UKGBC joins global initiative to evaluate city-based climate efficiency trading between buildings

The UK Green Building Council (UKGBC) is partnering with Urban Green Council and green building councils representing Hong Kong, Singapore and Toronto on a global partnership for climate efficiency trading to advance energy improvements in buildings.

Announced in New York yesterday afternoon by Urban Green Council, the Global Climate Efficiency Trading Initiative is aiming to share learnings and create a global discussion for increasing building energy efficiency in cities around the world.

New York City recently enacted innovative legislation that mandates building carbon caps and the consideration of trading. Creating a building energy efficiency trading market will be critical to meeting this mandate.

Urban Green Council is bringing together a range of experts to develop parameters to help inform New York City’s programme. UKGBC, along with the other project partners, will then evaluate and refine the considerations, and examine applicability in other cities around the world. Findings will be coordinated with C40 Cities Climate Leadership Group.

Julie Hirigoyen, chief executive at the UKGBC, said:

“In many parts of the world, the absence of climate leadership from central governments has driven cities to take the lead in reducing emissions. Here in London, we stand ready with our member businesses to support climate action at speed and at scale. Collaborating across the globe on city-based carbon trading between buildings will allow us to bring the brightest minds together to share knowledge and co-create strong policy. This will deliver clarity within key markets and economic benefit for those organisations astute enough to capitalise on the opportunity climate action presents.”

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Read Urban Green Council’s full release here.

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