Green and Smart Building Trends

Abstract

Green and Smart Buildings have evolved over the past two decades from being an environmental idealism to a business case with strong industry growth and a long-term business opportunity. This is driven by factors such as client/market demand, lower operating costs, greater environmental consciousness, regulatory requirements/incentives and improved health and productivity benefits. However, there are several barriers or obstacles for green buildings such as higher perceived first costs, lack of public awareness, lack of political support and incentives, and the perception that green is for the high-end project sector only. Governments across most major economies of the world are starting to care about energy efficiency and sustainability in the building sector. The buildings sector’s crucial role in mitigating climate change was also recognised at the historic Paris Climate Conference in 2015. Another useful trend for the green building industry in the financing realm is the model of a Energy Services Company (ESCO) that provide innovative financing schemes along with the full suite of energy conservation measures. The advent of Internet of Things (IoT) is also affecting the way green and smart buildings are getting connected with various stakeholders throughout the world.