You are on page 1of 12

ANNEX 01 - Sources

Valuing
Sustainability

Co-funded by the Intelligent Energy Europe
programme of the European Union

April 2016

ANNEX 01 - Sources

1. Introduction
IVSC, 2013, International Valuation Standards (IVS) 2013, International Valuation Standards
Council, London
RICS, 2014, RICS Valuation – Professional Standards January 2014, Royal Institution of
Chartered Surveyors, London
RICS, 2013, Sustainable Construction: Realising the Opportunities for Built Environment
Professionals, Royal Institution of Chartered Surveyors, London
RICS, 2008, Breaking the Vicious Circle of Blame – Making the Business Case for Sustainable
Buildings, RICS FiBRE Series, June 2008, London

RICS, 2011, Sustainability and the valuation of commercial property (Australia), Published by:
RICS Oceania, Sydney

ANNEX 01 - Sources

2. Rationale & Business Case
IPCC, 2014, Climate Change 2014: Mitigation of Climate Change, Contribution of Working
Group III to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change
OECD, OECD Environmental Outlook to 2050: The consequences of inaction, Organisation for
Economic Co-operation and Development, OECD Publishing
UNEP FI, 2014, Sustainability Metrics – Translation and impact on property investment and
management, United Nations Environment Programme Finance Initiative, Geneva
UNEP FI (2014). Commercial Real Estate: Unlocking the Energy Efficiency Retrofit Investment
Opportunity. United Nations Environment Programme Finance Initiative, Geneva

WGBC, 2013, The Business Case for Green Building, World Green Building Council

ANNEX 01 - Sources

2. Rationale & Business Case
Muldavin, S. (2010) Value Beyond Cost Savings – How to Underwrite Sustainable Properties,
The Green Building Finance Consortium, San Rafael, available at:
http://www.greenbuildingfc.com
Bio Intelligence Service, Ronan Lyons and IEEP, 2013, Energy performance certificates in
buildings and their impact on transaction prices and rents in selected EU countries, Final
report prepared for European Commission (DG Energy)
Ecofys/Fraunhofer, 2010, Energy Savings 2020 – How to triple the impact of energy saving
policies in Europe, See: http://www.ecofys.com/de/veroeffentlichung/energy-savings-2020/

ANNEX 01 - Sources

2. Rationale & Business Case
EU, 2010, Directive 2010/31/EU of the European Parliament and of the Council of 19 May 2010
on the energy performance of buildings, In: Official Journal of the European Union,
Legislation, L 153, Volume 53, 18 June 2010
EU, 2012, Directive 2012/27/EU of the European Parliament and of the Council of 25 October
2012 on energy efficiency, amending Directives 2009/125/EC and 2010/30/EU and repealing
Directives 2004/8/EC and 2006/32/EC, In: Official Journal of the European Union, Legislation, L
315, Volume 55, 14 November 2012

ANNEX 01 - Sources

3. Energy performance
Concerted Action EPBD, 2013, Implementing the Energy Performance of Buildings Directive,
See: http://www.epbd-ca.eu
EEFIG, 2015, Energy Efficiency – the first fuel for the EU Economy, How to drive new finance
for energy efficiency investments, Energy Efficiency Financial Institutions Group, See:
http://ec.europa.eu/energy/en/news/new-report-boosting-finance-energy-efficiencyinvestments-buildings-industry-and-smes
The Buildings Performance Institute Europe, 2010, Energy Performance Certificates across
Europe – From design to implementation, Brussels

ANNEX 01 - Sources

4. Key information sources
Lorenz, D. and Lützkendorf, T. (2011), Sustainability and Property Valuation – Systematisation
of existing approaches and recommendations for future Action, Journal of Property
Investment & Finance, Vol. 29, No. 6, pp. 644–676
Lützkendorf, T. and Lorenz, D. (2011), Capturing Sustainability related Information for Property
Valuation, Building Research & Information, Vol. 39, No. 3, pp. 256-273
Meins, E., Lützkendorf, T., Lorenz, D., Leopoldsberger, G., Frank, S., Burkhard, H.P., Stoy, C. und
Bienert, S. (2011), Nachhaltigkeit und Wertermittlung von Immobilien – Leitfaden für
Deutschland, Österreich und die Schweiz (NUWEL), Herausgeber: CCRS, Center for Corporate
Responsibility and Sustainability, Universität Zürich
Muldavin, S. (2010) Value Beyond Cost Savings – How to Underwrite Sustainable Properties,
The Green Building Finance Consortium, San Rafael, available at:
http://www.greenbuildingfc.com

About RENOVALUE

The Project

The use of property valuation is an
essential aspect of the property
lifecycle and directly influences
financial decision making that is why
encouraging the consideration of
energy efficiency and renewable energy
needs to start here.
Being able to demonstrate the business
case to prospective buyers, sellers,
lenders and investors is prerequisite to
accelerating the market transition
towards Nearly Zero Energy Buildings
(NZEBs).

About RENOVALUE

The Project

Yet the ability to demonstrate this
business case for sustainable buildings
is exactly what is missing at present:
many valuation professionals lack both
the skills and the knowledge to
consistently take energy efficiency and
renewable energy issues into account
when advising their clients.
RenoValue aims to fill this knowledge
and skills gap by developing training
material for practising valuation
professionals on how to factor energy
efficiency and renewable energy issues
into valuation practices and how to
advise their clients accordingly.

Partners

Funded By
RenoValue is funded by the Intelligent Energy
Europe Programme of the European Union and is
managed by the Executive Agency for Small and
Medium sized Enterprises (EASME)

The content of this document does not
reflect the official opinion of the
European Union. Responsibility for the
information and views expressed lies
entirely with the author(s).

Website
www.renovalue.eu

Contacts

Twitter
@renovalueEU