The impact of global warming is not something we can take lightly any longer. From unprecedented forest fires, earthquakes, floods & other natural disasters, a lot of lives have a been lost or affected severely by the rising impact of climate change.
This directly affects the economy, pockets of homeowners, real estate developers & governments. After experiencing the catastrophic effect of climate change, finances often get directed to recovery instead of the root of the problem, which is improving overall energy efficiency by lowering our carbon emissions.
When we do so, the amount of carbon emissions (one of the greenhouse gases) produced equates to the amount of greenhouse gases absorbed. By striking that balance, we could help stabilize weather patterns & lower the impact of global warming for our future.
Real estate is said to be one of the largest producers of carbon emissions, which is just the cherry on top beside the rising costs of running energy efficient buildings. Most sought after real-estate is in high-risk regions in terms of the impact of climate change i.e., seaside houses, forest cottages & remote locations which are the epicentres of natural disasters. But the impact of global warming & nature’s fury is not limited to these regions. A larger part of these carbon emissions may come from our concrete jungles like metropolitan cities.
Whether remote spots or large cities, the impact of climate change on real-estate is very real & expensive. All forms of real-estate pay a hefty sum to get insurance coverage be it natural disasters directly caused by the impact of climate change, urban surcharges, backup energy and overloaded electrical equipment.
A larger part of the expenses goes into paying for decent energy efficiency that lasts. The problem is that most of the current so-called energy efficient buildings are costing the environment as they run on non-renewable energy (fossil fuels), which scientists say will be depleted by 2060.
Although the impact of climate change on real estate, in the natural disaster space, is unavoidable for now, low carbon, cost energy efficiency and energy management solutions is still in our hands. Prior to running on renewable energy, we need to first convert existing infrastructure into energy efficient buildings. This could lower the impact of climate change on real estate from energy costs, extending the life of hardware that keeps energy efficiency up to lowering carbon emissions that harm the environment.