Australian efforts to curtail carbon emissions got a boost with the election last year of the Albanese Labor government, which in September passed legislation to cut carbon emissions by 43 per cent from 2005 levels by 2030 and to net zero emissions by 2050.
Mainland Australian state governments also have a net carbon zero target of 2050 (ACT has 2045), but pressure to achieve these cuts is growing. The report makes it clear that apart from the inducement of meeting ever-tighter emissions standards of tenants, momentum is building for regulatory change to speed up renewal of offices, the report says.
“As Australian cities approach their own target dates, we can anticipate both carrot and stick approaches addressing the retrofit challenge to accelerate,” it says.
Sydney leads the country in assessing carbon ratings of office towers. Just under one-third (31 per cent) of all Sydney CBD office assets rated 5.5 stars and above, the report says.
In August, the City endorsed rules requiring new office and other commercial buildings to have a minimum 5.5 NABERS rating and requiring new developments to achieve net zero carbon energy use from 2026.
However, just under two-thirds (62 per cent) of Sydney CBD’s office stock was more than 30 years old and existing structures would also be required to improve efficiency and reduce their carbon footprint under new measures, said JLL, estimating that by 2031 the proportion of CBD stock rated 5.5 stars or more would rise to 45 per…
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