A new report adds further weight to the notion that green building can be cost competitive when compared with traditional building.
Published by UK-based asset management firm M&G Investments, the Creating a Better World, The Case for Green Buildings report claims that as long as cost strategies, environmental strategies and program management are taken into consideration at the outset of projects, green building should not incur additional compared to traditional building methods.
It says commercial property can be both sustainable and cost effective if developers set about taking "a long-term view and translating that into short-term actions," and that energy savings delivered through green building typically exceed any additional construction costs within a relatively modest time frame.
The report also says the cost effectiveness of green building is improving as its popularity spreads due to increases in qualified personnel, effective tools and general sector maturation.
Still, barriers remain, including investor concerns about additional complications involved and a perception among businesspeople that sustainability means extra time and more work.
For this reason, the report says strong project management and leadership are crucial to the development of high efficiency buildings.
The release of the report, scheduled to coincide with World Green Building Week from September 16 to 20, comes amid mounting evidence with regard to the potential of sustainable construction to reduce building operating costs.
The Green Building Council of Australia recently conducted a study which found annualised savings of more than $35 million in electricity costs could be achieved by raising the energy efficiency of the federal government’s building stock by around just 10 per cent.