WorldGBC Advancing Net Zero Status Report 2022 The RePowerEU plan released in May 2022 announced measures including an increase of the EU’s energy efficiency target to 13% by 2030, an increase of the EU’s renewables share target to 45% by 2030, a requirement for all new residential buildings to have solar panels installed by 2029, and a commitment to deploying 10 million heat pumps in the next five years. Sustainable Finance In 2019, a report by the International Finance Corporation (IFC), a member of the World Bank Group, highlighted the enormous potential of green buildings, which represents an investment opportunity of US$24.7 trillion in emerging markets alone. In the past few years, the link between building performance and sustainable finance has grown stronger. And green building rating tools present a mechanism for measuring and verifying performance against established criteria for accessing finance. Recognising our network’s leadership in this area, WorldGBC was accepted into the EU Platform on Sustainable Finance in 2020 where we have been steering the development of the EU Taxonomy criteria for the built environment. Working with members and partners in our Europe Regional Network, we have supported the development of proposed criteria for circularity of buildings and renovations which, if implemented, would make life cycle assessment mandatory for all buildings that seek to comply with this standard. As part of the Platform’s mandate we expect to report on which existing Taxonomy criteria need updating to keep pace with science. Ensuring climate mitigation criteria are aligned to net zero goals will be a priority. In December 2021, Green Star achieved recognition as an international pathway to net zero emission buildings after the Climate Bonds Initiative (CBI) approved two of the Green Building Council of Australia’s rating tools as compliant with green bonds certification . All Green Star rated buildings that follow the climate positive requirements – fossil fuel free, highly efficient and powered by renewables – will automatically comply with Climate Bonds Standard’s Commercial Buildings Criteria. Commonwealth Bank has announced the Green Home Offer, linking loans to GBCA’s Green Star Home certification or other suitable sustainability criteria. And in March 2022, AIB (Allied Irish Banks) announced that it will offer discounted loans to developers who adhere to Home Performance Index , the rating system for homes from Irish Green Building Council. ColombiaGBC (CCCS) and CBI also announced that projects achieving CBI criteria within the Proxy CBI CASA Colombia certification, will automatically be eligible for access to additional green mortgages and financial instruments. PAGE 35
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