Page 11 - GreenRE_Sustainable Real Estate Book

Our journey began 10 years ago with an intent to promote sustainability and Malaysian chapter of World Economic Forum’s Climate Governance Initiative,
democratise the green building certification industry by offering an affordable we have identified areas that require immediate action by the government and
green rating tool. relevant stakeholders.

We wanted to accelerate the nation’s transition towards creating eco-friendly Our cooperation with CGM also extends into establishing transparent
buildings that harmonise with nature where people could enjoy spaces to work- access to data, setting up of common baselines for reporting, GHG database
live-play more sustainably. and contributing towards formulating the bill on efficient energy use and
conservation, or the Energy Efficiency & Conservation Act.
So GreenRE was established in 2013, and positioned as a profit-for-purpose
green rating agency that is affordable and accessible to all the Real Estate & In the short-term, clear and effective economic incentives are needed to mobilise
Housing Developers’ Association (REHDA) members. We wanted all of them to the industry and create a critical mass of affordable solutions across the supply
be able to embrace green technology and to steer the industry to align with the chain. In the long-term, green buildings must be able to transform the business
nation’s low carbon goals. Today, we have grown leaps and bounds, emerging model so that owners benefit from higher asset value while investors are offered
as a guiding force in the industry, beyond just REHDA members. With over 400 lower mortgage default risk.
registered green projects in Malaysia or over 400 million square feet of real The demand for green office spaces is rising as the markets become transfixed
estate, we are currently the biggest green rating agency in Malaysia.
with Environment, Social and Governance (ESG), creating an opportunity for
But our journey has only just began with less than 1% of Malaysia’s building us to pivot to retrofitting legacy buildings. Nevertheless high initial costs and a
stock green certified. Tackling this problem requires transformation across all lack of cost-benefit awareness hinders its progress. More incentives should be
sectors, and this includes educating the public on the use of green technology given to the purveyors of the Green Building adopters in terms of both tax and
that reduces human impact on the natural environment. It is also challenging to non-monetary incentives as seen in more developed countries including those in
achieve buy-in from all stakeholders to pivot to a sustainable way of living and our region.
working. This involves the use of smart energy-saving technology like tapping With our 10-year track record, we hope to change this. GreenRE has acquired
renewable energy sources such as solar power, incorporating passive designs a lot of experience, technology and knowledge which we will share to help the
in architecture or as simple as going back to the basics with vertical gardens people of the industry embrace green. With the cooperation of the Government
and incorporating greenery indoors. We are proud to steer the industry in this and its related agencies, we have achieved many milestones in contributing to
direction, and we have featured some exemplary projects in our momentous Malaysia’s green built environment.
publication highlighting clever use of green technology and construction.
Earth is confronting a lot of challenges in the face of climate change. On the
We are also moving into the international space with the certification of several local front, we face social and economic devastation from flash floods, recurrent
international projects including the retail component of the Battersea Power landslides and effects of heatwave. To alleviate these challenges, we pledge to
Project in London. Additionally, we are expanding our expertise to cover the work together with the Government of Malaysia towards the nation’s Climate
various facets of the green building ecosystem. GreenRE and the Construction Goals.
Research Institute of Malaysia (CREAM) under the Construction Industry
Development Board (CIDB), launched a joint certification framework for their GreenRE will continue to adopt and innovate to stay ahead of the curve and
rating tools, GreenRE Rating Tools and MyCREST. evolve beyond the climate change goals as we begin our Sustainable Real Estate
journey, towards another 10 years of greening Malaysia’s built environment.
We are also collaborating with various stakeholders to accelerate the green
agenda. Through our liaison with Climate Governance Malaysia (CGM), the