green Leases and Green Leasing in theory and practice, while also identifying how the roles and motivations of the stakeholders of “owner/landlord”, “lessee” and “facilities management” are different in a building that uses Green Leasing and Green Leases, as opposed to the one without.Design/methodology/approachThrough existing literature and existing case studies from 1995 to the present day, this paper will identify the state of the art of Green Leases and Green Leasing and the extent to which literature-based discussions have played out in their practical application in the real estate sector. The roles of key stakeholders will be analysed and then compared to the interactions and roles identified in a theoretical model that describes the same stakeholders but from a more traditional stakeholder perspective. This will be achieved through using literature from journal papers mostly from the disciplines of built environment, facilities management, finance, investment, law, management and real estate.FindingsThe literature and case studies found in literature demonstrate a gradual move towards advancing Green Lease adoption and development. While the roles of key stakeholders do see a change in Green Leased buildings in terms of, for example, changing competencies for facilities managers (FMs) and more user engagement with their buildings sustainability, the literature indicated most of the changes are realised through a strengthening of existing interactions already evident in buildings without a Green Lease or Green Leasing.Originality/valueThis paper provides a state of the art review on the development of Green Leasing and Green Leases in theory and practice from a stakeholder perspective. It provides possibility to expand further on the changing roles of these stakeholders in Green buildings, which in turn could also positively affect the further development of Green Leases themselves, as well as sustainable certification methodologies such as Europe’s leading certification “Building Research Establishment Environmental Assessment Method” (BREEAM).

Ensuring environmental performance in green leases: the role of facilities managers

PurposeA green lease incorporates sustainability practices to reduce a building’s negative impact on the environment. Facilities managers play an important role in ensuring these best practices are implemented during the operational stage of a building; however, green leasing is an under-researched area in the emerging field of sustainable facilities management (SFM). This paper aims to investigate the common barriers encountered in ensuring environmental performance when a green lease agreement is in operation between a landlord and tenant.Design/methodology/approachThis research was conducted in three stages using the principal-agent problem as the theoretical foundation for data collection. Stages 1 and 2 used semi-structured interviews to collect data with policy/corporate-level professionals, landlord and facilities management representatives who have considerable experience in green leases. Stage 3 used document reviews based on summative content analysis to further evaluate the extent of the contextual use of green leasing concepts as used within the facilities management community.FindingsThe study confirmed a strong incentive gap and information asymmetry between the landlord and facilities manager, forming a typical double principal-agent problem when the split incentives between the landlord and tenants are also taken into consideration, which results in agents acting on their own self-interest rather than the interests of the principal. Goal alignment is found to be key for the successful operation and management of a building throughout its life; when present, these goal conflicts can lead to disharmony between the parties to the contract.Research limitations/implicationsThe study proposes a few practical measures to close the gaps in incentive and information asymmetry that create the principal-agent problem, while providing recommendations to the facilities management professional community. These recommendations could be included in future revisions of the SFM guidelines or code of practices used by the industry. Although this study exposed a rather neglected area of the facilities manager’s role in green leases, the findings are limited by the relatively small sample size used for the interviews.Originality/valueThis study contributes to the SFM body of knowledge from a green lease perspective, and the theoretical framework in the double principal-agent problem introduced in the study could be used in future research endeavours.

Scientific prediction of the balanced energy saving development strategy of the construction projects

The article explores the process of syncretisation of the concepts of "Green Lease", "Surveying" and "Balanced Scorecard" in the formation of strategy of energy saving development of construction projects. As a result of the conducted analysis of the systems, it was proposed to incorporate the category “energy saving development” to scientific terminology from the perspective of increasing energy efficiency and energy saving of the construction projects, defined as scientific categorical status of this concept. Within the framework of four interconnected main projects of the Balanced Scorecard, a basic model of the energy saving development system of construction projects is formed, taking into account the purpose, the stages, and schemes of implementation. Conceptual and integrative approaches have been implemented in the energy saving development system of construction projects based on the symbiosis of modern concepts of “Green leasing” and “Surveying”, which will provide the opportunity to use the latest effective practices in the construction of energy efficient buildings. The strategic map for implementation of energy saving development for LLC “KAN Development” was developed, where the proposals of the implementation of an effective strategy on the energy saving platform with the regard to innovative management and energy efficient technologies were presented within four projections of “Balanced Scorecard” (finance, customers, business processes, personnel).