The Environmental and Economic Substantiation of Investments in Green Buildings

Open access

Abstract

Investment tendencies in a country and particular region in general have a crucial role in the creation of the sustainable environment of the city, spatial planning and land use management. Green construction has great potential for investing and can provide variety of benefits for sustainable longterm development of the country. The aim of the research is to analyse the environmental and economical substantiation of investments in green buildings, with particular focus on the experience of Germany. The researchers used logical, inductive, quantitative and statistical analysis logical methods, analysis of scientific literature as well as comparative analysis. Lack of information is a peculiarity of real estate market, and especially affects the activities in green building construction, that also shows the necessity of developing economic and environmental criteria for substantiation of the decision-making process. Future research directions have been identified as well.

Actiņa, G. (2015). Development of Management System of Energy Efficient Processes in Latvia (Doctoral thesis, Riga Technical University). Riga: RTU Press. 234 p.

Actiņa, G., Geipele, I., & Zeltiņš, N. (2015). Planning and managing problems of energy and energy efficiency at regional and district level in Latvia: Case study. In International Conference on Industrial Engineering and Operations Management (IEOM), (pp. 1-7). https://doi.org/10.1109/IEOM.2015.7093843

Auziņš, A., Geipele, I., & Stāmure, I. (2013). Measuring Land-Use Efficiency in Land Management. Advanced Materials Research, 804, 205-210. https://doi.org/10.4028/www.scientific.net/AMR.804.205

Bahadir, M., Parlar, H., & Spiteller, M. (Eds.). (2000). Springer-Umweltlexikon (2nd ed.). Berlin Heidelberg New York: Springer-Verlag. ISBN 3-540-63561-0. p. 1455. https://doi.org/10.1007/978-3-642-56998-2

Baulinks. (2015). Top-10-Länder bei LEED-Zertifizierungen: Deutschland an sechster Stelle [Top 10 countries with LEED certificates - Germany on 6th place]. Retrieved from http://www.baulinks.de/webplugin/2015/1297.php4

Berends, K. (2007). Engineering and construction projects for oil and gas processing facilities: Contracting, uncertainty and the economics of information. Energy Policy, 35(8), 4260-4270. https://doi.org/10.1016/j.enpol.2007.02.027

Bertoldi, P., & Mosconi, R. (2015). The impact of energy efficiency policies on energy consumption in the EU Member States: a new approach based on Energy Policy indicators. Science for Policy report by the Joint Research Centre, the European Commission’s in-house science service. https://doi.org/10.2790/312804

Beržanskis, E. (2015). Equitable projects processes are the foundation to success. Retrieved from http://ibimsolutions.lt/articles/building-performance-analysis-seminar/?lang=en

BRE Global Ltd., Bream Europe Commercial (2009). BREEAM Europe Commercial 2009 Assessor Manual. Retrieved from http://www.breeam.com/filelibrary/Technical%20Manuals/BREEAM_Europe_Commercial_2009.pdf

Bundesinstitut für Bau-, Stadt- und Raumforschung (BBSR) (Federal Institute for Building, Urban and Regional Research of Germany) (2015). Meilensteine der Nachhaltigkeit [Milestones of Sustainability]. As cited in Bundesministerium für Umwelt, Naturschutz, Bau und Reaktorsicherheit [Federal Ministry for the Environment, Nature Conservation, Construction and Nuclear Safety, German Federation (BMUB)]. (2016a). Leitfaden Nachhaltiges Bauen. Zukunftsfähiges Planen, Bauen und Betreiben von Gebäuden [Reform Federal Building. Better cost, deadline and quality assurance for federal buildings.]. In H.-D. Hegner (Ed.). Retrieved from http://www.bmub.bund.de/fileadmin/Daten_BMU/Pools/Broschueren/nachhaltiges_bauen_leitfaden_broschuere_bf.pdf

Bundesministerium für Ernähung und Landswirtschaft [Federal Ministry of Food and Agriculture]. (2016). Ökologischer Landbau in Deutschland [Ecological Agriculture in Deutschland]. Retrieved from http://www.bmel.de/SharedDocs/Downloads/Landwirtschaft/OekologischerLandbau/OekolandbauDeutschland.pdf?__blob=publicationFile

Bundesministerium für Umwelt, Naturschutz, Bau und Reaktorsicherheit [Federal Ministry for the Environment, Nature Conservation, Construction and Nuclear Safety, German Federation (BMUB)]. (2013). BNB Bewertungsmethodik [BNB valuation methodology]. Retrieved from https://www.bnb-nachhaltigesbauen.de/bewertungssystem/bnb-bewertungsmethodik.html

Bundesministerium für Umwelt, Naturschutz, Bau und Reaktorsicherheit [Federal Ministry for the Environment, Nature Conservation, Construction and Nuclear Safety, German Federation (BMUB)]. (2016a). Leitfaden Nachhaltiges Bauen. Zukunftsfähiges Planen, Bauen und Betreiben von Gebäuden [Reform Federal Building. Better cost, deadline and quality assurance for federal buildings.]. In H.-D. Hegner (Ed.). Retrieved from http://www.bmub.bund.de/fileadmin/Daten_BMU/Pools/Broschueren/nachhaltiges_bauen_leitfaden_broschuere_bf.pdf

Bundesministerium für Umwelt, Naturschutz, Bau und Reaktorsicherheit [Federal Ministry for the Environment, Nature Conservation, Construction and Nuclear Safety, German Federation (BMUB)]. (2016b). Normung ISO TC 59 SC 17 [Standardization ISO TC 59 SC 17]. Retrieved from http://www.nachhaltigesbauen.de/normung-zur-nachhaltigkeit-im-+bauwesen/uebersichtzu-normungsgremien/arbeitsgruppen-des-isotc59sc17.html

Bundesministerium für Wirtschaft und Energie [Federal Ministry for Economic Affairs and Energy, German Federation]. (2014). Erneuerbare-Energien-Gesetz 2014 [The Law of Renewable Energy 2014]. Retrieved from https://www.bmwi.de/DE/Themen/Energie/Erneuerbare-Energien/eeg-2014.html

Carlowitz, H. C. (1732). Sylvicultura Oeconomica. Hausswirthliche Nachricht und Naturmäßige Anweisung zur Wilden Baum-Zucht [Housekeeping Message and Natural Instruction to Wild Tree Breedin]. (2nd ed.). Germany: Verlag Kessel. Retrieved from http://www.forstbuch.de/CarlowitzLeseprobe.pdf

Christersson, M., Vimpari, J., & Junnila, S. (2015). Assessment of financial potential of real estate energy efficiency investments-A discounted cash flow approach. Sustainable Cities and Society, 18, 66-73. https://doi.org/10.1016/j.scs.2015.06.002

Colantonio, A. (2008). Traditional and Emerging Prospects in Social Sustainability. Measuring Social Sustainability: Best Practice from Urban Renewal in the EU 2008/02: EIBURS Working Paper Series. Retrieved from http://oisd.brookes.ac.uk/sustainable_communities/resources/SocialSustainabilityProspectspaper.pdf

Coulson, N. E., Liu, C. H., & Villupuram, S. V. (2013). Urban economic base as a catalyst for movements in real estate prices. Regional Science and Urban Economics, 43, 1023-1040. https://doi.org/10.1016/j.regsciurbeco.2013.09.012

Deutscher Bundestag (2014). Grundgesetz für die Bundesrepublik Deutschland [Basic Law of German Federation]. Retrieved from https://www.bundestag.de/grundgesetz

DGNB System (2014). DGNB Criteria. Retrieved from http://www.dgnb-system.de/en/system/criteria/core14/

DGNB System (2016a) Overview of the DGNB. Retrieved from http://www.dgnb.de/dgnbev/en/council/dgnb/index.php

DGNB System (2016b). DGNB Pre-certified and Certified Objects. Retrieved from http://www.dgnb-system.de/en/projects/

DGNB System (2016c). Benefits for all. Retrieved from http://www.dgnb-system.de/en/certification/benefits/

Dinda, S. (2014). Environmental Kuznets Curve Hypothesis: A Survey. Ecological Economics, 49(4), 431-455. https://doi.org/10.1016/j.ecolecon.2004.02.011

Donath, C., Fischer, D., & Hauke, B. (2011). Nachhaltige Gebäude - Planen, Bauen, Betreiben [Sustainable Building Guide. Future-oriented planning, construction and operation of buildings]. Bauforumstahl. Nr. B 105. Retrieved from https://www.bauforumstahl.de/upload/publications/Nachhaltige_Gebaeude_240113%281%29.pdf

European Central Bank. (2015). Annual report 2015. Retrieved from https://www.ecb.europa.eu/pub/pdf/annrep/ar2015en.pdf

European Union. European Investment Bank (EIB). (2016). Retrieved from https://europa.eu/european-union/about-eu/institutions-bodies/european-investment-bank_en

Ganbat, K., Popova, I., & Potravnyy, I. (2016). Impact Investment of Project Financing: Opportunity for Banks to Participate in Supporting Green Economy. Baltic Journal of Real Estate Economics and Construction Management, 4, 69-83. https://doi.org/10.1515/bjreecm-2016-0006

GBIG (Green Building Information Gateway). (2016a). Places. Retrieved from http://www.gbig.org/places/

GreenBookLive. BRE Group. (2015). ISO 14001 Environmental Management System Certification. Retrieved from http://www.greenbooklive.com/search/scheme.jsp?id=122

Grizāns, J. (2015). Competitiveness of the Business Environment in Latvian Urban Areas and Applicable Tools for its Improvement (Doctoral thesis, Riga Technical University). Riga: RTU Press, 149 p.

Haeckel, E. (1866). Generelle Morphologie der Organismen. Retrieved from http://darwinonline.org.uk/converted/pdf/1866_Haeckel_A959.1.pdf

HFK Rechtsanwälte Heiermann Franke Knipp. (2009). Green building / Nachhaltiges Bauen. Berlin: Holga Wende. Retrieved from http://www.hfk.de/w/files/hfk-kompakt/green_building_web.pdf

Huovila, P., Ala-Juusela, M., Melchert, L., & Pouffary, S. (2007). Buildings and climate change. Status, Challenges and Opportunities. Paris: United Nations Environment Programme. Retrieved from http://www.unep.fr/shared/publications/pdf/dtix0916xpa-buildingsclimate.pdf

Informationsportal Nachhaltiges Bauen des BMUB (Bundesministerium für Umwelt, Naturschutz, Bau und Reaktorsicherheit) [Sustainable Building Information Portal of Federal Ministry for the Environment, Nature Conservation, Construction and Nuclear Safety, German Federation (BMUB)]. (2016). Drei Dimensionen des Nachhaltigen Bauens [Three Dimensions of Sustainable Buildings]. Retrieved from http://www.nachhaltigesbauen.de/nachhaltigesbauen/nachhaltiges-bauen/drei-dimensionen-des-nachhaltigen-bauens.html

James, P., Tzoulas, K., Adams, M. D., Barber, A., Box, J., Breuste, J., Elmqvist, T., Frith, M., Gordon, C., Greening, K. L., Handley, J., Haworth, S., Kazmierczak, A. E., Johnston, M., Korpela, K., Moretti, M., Niemela, J., Pauleit, S., Roe, M. H., Sadler, J. P., & Ward Thompson, C. (2009). Towards an integrated understanding of green space in the European built environment. Urban Forestry & Urban Greening, 8(2), 65-75. https://doi.org/10.1016/j.ufug.2009.02.001

Kauškale, L., Geipele, I. (2015). Construction Management - Challenges, Influencing Factors and Importance of Investment Climate. In Proceedings of 5th International Conference on Industrial Engineering and Operations Management (IEOM) (pp. 522-531). United Arab Emirates, Dubai, March 3-5, 2015. https://doi.org/10.1109/IEOM.2015.7093803

KfW Group. (2016a). KfW-Umweltprogramm [KfW Environmental Programm]. Retrieved from https://www.kfw.de/inlandsfoerderung/Unternehmen/Energie-Umwelt/Finanzierungsangebote/Umweltprogramm-%28240-241%29/

KfW Group. (2016b). KfW Geschichte [History of KfW]. Retrieved from https://www.kfw.de/KfW-Group/About-KfW/Identit%C3%A4t/Geschichte-der-KfW/

Kļaviņš, M., & Zaļoksnis, J. (2010). Vide un ilgtspējīga attīstība [Environment and Sustainable Development]. Riga: LU Academic Publishing House, p. 334.

Krolkiewicz, H. J. (2016). Energieausweis: Zahlen - Daten - Fakten; Auswirkungen auf Vermietung, Verwaltung und Verkauf von Immobilien; rechtliche und technische Grundlagen [Energy proof: numbers - data - facts; Impact on the rental, management and sale of real estate; Legal and technical bases] Freiburg, Br.; München [i.e.] Planegg: Haufe-Gruppe. ISBN 978-3-648-04997-6.

Kuznets, S. (1955). Economic growth and income inequality. The American Economic Review, 45, 1-28. Retrieved from http://blog.bearing-consulting.com/wp-content/uploads/2012/09/Economic.Growth.and_.Income.Inequality.pdf

Lexicon der Nachhaltigkeit [Lexicon of Sustainability]. (2015). Hans Carl von Carlowitz, 1713. Retrieved from https://www.nachhaltigkeit.info/artikel/hans_carl_von_carlowitz_1713_1393.htm

Lu, W., Peng, Y., Webster, C., & Zuo, J. (2015). Stakeholders’ willingness to pay for enhanced construction waste management: A Hong Kong study. Renewable and Sustainable Energy Reviews, 47, 233-240. http://dx.doi.org/10.1016/j.rser.2015.03.008

Manders, T., Chateau, J., Magné, B., Vuuren, D., Prins, A. G., & Dellink, R. (2012). Socioeconomic Developments. OECD Environmental Outlook to 2050: The Consequences of Inaction (pp. 45-69). Paris: OECD Publishing. https://doi.org/10.1787/env_outlook-2012-5-en

O`Daniel, B. (2012). Ökologisches Bauen. Arbeitsmarkt. Umweltschutz und Naturwissenschaften. Informationsdienst des Wissenschaftsladen Bonn. Jobmotor Nachhaltigkeit. Teil 3. Retrieved from http://www.wila-arbeitsmarkt.de/files/uws_2012_19_oekologisches_bauen.pdf

Pahl-Weber, E., Henckel, D., (Eds.). (2008). The Planning System and Planning Terms in Germany. A Glossary. Hanover: ARL. ISBN 978-3-88838-233-8, ISSN 1619-1986. Retrieved from http://shop.arl-net.de/media/direct/pdf/ssd_7.pdf

Pfnür, A. (2002). Modernes Immobilienmanagement: Facility-Management und Corporate-Real- Estate-Management [Modern Real Estate Management: Facility Management and Corporate- Real-Estate-Management]. Berlin: Springer. 342 p. https://doi.org/10.1007/978-3-662-08810-4

Ringel, M., Schlomann, B., Krail, M., & Rohde, C. (2016). Towards a green economy in Germany? The role of energy efficiency policies. Applied Energy, 179, 1293-1303. https://doi.org/10.1016/j.apenergy.2016.03.063

Roy Choudhury, A. K. (2015). Development of Eco-Labels for Sustainable Textile. In S. S. Muthu (Ed.), Roadmap to Sustainable Textiles and Clothing. Regulatory Aspects and Sustainability Standards of Textiles and the Clothing Supply Chain (pp. 137-173). Singapore: Springer. https://doi.org/10.1007/978-981-287-164-0_6

Statistisches Bundesamt [Federal Office of Statistics]. (2016). Nachhaltigkeit [Sustainability]. Retrieved from https://www.destatis.de/DE/ZahlenFakten/GesamtwirtschaftUmwelt/Umwelt/UmweltoekonomischeGesamtrechnungen/Nachhaltigkeit/Tabellen/Indikatoren.html

Štaube, T. (2013). Issues of Spatial Economic Allocation of the Entrepreneurial Activities in Latvia (Doctoral thesis, Riga Technical University). Riga: RTU Press, 191 p.

Štaube, T., Leemeijer, B., Geipele, S., Kauškale, L., Geipele, I., & Jansen, J. (2016). Economic and Financial Rationale for Age-Friendly Housing. Journal of Financial Management of Property and Construction, 21(2), 99-121. https://doi.org/10.1108/JFMPC-05-2015-0015

UNEP (United Nations Environment Programme). (2012). Geo5 Global Environmental Outlook. Environment for the future we want. Malta: Progress Press Ltd. Retrieved from http://web.unep.org/geo/sites/unep.org.geo/files/documents/geo5_report_c1.pdf

UNEP (United Nations Environment Programme). (2016). UNEP 2015 Annual Report. ISBN 978-92-807-3518-5. Retrieved from http://www.unep.org/annualreport/2015/en/index.html

USGBC (U.S. Green Building Council). (2014). Checklist: LEED v4 for Building Design and Construction. Retrieved from http://www.usgbc.org/resources/leed-v4-building-design-andconstruction-checklist

World Commission on Environment and Development. (1987). Our Common Future (Brudtland Report). Retrieved from http://www.un-documents.net/our-common-future.pdf

World Green Building Council. (2013). Business Case for Green Building reports. A review of the Costs and Benefits for Developers, Investors and Occupants. Retrieved from http://www.worldgbc.org/files/1513/6608/0674/Business_Case_For_Green_Building_Report_WEB_2013-04-11.pdf

Journal Information

Metrics

All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 140 140 16
PDF Downloads 61 61 7