NET ZERO & ZERO CARBON BUILDINGS Financing decarbonisation
It is ultimately, however, an investment that can unlock
great monetary and carbon savings for generations to come. Data from Grosvenor suggests that retrofitting 50% of all the UK’s pre-1919 residential buildings over a period of 10 years could lead to carbon savings exceeding 39 million equivalent tonnes of CO2. This would result in an estimated monetary saving of £3.4 billion by 2050. There are over 600,000 historic buildings in commercial use throughout the UK, accounting for almost a third of all commercial buildings. HE institutions have an opportunity to lead the charge and set an example for others.
Smart building initiatives and their impact on emissions
The term “smart building” refers to a building that makes use of available technologies to make its operations more efficient and economical. There are already some very impressive examples of HE institutions that have embraced new technologies. The University of Birmingham, for instance, partnered with Siemens in 2021 to become the first university to implement a large-scale Internet of Things (IoT) rollout, installing 23,000 IoT sensors across its Edgbaston campus. This measure will provide invaluable insights into building occupancy, so that the university can manage power and heating more effectively. This is projected to reduce emissions across all campuses by nearly 3,000 tonnes of CO2 per annum.
Likewise, the University of East London has also partnered with Siemens to create a “living laboratory” that will capture granular energy usage data to drive future change. This data capture can be used in conjunction with other technologies such as ground and air source heat pumps, sensor-driven LED lighting, automated door controls, energy-efficient insulation, and smart heating and ventilation solutions to reduce energy wastage. In an era defined by inflated fuel prices, investment in green infrastructure can not only drive down carbon emissions but also drastically reduce operational spending, reducing energy use by up to 40%.
At a time when almost half of all UK universities anticipate a financial deficit, it is easy to see why HE institutions may baulk at the cost of decarbonisation. Accounting specialist Grant Thornton calculates the cost of decarbonising the UK’s HE sector at £37.1 billion. £25.4bn of this will be spent on decarbonising supply chain emissions, while £6.56bn will go towards built environment emissions and £5.14bn for transport and travel. The UK government’s sustainability and climate change strategy acknowledges that school and university buildings account for 36% of total UK public sector building emissions. While universities may bid for a share of a £230 million fund to facilitate low-carbon energy upgrades for public sector buildings, this still leaves a significant shortfall. Specialist financiers are poised to bridge the gap, with financing solutions that can be tailored to the specific needs of an organisation. Buildings-efficiency-as-a-service (BEaaS), for instance, is a finance arrangement that can be leveraged either at the component or larger building level to facilitate investment in infrastructure without endangering cash flow. This arrangement aligns the cost of the technology with the expected rate of benefit.
This means that institutions will not need to make large
upfront payments, instead spreading the cost of investment over a flexible period. The operational savings facilitated by this green investment can further help to offset the cost of investment, in some cases paying for zero-carbon renovations in their entirety. As well as ameliorating upfront costs, these agreements often include guarantees based on expected energy efficiency outcomes. This further mitigates the risk borne by HE institutions.
An opportunity to lead the way
The operation of buildings accounts for 30% of final energy consumption worldwide, and 26% of all global energy- related emissions. Reducing this footprint can therefore seriously help to meet environmental targets. With the
right financial arrangements in place, HE institutions can afford to be much more proactive in meeting their most ambitious targets for carbon neutrality. Retrofitting university buildings into smart buildings can yield phenomenal carbon and operational cost savings, ultimately providing future generations of students and faculties with the gift of more efficient and sustainable operations. To learn more about the topic, visit Siemens at Transform on 17th-18th July at Manchester Central. Transform 2024 is a free two-day conference and exhibition focusing on the challenges organisations are facing in the UK & Ireland and how they can accelerate digital and sustainable transformation.
Higher Education Statistics
Agency data demonstrates that 133 UK universities accounted for 1.4 million tonnes of CO2 emissions between 2021 and 2022. While two-thirds decreased their emissions over the year, “patchy” progress within the HE sector is failing to keep pace with current targets and the greater climate emergency.
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