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Carbon Markets: A Hidden Value Source for Commercial Real Estate?

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  • Aaron Binkley
  • Brian Ciochetti

Abstract

Real estate is one of the largest contributors to CO2 emissions yet the industry knows very little about this topic. This paper provides a background on carbon markets and their potential role in a proposed strategy for energy efficiency improvements (EEI). It compares the relationship between an investment decision based solely on electricity prices to one that incorporates the monetary benefit associated with carbon offsets. The findings suggest that a regulated carbon 'cap and trade' system could provide additional value to property owners who pursue EEI strategies. Moreover, carbon offset value differs significantly by geographic location and method by which electrical energy is produced. EEI strategies that take into account carbon offset value could significantly reduce the impact that commercial real estate has on the environment.

Suggested Citation

  • Aaron Binkley & Brian Ciochetti, 2010. "Carbon Markets: A Hidden Value Source for Commercial Real Estate?," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 2(1), pages 67-90, January.
    • Handle: RePEc:taf:rsrexx:v:2:y:2010:i:1:p:67-90
    DOI: 10.1080/10835547.2010.12091810
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