Do green certifications add value? feedback from high-level stakeholders in the Spanish office market

The transition towards a decarbonized European economy by 2050 provides numerous opportunities for companies in the real estate sector to integrate sustainable actions into their assets. In the office industry, green certifications are designed to disclose how sustainable a building is and to enable...

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Detalhes bibliográficos
Autores: Espinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917, Roig Hernando, Jaume|||0000-0001-9598-1152, Marmolejo Duarte, Carlos Ramiro|||0000-0001-7051-7337
Formato: artículo
Fecha de publicación:2024
País:España
Recursos:Universitat Politècnica de Catalunya (UPC)
Repositorio:UPCommons. Portal del coneixement obert de la UPC
Idioma:inglés
OAI Identifier:oai:upcommons.upc.edu:2117/419694
Acesso em linha:https://hdl.handle.net/2117/419694
https://dx.doi.org/10.1016/j.jclepro.2024.144276
Access Level:acceso abierto
Palavra-chave:LEED
BREEAM
Carbon footprint
Sustainable assets
Àrees temàtiques de la UPC::Urbanisme
id ES_ce1fc209a5dee65040d87dd7a1cd76c8
oai_identifier_str oai:upcommons.upc.edu:2117/419694
network_acronym_str ES
network_name_str España
repository_id_str
spelling Do green certifications add value? feedback from high-level stakeholders in the Spanish office marketEspinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917Roig Hernando, Jaume|||0000-0001-9598-1152Marmolejo Duarte, Carlos Ramiro|||0000-0001-7051-7337LEEDBREEAMCarbon footprintSustainable assetsÀrees temàtiques de la UPC::UrbanismeThe transition towards a decarbonized European economy by 2050 provides numerous opportunities for companies in the real estate sector to integrate sustainable actions into their assets. In the office industry, green certifications are designed to disclose how sustainable a building is and to enable comparison among peers. This paper uses semi-structured interviews with experts in real estate and sustainability to offer qualitative insights into the decision-making process behind the voluntary certification of office buildings with green certifications such as Leadership in Energy and Environmental Design -LEED- or Building Research Establishment Environmental Assessment Method -BREEAM-. It may shed light on emerging trends in the sustainable real estate market. The findings, separated into economic, social and technical dimensions, show deep, widespread implementation of green certifications in sustainability-sensitive demand and supply. They function as a discard or brown discount vector, rather than as a green premium. Expert commentary on how certifications influence asset values has been cautious, due to insufficient data. Furthermore, the benefits of green financing are disputed. Other vectors, such as carbon footprint and European taxonomy alignment, have gained relevance in investment and operational processes.Peer ReviewedElsevier20242024-12-0120242024-12-02journal articlehttp://purl.org/coar/resource_type/c_6501VoRhttp://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/2117/419694https://dx.doi.org/10.1016/j.jclepro.2024.144276reponame:UPCommons. Portal del coneixement obert de la UPCinstname:Universitat Politècnica de Catalunya (UPC)InglésengAgencia Estatal de Investigación http://doi.org/10.13039/501100011033 Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020 PID2019-104561RB-I00 ALLENDE LOS EPC. REQUERIMIENTOS, POTENCIAL Y RIESGOS DE LAS HIPOTECAS DE EFICIENCIA ENERGETICA EN LA PROMOCION RESIDENCIAL EFICIENTE E IMPACTO DE LOS NZEB EN LOS VALORESopen accesshttp://purl.org/coar/access_right/c_abf2Attribution 4.0 Internationalhttp://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessoai:upcommons.upc.edu:2117/4196942026-05-27T15:37:01Z
dc.title.none.fl_str_mv Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
title Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
spellingShingle Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
Espinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917
LEED
BREEAM
Carbon footprint
Sustainable assets
Àrees temàtiques de la UPC::Urbanisme
title_short Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
title_full Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
title_fullStr Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
title_full_unstemmed Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
title_sort Do green certifications add value? feedback from high-level stakeholders in the Spanish office market
dc.creator.none.fl_str_mv Espinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917
Roig Hernando, Jaume|||0000-0001-9598-1152
Marmolejo Duarte, Carlos Ramiro|||0000-0001-7051-7337
author Espinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917
author_facet Espinoza Zambrano, Paúl Andrés|||0000-0003-4346-8917
Roig Hernando, Jaume|||0000-0001-9598-1152
Marmolejo Duarte, Carlos Ramiro|||0000-0001-7051-7337
author_role author
author2 Roig Hernando, Jaume|||0000-0001-9598-1152
Marmolejo Duarte, Carlos Ramiro|||0000-0001-7051-7337
author2_role author
author
dc.subject.none.fl_str_mv LEED
BREEAM
Carbon footprint
Sustainable assets
Àrees temàtiques de la UPC::Urbanisme
topic LEED
BREEAM
Carbon footprint
Sustainable assets
Àrees temàtiques de la UPC::Urbanisme
description The transition towards a decarbonized European economy by 2050 provides numerous opportunities for companies in the real estate sector to integrate sustainable actions into their assets. In the office industry, green certifications are designed to disclose how sustainable a building is and to enable comparison among peers. This paper uses semi-structured interviews with experts in real estate and sustainability to offer qualitative insights into the decision-making process behind the voluntary certification of office buildings with green certifications such as Leadership in Energy and Environmental Design -LEED- or Building Research Establishment Environmental Assessment Method -BREEAM-. It may shed light on emerging trends in the sustainable real estate market. The findings, separated into economic, social and technical dimensions, show deep, widespread implementation of green certifications in sustainability-sensitive demand and supply. They function as a discard or brown discount vector, rather than as a green premium. Expert commentary on how certifications influence asset values has been cautious, due to insufficient data. Furthermore, the benefits of green financing are disputed. Other vectors, such as carbon footprint and European taxonomy alignment, have gained relevance in investment and operational processes.
publishDate 2024
dc.date.none.fl_str_mv 2024
2024-12-01
2024
2024-12-02
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
VoR
http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/2117/419694
https://dx.doi.org/10.1016/j.jclepro.2024.144276
url https://hdl.handle.net/2117/419694
https://dx.doi.org/10.1016/j.jclepro.2024.144276
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.relation.none.fl_str_mv Agencia Estatal de Investigación http://doi.org/10.13039/501100011033 Plan Estatal de Investigación Científica y Técnica y de Innovación 2017-2020 PID2019-104561RB-I00 ALLENDE LOS EPC. REQUERIMIENTOS, POTENCIAL Y RIESGOS DE LAS HIPOTECAS DE EFICIENCIA ENERGETICA EN LA PROMOCION RESIDENCIAL EFICIENTE E IMPACTO DE LOS NZEB EN LOS VALORES
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution 4.0 International
http://creativecommons.org/licenses/by/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:UPCommons. Portal del coneixement obert de la UPC
instname:Universitat Politècnica de Catalunya (UPC)
instname_str Universitat Politècnica de Catalunya (UPC)
reponame_str UPCommons. Portal del coneixement obert de la UPC
collection UPCommons. Portal del coneixement obert de la UPC
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,812429

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