AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFrameworkBRIEFINGPAPERJANUARY2022IncollaborationwithAccentureContentsExecutivesummaryIntroduction1Theroleofbuildingsincombattingclimatechange2TheBuildingValueFramework3Keyinsights4PracticalapplicationoftheframeworkConclusionContributorsAcknowledgementsEndnotes34567911121315Images:GettyImages©2022WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.DisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework2Withoverhalfoftheworld’spopulationlivingincitiesandproducingover70%ofcarbonemissions,citiesplayakeyroleincombattingclimatechange.Constructionandtheoperationofbuildingsareresponsiblefor38%ofglobalemissions,andthereisanurgentneedforsolutionstohelpacceleratethedecarbonizationoftheurbanbuiltenvironmenttolimittheglobaltemperaturerisetobelow1.5°C.Althoughsomeleadersinsustainablebuildingshavestartedtoconsidersocialandenvironmentalimpactsintheirdecision-making,manyobstaclestoinvestmentinnet-zerobuildingsstillrelatetofinancing,bothrealandperceived.TheWorldEconomicForum’sNet-ZeroCarbonCitiesBuildingValueFrameworkseekstoaccelerateinvestmentbyovercomingthesebarriers.Theframeworkproposesthatamoreholisticdecision-makingapproach,whichrecognizestheimportanceofsocialandenvironmentaloutcomesandsystemperformance,iskeytoincreasingcapitalflowtowardsdecarbonizationsolutions.Theframeworkguidesdecision-makerstoconnectnon-financialbenefitssuchas“usersatisfaction”and“systemicvalueefficiency”andcorrelatethemwithreducingriskorincreasingreturnoninvestments.TheBuildingValueFrameworkhasbeendevelopedandvalidatedthroughcasestudiestounderstandtheinvestmentdecisionsandevaluateoutcomesinrealprojects.Fromthisprocess,keyinsightsandapracticalchecklist(focusingonreducingoperationalemissions)haveemergedtomaximizevaluecreation,asillustratedthroughthepresentedcases.–First,itisvitaltoinvestindecarbonizingtechnologiesandcombinethemtooptimizeimpact.Forexample,theBelgianrealestatecompanyExtensausedcomplementarysolarandgeothermaltechnologiestorenovateandrefurbishanoldrailwaystationinBrussels.Thisprojectdemonstrateshowbundlingthesetechnologiesgreatlyimpactsflexibilityandsystemresilience.–Second,investmentindigitalcanmaximizethebenefitsofdecarbonizingtechnologies.InacasestudyfromTurin,Italy,amunicipality,incollaborationwithEnelX,aleadingsmartenergyserviceprovider,retrofittedmunicipalbuildingsforenergyefficiencyandon-siterenewablegeneration.Integratingthesewithadigitalplatformaddedvaluetotheprojectbyenablingdata-drivenmanagementdecisionsacrossthemunicipalsystem.–Third,investingincityecosystemservicesandequippingbuildingswithdistributedrenewablepowergeneration,storageandsmartenergymanagementsolutionscanenhancelocalresilienceandacceleratedecarbonizationacrosscitieswithouttheneedfordisruptivegridupgrades.TheflexibilityoftheBuildingValueFrameworkmeansitcanbeusedfortheretrofitandrefurbishmentofexistingbuildings,aswellasfortheconstructionofnewbuildings.Itcanbeappliedindiversecontextsacrossdifferenttypesofbuildingassetsandusedatanypointontheinvestmentplanninganddecarbonizationtimeline.Theurgencytotransitiontheworld’scitiestowardsanet-zerocarbonfutureisabundantlyclear.TheBuildingValueFrameworkpresentsanapproachtohelpacceleratetheinvestmentsneededtodeliveragreenerurbanbuiltenvironment.ExecutivesummaryThetransitiontoagreenerbuiltenvironmentrequiresashiftinhowvalueisdefinedandperceived.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFrameworkJanuary2022TheBuildingValueFrameworkcanbeappliedindiversecontextsacrossdifferenttypesofbuildingassetsandusedatanypointintheinvestmentplanninganddecarbonizationtimeline.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework3IntroductionTheWorldEconomicForum’sNet-ZeroCarbonCitiesprogrammeaimstoacceleratethetransformationofurbanecosystemstowardsamoresustainable,resilientandequitablefuturethroughintegratedsolutionsthataddressenergy,buildingsandmobility.Iftheworldistokeeppacewithlimitingtheglobaltemperaturerisetobelow1.5ºCcomparedtopre-industriallevels,atransitiontoacleanelectrifiedworldisneeded.Buildingsaccountforupto38%ofglobalcarbonemissions.Reducingemissionsintheurbanbuiltenvironmentwillthereforebeacriticalstrategytomeetthischallenge,andmoreinvestmentisneededinrelevantsolutions,rangingfromelectrificationtoenergyefficiency,frommoredigitalizationtobetterweatherization.TheNet-ZeroCarbonCitiesBuildingValueFrameworkseekstoacceleratethistransformationoftheurbanbuiltenvironmentbyelevatingthetangentialbenefitsthatareoftenqualitativeinnatureandhelpingcorrelatethesewiththereturnoninvestmentingreenbuildings.Thisapproachproposesthatintegratingtheholisticvalueofinvestmentsinthedecision-makingprocesscouldincreasecapitalflowstowardsdecarbonizingprojectsandsolutions.Thisframeworkanditsaccompanyingrecommendationsarepresentedastoolsthatassetownersandinvestorsfromthepublicandprivatesectorscanuseincapitalinvestmentdecisions.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework4Theroleofbuildingsincombattingclimatechange1Citiesarethefrontlineinloweringglobalcarbonemissions.Overhalfoftheworld’spopulationliveincities,accountingforover70%ofCO2emissions.1Buildingsarethelargestcontributortoemissionsincities,responsiblefor50-70%ofcityemissionsand38%ofglobalemissions.2Roughly75%ofbuildingemissionsareoperationalemissionsgeneratedfrombuildingsystems(e.g.heating,ventilationandairconditioning,lightingandITservers).Theremaining25%comeintheformofembodiedemissions–carbongeneratedfromthemanufactureofbuildingmaterials,constructionandinternalfurnishings.3Astheworldstrivestowardsanet-zeroeconomy,allbuildingsmustbecomenetzerobydesign.ThestepsneededtodeliverthisoutcomeareoutlinedintheGreenBuildingPrinciples:TheActionPlanforNet-ZeroCarbonBuildings.Duetotherelativelackofnet-zerobuildingsinexistence(fewerthan1%ofbuildingsworldwidearenet-zero),4adoptingscalablesolutionstotransformurbanbuildingstockisurgentlyneeded.Thecurrentpaceofeconomicgrowthandpopulationriseinemergingeconomieswillleadtoadoublingofglobalbuildingfloorspacefromnewconstructionoverthenext40years.5Netzerobydesignisnotlimitedtonewconstruction,as80%ofallbuildingsthatwillexistin2050alreadyexisttoday.6Retrofitandrefurbishmentprojectsarecriticalinthemovementtodecarbonize.InEurope,between1-1.5%ofallbuildingstockisbeingrenovatedeveryyear.However,tomeetthegoalsoftheParisAgreement,therateofrenovationneedstoreach2-5%ayear.7Net-zerobuildingsareanessentialtoolinachievingglobalemissionsgoals.Inaddition,asenergysystemsevolvetowardsnetzero,buildingswillplayalargerroleintheenergysystem.Matchingelectricitysupplytodemandisabalancingactandbuildingscanhostnewdistributedresources,storepowerandoptimizedemandtohelpstrikethisbalance.Buildingsarethelargestcontributortoemissionsincities–responsiblefor50-70%ofcityemissionsand38%ofglobalemissions.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework5TheBuildingValueFramework2Althoughtraditionalfinancialoutcomeshavehistoricallydriveninvestmentdecisionsinthebuildingecosystem,manyindustryleadersareincreasinglyrecognizingnon-financialconsiderations8andareoftenincludingoutcomessuchasenvironmentalandsocialimpactsinbuildingconstruction,valuationandacquisitiondecisions.However,theWorldGreenBuildingCouncil’srecentBeyondtheBusinessCasereporthasfoundthatthreeofthetopfivemostsubstantialobstaclestoinvestmentinsustainablebuildingsstillrelatetofinancing,with53%ofrespondentscitinghigherupfrontcosts,eitherrealorperceived,asthebiggestbarrier.TheBuildingValueFramework9helpstacklethisbarrierbycontextualizingthevalueofsustainablebuildingstoincludeenvironmentalandsocialbenefits,aswellasimprovementstosystemperformance.Itaimstoacceleratedecarbonizationinvestmentsbychangingtheperceptionoftheholisticvalueandbenefitofthoseinvestmentsforkeydecision-makersacrossthebuildinglifecycle.Theframeworkguidesdecision-makerstolinktheseholisticperformanceoutcomestoareductioninriskoranincreaseinreturnoninvestment.Forinstance,increasedusersatisfactioninagreenbuildingmaylinktolowerrisksofvacancyandhigherrentsbyattractingtenantswillingtopayforhigherstandards.10Inanalysingeachcasestudy,weask:Whatrisksarereducedthroughtheseoutcomes?Whatreturnsaregeneratedthroughtheseoutcomes?UsersatisfactionImprovehealth,well-beingandproductivitySocio-economicimprovementEnhancejobcreationLowerenergycoststoconsumersAssetoutcomesCityoutcomesEmissionsreductionMinimizeembodiedcarbonMinimizeoperatingcarbonMaximizeuseoflocallygeneratedcleanelectricityEnvironmentalimprovementMinimizewaterwastageMinimizewasteIncreasebiodiversitySystemicvalueefficiencyImproveefficiencyIncreaseflexibilityImproveinteroperabilityImproveresilienceImprovegridservicesSource:WorldEconomicForum,Net-ZeroCarbonCities:BuildingValueFrameworkTheBuildingValueFrameworkevaluatessocial,economic,environmentalandenergysystemoutcomesresultingfrominvestmentsindecarbonizationsolutionsFIGURE1AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework6Keyinsights3Theaboveframeworkwasusedtoevaluatethevalueofseveralreal-lifeexamples.Threekeyinsightsemergedtomaximizevaluecreation:InvestindecarbonizationtechnologiesandbundleforimpactTechnologiessuchasheatpumps,distributedrenewableelectricityandstoragecanhaveagreateraggregateimpactonemissionsreductionwhenimplementedtogetherratherthanindividually.Forexample,distributedenergygenerationismoreimpactfulwhencombinedwithstoragethanwhendeployedalone.InvestindigitalBuildingsthatareequippedtooperationalizedata(suchasthatforenergyuseandemissions)andconnectsystemswithinabuildingtoenablesmartoptimizationwillbemorefuture-proof.Digitalanddatafluencywillamplifytheimpactoflow-carbontechnologyinterventionsthroughenhancedoperationaldecisionsupportorautomaticcontrolsofbuildingmanagementsystems.Theuseofdigitaltwinscanimprovedecisionmodellingandefficiencyduringconstruction,operationandmaintenance.InvestincityecosystemservicesBuildingscanbeacornerstoneoftransportandenergydecarbonizationbyprovidingservicestothebroadercityecosystem.Thosebuildingsequippedwithdistributedrenewablegeneration,storageandsmartenergymanagementsolutionscancontributedemandorfrequencyresponseservicesthatacceleratecity-widedecarbonizationbyofferingsolutionsthatdonotrequiredisruptivegridupgrades.Co-sitingsmartchargingforelectricvehicleswithmulti-residenceorcommercialbuildingscanprovidegridservicesaswellascontributetothedecarbonizationofindividualvehicletransportation.Astate-of-the-artsustainableofficebuildingattheheartofalocallyself-reliantenergycommunity:GareMaritime,Brussels,BelgiumCASESTUDY1HighlightingthekeyinsightswithcasestudiesTheBelgianrealestatecompanyExtensaconvertedanoldrailwaystationinBrusselsintoastate-of-the-artmixed-usebuilding.Theiraiminthisprojectwastoachievethehighestsustainabilitystandardswhilepositioningthebuildingatthecentreofanup-and-comingdistrictwithalocallyself-reliantenergycommunity.Thisprojectclearlyillustratesthevalueofbundlingdecarbonizationtechnologiestomaximizeimpact.Theprojectincludedextensivelyrenovatingtheexistingindustrialrailwaystationandrefurbishing10,000m3innewwoodconstruction.Thisuseofalternativebuildingmaterialwithlowerembodiedcarbonsaved3,500tonnesofCO2comparedtoasimilarapplicationofconcrete,steelandaluminium.Extensafittedthedevelopmentwith10,000solarPVpanels,tengeothermalenergywells,two1,300m3rainwatercollectiontanksand3,000m2ofindoorgardens.Deployedindividually,eachoftheseinvestmentscanimprovethetargetedoutcomes.However,thebenefitsofeachinterventionaremultipliedwhencomplementarytechnologiesaredeployedtogether.Forinstance,solarPVandgeothermalwellsarecomplementarysolutions.Locallygeneratedcleanelectricitycombinedwithamoreenergy-efficientheatingandcoolingsystemminimizesoperatingemissions,lowersoperatingcostsandenablesnear-autonomyfromgridenergy.Takenalone,neithersolarnorgeothermaltechnologiescouldgeneratethesamebenefittosystemresilienceandflexibility.Similarly,thecombinedapplicationsofrainwaterharvestingandcultivatingindoorgreenspacecreateaclosed-loopsystemforirrigationthatminimizeswaterconsumptionandwaterwastewhileenhancingusersatisfactionbyprovidingapleasantenvironmentfortenants.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework7Creatingasystemicallyandenergy-efficient,resilientbuildingportfoliobyenhancingdecarbonizationtechnologiesthroughadigitalplatform:SanMauroTorinese,Turin,ItalyThemunicipalityofSanMauroTorineseledaprojectwithEnelX,aleadingsmartenergyserviceprovider,toretrofitanddigitalizetheirportfolioofmunicipalbuildings.Theproject’smainobjectivesweretoreducemunicipaloperatingexpensesandincreaseenergyefficiencyatthebuildingandportfoliolevelswhilemaximizingthequalityoflifeforlocalresidents.Thisprojecthighlightshowtheapplicationofdigitaltechnologiescanunlockandleapfrogvaluecreationfromconventionalbuildingefficiencymeasuresbyimprovingtheoperationofsystemswithinbuildingsandsynchronizingoperationsacrossthebuildingportfolio.Themunicipalitydeployedretrofitsolutions,includingbuildinginsulation,LEDlightingforbuildingsandstreetlights,on-siterenewablegenerationandhybridheatingsystemswithgasboilersandheatpumps.Thesetechnologiesdeliveredonkeyoutcomesofimprovingenergyefficiencyandqualityofservicetoresidents,andinthecaseofstreetlighting,enhancingpublicsafety.Additionalvaluewascreatedbyintegratingasuiteofdigitaltools,includingmonitoringdevicesandsensorstocapturedataacrossdifferentsystems,andaninternet-of-thingsplatformtocollectandprocessa“singlesourceoftruth”.Atthebuildinglevel,automatedbuildingmanagementenabledpredictivemaintenance,whichreducedoperatingexpensesandmaintenancecosts.Atthesystemlevel,theuseofautomationanddataanalyticsacrossthebuildingportfolioenabledthemunicipalitytoprioritizemaintenanceissuesandoptimizeresourcedeploymenttoachieveabetterqualityofserviceforallresidents.CASESTUDY2AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework8Practicalapplicationoftheframework4Theframeworkcanevaluateboththenewconstructionandretrofitofexistingbuildings.Itisalsointendedtobeuniversallyapplicablefordifferenttypesofassetownersacrossdifferentassetcategoriesandbuildingtypes.Thisflexibleapproachcanbeadaptedtodifferentcontextstospotlightthemostimportantoutcomesineachproject.Forinstance,asocialhousingagencymayprioritize“usersatisfaction”and“socio-economicimprovement”,whereasacommercialbuildingownermaychoosetofocuson“systemicvalueefficiency”tocreateadditionalrevenuestreamsfromgridservices.Thethreekeyinsightareasderivedfromtheprojectcasestudiespresentapproachestomaximizeprojectvaluecreation.TheoperationalchecklistshowninFigure2servesasabasistohelpidentifyrelevantoptionsatthetimeofanyinvestmentplanning.Thesenineoperationalpointscanassistassetownerstoandinvestorstopracticallyachievethekeyinsights,especiallythosefocusingonreducingoperationalemissions.Theselectionofinvestments(singularorbundled)mayofcoursevaryaccordingtobuildingtypeorassetownerprofile.Thischecklistismeanttobeappliedacrossallbuildingassettypesatanystageoftheinvestmentplanninganddecarbonizationjourney.ElectrifywhatyoucanMakeuseofdistributedpowergenerationandsolarInstallactiveandpassiveenergyefficiencytechnologyDesigntosupportthegridandlocalenergycommunitiesContributetocleanmobilitybyinstallingsmartelectricvehiclechargingMonitorenergyconsumptionDesignfortheconnectivityandinteroperabilityofdeployedassetsOptimizeenergyusewithbuildingmanagementsystemsOptimizelifecycleefficiencywithbuildinginformationmodellingInvestindecarbonizationtechnologiesandbundleforimpactInvestindigitalKeyinsightsOperationalchecklistInvestincityecosystemservicesThreekeyinsightsdrawnfromcasestudiesaremappedtoanine-pointchecklistofpracticalconsiderationstoguidedecision-makersFIGURE2AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework9ConclusionTheBuildingValueFramework,keyinsightsfromcasestudiesandoperationalchecklistareuniversallyapplicableindiversecontexts.Thisflexibleapproachallowstheusertoadaptthetoolfordifferentcontextstohighlighttheprioritiesandoutcomedriversuniquetoeachproject.Thesetoolsareintendedtoserveaslivingproductsthatmayberevisitedandupdatedperiodicallyasneeded.Whiletheframework'sobjectivewillremainconstant,theoutcomesmaybeadjustedasglobalneedsandthecontextevolve.Theaccompanyingoperationalchecklistmaysimilarlybeupdatedaccordingtochangingtechnologicaldevelopmentsandcapabilitiesinthefuture.Theurgencytotransitiontheworld’scitiestowardsanet-zerocarbonfutureisabundantlyclear.TheBuildingValueFrameworkpresentsanapproachtohelpacceleratetheinvestmentsneededtodeliveragreenerurbanbuiltenvironment.MoredetailsaboutthisinitiativecanbefoundontheNet-ZeroCarbonCitiesBuildingValueFrameworkprojectpage.11AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework10ContributorsAccentureElizabethBurlonManagementConsultingManager,AccentureMaximilianDeitersManagementConsultant,AccentureAmirhosseinGhanbariManagementConsultingSeniorManager,AccentureSandaTuzlicIndustryExecutivePrincipal,AccentureWorldEconomicForumVincentMinierPlatformFellow,Energy,MaterialsandInfrastructureProgramme,WorldEconomicForum;Vice-President,GlobalStrategyProspectiveandExternalAffairs,SchneiderElectricKristenPaneraliHeadofEnergy,MaterialsandInfrastructureProgramme–Net-ZeroCarbonCities,WorldEconomicForumOliverTsaiPlatformCurator,Energy,MaterialsandInfrastructureProgramme–Net-ZeroCarbonCities,WorldEconomicForumAcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework11AcknowledgementsProjectteamAnnaAcanforaProjectFellow,Net-ZeroCarbonCities,WorldEconomicForumFarahAd’OulManagementConsultingManager,AccentureJohnnyHespDigitalBusIntegrationManager,AccenturePreranaPakhrinMisrahiProgramAnalyst,Energy,MaterialsandInfrastructureProgramme–NetZeroCarbonCities,WorldEconomicForumWiththankstothefollowingWorkingGroupmeetingandinterviewparticipants:NidhiBaiswarSustainabilityandClimateLeadershipDirector,JLLVictoriaBurrowsDirector,AdvancingNetZero,WorldGreenBuildingCouncilLisaBrylowskiVice-President,BusinessOperations–RealEstate,BrookfieldAssetManagementRebeccaCameronSeniorProfessionalOfficer,Net-ZeroCarbonBuiltEnvironment,CityofCapeTownGregClarkGlobalHead,FutureCitiesandNewIndustries,HSBCPatriciaEllendaSilvaSecretaryofEconomicDevelopment,GovernmentoftheStateofSãoPauloEszterGulacsyTechnicalDirectorandGlobalLeadforHealthyBuildings,MottMacDonaldBjörnHugossonChiefClimateOfficer,CityofStockholmSonalJainHeadofSustainability,WorkspaceGroupJeremyKellyResearchDirector,JLLGregoryKightDirectorofSustainability,JacobsZsoltKohalmiGlobalHeadofRealEstateandCo-ChiefExecutiveOfficer,PictetAlternativeAdvisorsSylvieLagiesHeadofESG/Sustainability,AroundtownDavidLevershaDirectorandNetZeroLeadforPropertyandBuildings,WSPPhoebeLewisSeniorSustainabilityConsultant,JLLSimoneMancaHeadofSmartandEfficientBuildings,EnelXJamesMandelManagingDirector,Sustainability,BlackstoneNicholasMangonVice-President,AECStrategy,AutodeskPhindileMaxitiCouncillor,CityofCapeTownJamesMiddlingGlobalSectorLeader,BuiltEnvironment,MottMacDonaldClayNeslerGlobalLead,BuildingsandEnergy,WorldResourcesInstituteRemiPaccouMarketingDirector,Digital&SustainableBuildings,SchneiderElectricAlexanderPiurHeadofInnovationandSustainability,RealEstateFinance&Infrastructure,INGCarloRattiDirector,SENSEableCityLaboratory,MITAcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework12StephenRichardsonDirector,EuropeRegionalNetwork,WorldGreenBuildingCouncilMateuszRivaKeyAccountManager,EnelXJasminRiveraDirector,DCASEnergyManagement,CityofNewYorkFrankRossenExecutiveDirector,CapitalMarkets,AroundtownParthaSarathyHeadofAssetManagement–RealEstate,PictetAlternativeAdvisorsJanShoemakerGlobalVice-President,Buildings,DanfossMartinaSimoniMarketingSpecialist,SmartCities,EnelXTomSmithGlobalDirector,PropertyandBuildings,WSPNishantSodhaniDirector,FutureCities&NewIndustries,HSBCJustinTravlosGlobalHead,ResponsibleInvestment,AXAIMRealAssetsCeesvanderSpekDirector,PublicAffairs&GlobalCorporateRelations,EDGEClareWildfireGlobalPracticeLead,Cities,MottMacDonaldAcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework13Endnotes1.InternationalEnergyAgency,WorldEnergyOutlook,2021,https://iea.blob.core.windows.net/assets/888004cf-1a38-4716-9e0c-3b0e3fdbf609/WorldEnergyOutlook2021.pdf.2.Wei,T,Wu,JandChen,S,“KeepingTrackofGreenhouseGasEmissionReductionProgressandTargetsin167CitiesWorldwide”,FrontiersinSustainableCities,2021,https://doi.org/10.3389/frsc.2021.696381.3.WorldGreenBuildingCouncil,BringingEmbodiedCarbonUpfront,2019,https://www.worldgbc.org/embodied-carbon.4.WorldGreenBuildingCouncil,Everybuildingontheplanetmustbe‘netzerocarbon’by2050tokeepglobalwarmingbelow2°C-Newreport,https://www.worldgbc.org/news-media/every-building-planet-must-be-%E2%80%98net-zero-carbon%E2%80%99-2050-keep-global-warming-below-2%C2%B0c-new.5.WorldGreenBusinessCouncil,BeyondtheBusinessCase:Whyyoucan’taffordnottoinvestinasustainablebuiltenvironment,2021,https://viewer.ipaper.io/worldgbc/beyond-the-business-case/?page=12.6.“80%ofthebuildingsthatwillexistin2050alreadyexist”–Bringingnetzerotothemasses,PropertyWeek,17June2021,https://www.propertyweek.com/analysis-resi-and-data/80-of-the-buildings-that-will-exist-in-2050-already-exist-bringing-net-zero-to-the-masses/5114832.article.7.“With25%ofEurope’sGreenhouseEmissionscomingfromBuildings,ScientistsSuggestFundamentalPolicyChanges”,EuropeanAcademiesScienceAdvisoryCouncil,2June2021,https://easac.eu/media-room/press-releases/details/with-25-of-europes-greenhouse-emissions-coming-from-buildings-scientists-suggest-fundamental-policy-changes/.8.“Asurprisingwaytocutrealestatecosts”,JLL,2016,https://www.us.jll.com/en/trends-and-insights/workplace/a-surprising-way-to-cut-real-estatecosts.9.TheBuildingValueFrameworkhasbeendevelopedthroughexecutiveworkinggroupconsultationandvalidatedthroughmultiplecasestudiesofsustainablebuildingprojectswithindustry-recognizedstandardssuchasLEEDPlatinumandBREEAMExcellent,amongotherratingsandperformancestandards.10.JLL,DecarbonizingtheBuiltEnvironment,2021,https://www.jll.co.uk/en/trends-and-insights/research/decarbonizing-the-built-environment.11.WorldEconomicForum,Net-ZeroCarbonCitiesBuildingValueFramework,nodate,www.weforum.org/nzcc/building-value-framework.AcceleratingtheDecarbonizationofBuildings:TheNet-ZeroCarbonCitiesBuildingValueFramework14WorldEconomicForum91–93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744contact@weforum.orgwww.weforum.orgTheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.