White paper released at CIIE on real estate decarbonization in China

Ti Gong

A white paper on commercial real estate decarbonization in China has been released to provide a reference for industrial players across the world.

The white paper, compiled by Cushman & Wakefield Vanke Service, Tongji University's School of Economics and Management, and the Royal Institution of Chartered Surveyors, was released during the ongoing 6th China International Import Expo.

Hailed as the first of its kind in China, the white paper details carbon emissions in domestic commercial buildings in the status quo and makes several recommendations and solutions in concert with China's dual carbon goal -- with the aim to reach peak carbon emissions by 2030 and achieve carbon neutrality by 2060.

According to the white paper, carbon emissions from the real estate sector account for nearly half of China's total carbon emissions.

Data from the National Bureau of Statistics shows that the real estate and construction industry accounted for 13.8 percent of China's GDP in 2021.

The energy consumption of the whole process of national construction accumulated to 18.48 TWh (2.27 billion tons of standard coal) in 2020, accounting for 45.5 percent of the country's total energy consumption.

Meanwhile, total carbon emissions from the national construction process amounted to 5.08 billion tons of carbon dioxide, accounting for 50.9 percent of the country's carbon emissions.

Building energy efficiency has been included as one of China's three key energy-saving areas, but there is still a long way to go in the decarbonization of China's real estate.

The white paper made suggestions, such as bridging the financing gap of green investment, setting up a whole life cycle carbon footprint tracking and disclosure system, and differentiating carbon reduction methods for existing and new projects.