The Property Council of Australia has announced the important role the property industry will play in achieving net zero.

Property Council’s NSW Director Luke Achterstraat said as New South Wales invests $4.8 million in speeding up the transformation of the State’s built environment towards net zero emissions, buildings play a major role in providing some of the least cost abatement opportunities in the economy.

“Upgrading the energy efficiency of Australia’s commercial buildings would not only stimulate economic activity through inputs of local labour, it would also deliver an estimated $12 billion in energy savings between 2016 and 2030.

“Since efficient buildings are also healthier and more productive, gains in staff productivity are likely to dwarf the benefits in energy savings.”

He also said accelerating Australia’s transition to sustainable housing could both protect the home building sector, as well as spur growth in delivering more than half a billion dollars of additional investment in the construction industry by 2030 and create over 7,000 new jobs.

Mr Achterstraat said buildings accounted for over 50 per cent of electricity use in Australia and almost a quarter of its emissions.

“We encourage the NSW State Government to leverage the unique opportunity the built environment offers to dramatically reduce carbon emissions in highly cost-effective ways that will also stimulate the economy,” he said.

“As Australia heads towards a low emissions economy, governments must provide a clear pathway of policies that give certainty to industry and create economic opportunities for Australian businesses.”

Mr Achterstraat said this would be critical in improving and sustaining the future liveability, productivity and sustainability of our communities and cities.

“With the right policy frameworks in place, we can minimise the costs of a transition to net zero emissions and create economic opportunities across all parts of industry, from sole traders and homeowners to large businesses.

“As the nation’s biggest industry that employs 1.4 million Australians, a strong property industry will be central to the nation’s economic recovery. Indeed, the built environment industry – from commercial landlords to developers and builders – has been critical to Australia’s resilience through the crisis to date.”