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The green building market in Australia is well-established and growing, with over 12 million square meters of Green Star certified or registered green building space. The maturity of the Australian green building market is underlined by the strength of the Green Building Council of Australia (GBCA) and the extensive adoption of the globally recognized Green Star rating system. The Green Star rating system has transformed the way Australia plans and builds cities, buildings, and communities. Moreover, the country has a robust regulatory environment that further supports sustainability. According to ConsTrack360, over the forecast period of 2021 to 2025, the industry is expected to record a CAGR of 9.1%.
The popularity of green buildings in Australia began in 2000 post the Sydney Olympics, wherein the facilities and venues constructed brought in best practice benchmarks and sustainability at scale. Since then, the green building market has evolved, making Australia one of the most mature green building markets globally.
Also, Australia was one of the first to embrace cross-laminated timber technologies as well as chilled-beam cooling, which led to reduced emissions and improved efficiencies. GBCA outlined a strategic plan for 2021 and beyond. The plan aims for net-zero emissions of new buildings by 2030 and existing buildings by 2050 and to build a housing standard as the residential sector accounts for over 50% of built environment emissions. GBCA also intends to push governments to increase their adoption of Green Star and other GBCA standards.
To attain the highest 6 Star rating, the Green Star Buildings tool, unveiled in October 2020, necessitates buildings to be fully electric, net-zero, fossil fuel-free, and 100% renewable. The tool launched by GBCA intends to make net-zero the norm. Some essential projects in Australia have been provided with early access to Green Star Buildings to test how the tool works.
On an average, buildings in Australia hold 25% of carbon emissions. In such a case, the Green Star Buildings rating tool is required to attain the country's level of change in terms of sustainability. In line with Australia's emissions reduction and energy transformation goals, the Green Star Buildings supports electrification and green gas or any emerging technologies that reduce emissions.
