2026年释放共享价值：商业地产改造降本增效、风险缓释与可持续价值路径分析（英文版）

UnlockingSharedValue:

→Howretrofittingcommercialreal

estatelowerscosts,mitigatesrisk,

andcreateslong-termvalue

Contents

01.

02.

03.

04.

Foreword4

Executivesummary5

Realestateportfolios

asapractical

decarbonizationlever8

Transformingsupply

&demand10

Thechallengeof

transformingsupply&

demandatscaleinthe

builtenvironment12

Scalingaction14

Activatingthebuilt

environmentvaluechain

throughERA16

Theretrofitimperative17

Theunmetdemandfor

low-carbonspace18

Themainbarriersto

retrofittingcommercial

realestate21

05.Themissinglink:

06.Frombarrierstoaction:

07.Conclusion:

coordinatedvalue

captureinretrofitting

commercialrealestate23

casestudieson

retrofitdrivers26

Findingcommonbusiness

denominators27

Fivestrategicactionsto

decarbonizecommercial

realestateportfolios51

Technologiesexistto

supportthefive

strategicactions53

Appendix55

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity2

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity3

featuringcontributionsfrom

fuvoLenseGroupOJLL

onrroaaPROLOCIS'

⃞SUMITOMOFORESTRY

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity4

Foreword

Thetransitiontoanet-zeroeconomywillbe

definedbyimplementation.Acrossindustries,manycompanieshavemadeambitiouscommitments

andinvestedsignificanteffortinsettingtargets,improvingdisclosureandbuildingtransitionplans.

Yetthecentralchallengenowisdeliveryatscale.

Turningambitionintomeasurableemissions

reductionthatalsodeliverrapidbusinessvalueacrossthecomplexsystemsinwhichcompaniesoperatehasneverbeenmorecritical.

ThatiswhytheWorldBusinessCouncilfor

SustainableDevelopmentlaunched

Emissions

ReductionAccelerator(ERA)

:tohelpcompaniesmovefromisolatedactiontoscaledexecutionintheareasthatmattermost.

Thebuiltenvironmentisoneofthosepriority

areas.Responsibleforcloseto37%ofglobal

emissions,thebuildingandconstructionvaluechainrepresentsoneofthegreatestopportunitiesfor

near-termdecarbonizationandlong-termeconomicvaluecreation.Importantly,manyofthesolutions

requiredforthetransitionalreadyexisttoday.

ThisreportreflectstheambitionofERA’sBuilt

EnvironmentPilot,whichbuildsonthemomentumofthe

MarketTransformationActionAgenda

andothereffortstoacceleratedecarbonization

acrossthesector.Itfocusesononeofthemost

immediateandscalableopportunitiesavailabletobusinessleaders:transformingexistingrealestateportfoliosthroughretrofitting.

Foranycompanythatownsorleasesbuildings,

fromofficesanddatacenterstomanufacturing

andlogisticsfacilities,thisisastrategic

opportunity.Modernizingexistingassetscancut

emissions,lowercosts,strengthenresilience,

reduceexposuretofuturerisksandunlocknew

value.Thesolutionsareavailable.Thebusinesscaseisgrowingstronger.Thetasknowistomovefaster,together,andturnambitionintoactionatscale.

Thedeadlinetodecarbonizerealestateis

approachingfast.Amidvolatileenergycosts,

companiescannolongeraffordinefficientreal

estate.Addtighteningbuildingperformance

standardsandthebusinesscaseforactionis

strongerthanever.Technologyisstreamlining

datacaptureandanalysis.Bestpracticesare

documented.Inefficientbuildingsandinsecure

energyaccessareafinancialdrainandstrategicvulnerability.Thequestionforbuildingownersandoccupiersisthis:Howquicklycanyoushiftyour

buildingsfromrisktoopportunity?

ToeveryCEO,CFOandboardmember:Stoptreatingrealestateasaback-officeconcern.

Yourbuildingsarestrategicassetswithdirect

impactonbusinessoptimization.Theright

decarbonizationandenergystrategiescandeliverresultsfast.Financialbenefits.Riskmanagement.Progressonsustainabilitycommitments.

Leadershipthatresonateswithemployees,investorsandcustomers.Whywait?

Tocommercialrealestatedirectorsand

sustainabilityleaders:Makethelinktobusinessriskmitigation.Buildingscontributingtoclimatechangetodaywillbemostvulnerabletoenergypricevolatilitytomorrow.Transformbuildings

intolow-carbon,energy-smartspacesthatareresilienttogridinsecurity.Demonstratebusinessoptimizationwhenenergycostsdominate

boardroomdiscussions.

Toassetowners,investorsanddevelopers:

Understandnewmarketdynamics.Premium

tenantsdemandlow-carbonspace-andwillpayforitorwalkaway.Browndiscountsarewidening.Strandedassetriskisreal.

Tosolutionproviders:Themarketisreadyifyoucandeliverscalability.Movebeyondone-offprojects.

Offerperformanceguarantees,risk-sharingmodelsandfinancingthatrecognizethecostsavoidedbyactingnow,notjustupfrontinvestment.

Decarbonizingrealestateisn’tacapabilityproblem.It’samomentumproblem.Let’schangethat.

DominicWaughray

ExecutiveVicePresident,

WorldBusinessCouncilforSustainableDevelopment(WBCSD)

GuyGrainger

GlobalHeadofSustainability,JonesLangLaSalle(JLL)

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity5

Executivesummary

Ascompaniesacceleratetheirtransitionto

net-zeroemissions,theyoftenoverlooka

strategicdecarbonizationlever:therealestate

portfoliostheyown,leaseoroccupy.Thescale

ofthisopportunityextendsfarbeyondindividual

corporatebalancesheets.Thebuildingand

constructionvaluechainaccountsfornearly40%oftotalglobalemissions.Thismeansthateven

whenrealestateemissionsrepresentlessthan10%ofanindividualorganization’scarbonfootprint,

actioninthisareadeliversdisproportionate

impactworldwide.Reducingtheseemissionsto

zerocreatesmeaningfulbenefitsthattranscendcorporatematerialitythresholds.Whilerealestatemaynotappearmaterialintraditionalenterprisereportingframeworks,itsdecarbonizationis

absolutelymaterialtoclimatestabilityandtomakingthisplanetabetterplaceforall.

Importantly,thetechnologiesrequiredto

decarbonizetheseportfoliosarenottheoreticaloryearsaway,theyalreadyexistandareprovenatscale.Deployingestablishedsolutions,such

asbuildingelectrificationsystems,energy

efficiencyupgrades,smartenergymanagementplatforms,andhigh-performanceheating,coolingandventilationsystems(HVAC)isapractical,

high-impactopportunityforcompaniesseekingtoaccelerateprogressontheirclimatetargetswithoutwaitingforbreakthroughinnovations.

Yet,despitetheseadvantages,commercial

realestateretrofittingratesremaincritically

low.ResearchfromJLLindicatesthatretrofit

activitymustincreasefivefold,to13.2%of

existingcommercialbuildingsannually,tomeetdecarbonizationtargets.1Thisgapisnotduetotechnicallimitationsbuttosystemicbarriers,includinglackoftrustindata,fragmented

standardsandsiloeddecision-making.

Wehavedrawnonstakeholderfeedback,workshopsandstructuredanalysistofullyunderstandwhybusinessesarehesitanttoundertakeretrofitting:

→Financialbarriers:Highupfrontcapitalcosts,shortpaybackexpectations,limitedaccesstoattractivefinancing,andinsufficient

marketrecognitionofretrofitvalueconstraininvestmentdecisions;

→Tenant–landlordmisalignment:Splitincentives,shortleasestructuresandlimitedcollaborationmechanismshindercoordinatedactionand

sharedinvestment;

→Implementationchallenges:Technology

uncertainty,electrificationconstraints,data

gapsandthecomplexityofsolutionsslow

deploymentandreduceconfidenceinoutcomes;

→Marketrisks:Regulatoryuncertainty,

evolvingstandards,physicalclimaterisksandinconsistentdataincreaseperceivedinvestmentriskanddelaydecision-making.

Atthesametime,afundamentalmarketimbalancepersists:demandforlow-carbonspaceisgrowingrapidly,particularlyinprimelocationsinmajor

cities,whilesupplylagssignificantly.Acrossglobalmarkets,leadingoccupierswilltie75%offuture

officespacerequirementsand65%offuture

industrialandlogisticsdemandtocorporate

carbonreductiontargets,makingitabaseline

marketrequirement.Withoutamajorincreasein

retrofitactivity,businessesintherealestatemarketwillnotbeabletomeetdemandby2030.Built

environmentemissionswillremainstaggeringlyhigh,jeopardizingglobalclimatetargets.

Agingbuildingstock,risingenergydemand,

escalatingenergycostpressuresandtightening

regulationsfurtherreinforcetheurgencyofaction.Alackofcoordinatedvaluecaptureisatthecoreofthesechallenges.Makingthebusinesscaseformodernizingassetsrequiresmodelsthatunlock

sharedvalue.Scalingthismodernizationthrough

retrofitsrequiresaligningstakeholderincentives

andenablingcollaborationacrossthevalue

chain.Byclarifyingrolesandsharingrisksthroughnewbusinessmodels,retrofittingcanbecome

investable,practicalandscalable.

Yetretrofittingcommercialrealestateis

alreadyachievableandcommerciallyviable.

Whenincentivesalignandbusinessesshape

partnerships,designandleadershipeffectively,

projectscandeliverbothemissionsreductionsandfinancialreturns.Thebarriersarenotstructural

deadendsbutcoordinationchallenges.Thecasestudieswepresentinthispublicationhighlightthesuccessesalreadyachieved.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity6

Executivesummarycontinued

Table1.Casestudiesandbusinessdriversoverview

Casestudy

Assettype

Rootcausetackled

Businessdriverasunlockingmechanism

Wasteheat

recoveryin

Berlin

Datacenter

→Valuerecognition,→stakeholder

fragmentation,

→technologychallenges

Cross-sectorinfrastructurepartnershipbetweenthedatacenteroperator,districtenergyutilityandcityauthorityenabledthe

monetizationofwasteheatasadistrictenergyservice,creatinganewvaluestreamwhilecoordinatingmultiplestakeholdersandensuringoperationalreliability.

Grid-interactive

uninterruptible

powersupply

(UPS)retrofitat

IWBBaseldata

center

Datacenter

→Valuerecognition,→stakeholder

fragmentation,→electrification

challenges

Activationofexistinginfrastructureasagrid-interactiveenergyasset.UpgradingUPSandbatterysystemsenabledparticipationinflexibilitymarkets,generatingnewrevenuestreamswhile

deliveringoperationalcostsavingsandsupportingrenewable

energyintegration,therebystrengtheningtheinvestmentcaseforretrofit.

123GoldenLane

Office

→Valuerecognition,

→capitalinvestment

challenges,

→quantification

challenges,

→transitionrisk

Developer-ledinvestmentcasesupportedbylife-cyclevalue

creation,combiningembodiedcarbonreduction,asset

repositioningandadditionalleasablespace.Ajointventure

investmentstructurereducedriskexposurewhileenablingdeepretrofitalignedwithfuturenet-zeroemissionsstandards.

Edge

Amsterdam

West

Office

→Valuerecognition,

→capitalinvestment

challenges,

→quantification

challenges,

→transitionrisk

Long-terminvestmentstrategysupportedbypre-leasing

tohigh-qualitytenants,enablinginstitutionalcapitaltofunddeepretrofit.Sustainabilitycertifications,energy-positiveperformanceandincreasedleasablevaluestrengthenedtheasset’smarket

positioningandfuture-proofedtheinvestment.

Elevator

modernization

reduces50%

energy

Office

→Valuerecognition,

→capitalinvestment

challenges,

→transitionrisks

Assetrepositioningthroughtargetedsystemmodernization.

Upgradingenergy-intensiveelevatorsystemsreducedoperationalcostsandimprovedbuildingperformance,whilesupporting

sustainabilitycertificationsandenhancingtenantexperience,

enablingthebuildingtoremaincompetitiveandprotectlong-termassetvalueinatighteningmarket.

Stadshart

Amstelveen

Retail

→Valuerecognition,

→capitalinvestment

challenges,

→electrification

challenges

Assetvaluecreationthroughspatialoptimizationandanchortenancy.Additionalrentablefloorareastrengthenedthe

investmentcase,whilesecuringalong-termanchortenant

enabledinvestmentinelectrification.Batterystoragemitigatedgridcongestionandensuredreliableall-electricoperations

Washington

Metro

Infrastructure

→Capitalinvestment

challenges,

→stakeholder

fragmentation,

→valuerecognition

Public-privatepartnershiptoguaranteelong-termleaseincome,wherethedeveloperinstallsandoperatesthesolarinfrastructurewhiletheassetownerprovidesthespace.Concession-stylemodeleasesupfrontcapitalrequirementsandgenerateslong-term

leaserevenuefromunderusedassets.

Photovoltaics,

energystorage,

directcurrent,

andflexibility

(PEDF)systems

Retail,office,mixed-use

development

→Electrification

challenges,

→valuerecognition,

→quantification

challenges

Reductioninoperationalexpenditurethroughtheintegrationof

advanced,scalableandreplicableenergysystemsenablingmore

efficientuseofon-siterenewableenergy.Demonstratedoperationalsavingsandsystemperformancecreatedascalablemodelfor

portfolio-wideadoption.

Future-proofing

heavylogistics

Logistics

→Valuerecognition,

stakeholder

→fragmentation,

→quantification

challenges

Creationofnewrevenuestreamsthroughdata-drivenenergy

planningandphasedinfrastructuredeploymentaligninglandlordandtenantoperationalneeds.Theintegrationofelectricvehicle(EV)chargingandsolarphotovoltaic(PV)panelscreatednew

revenuestreamswhilesupportingtenantfleetelectrificationandenhancingassetvalue.

Marston

GateDC2

Refurbishment

Logistics

→Transitionrisk,

→valuerecognition,

→capitalinvestment

challenges

Assetvalueprotectiontoavoidobsolescenceandretainincomestreams.Alandlord-ledspeculativedeepretrofitupgradedthe

buildingtomodernGradeAandall-electricstandards,enabling

leasingatmarketrent,retainingtenantsandpreservinglong-termassetvalueinamarketwheresustainabilityisaprerequisite.

DairyCampus

Manufacturing

→Valuerecognition

Operationalcostsavingsthroughadaptivereuseandon-site

energyrecovery.Reuseofexistingstructuresreducedcapital

requirements,whilecapturingwasteheatfrommilkgeneratedoperationalcostsavingsandenvironmentalbenefits,reinforcingthesite’sroleasaninnovationandknowledgehub.

Executivesummarycontinued

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity7

Thetimetoactisnow.Elevatingrealestate

retrofittingfromanoperationalconsiderationtoastrategicdecarbonizationprioritybeginswith

assessingtheenergyperformanceandemissionsprofileofownedandleasedproperties,identifyingretrofitopportunities,andengagingwith

stakeholderstounlockcollaborativepathwaysforward.Commercialrealestatedirectors,

sustainabilityleadersandexecutiveboardsmustensureretrofittingisastrategicpriority.

Everybuildingrepresentsanopportunitytomeetcompliancerequirements,manageriskanddelivermeasurableemissionsreductionsthatcontributemeaningfullytoplanetaryclimatestability.The

questionhasgonefarbeyondwhethertoacton

realestatedecarbonization.Itisnowabouthowquicklybusinessescanmobilizecapital,align

stakeholdersanddeployprovensolutionsatscale.

Throughtargetedworkinggroupsacrosskeyassetclasses,WBCSDleveragesitsconveningpower

tosupportthisshift,developingstandardizedapproachestostrengthenbusinesscases.

Weinvitestakeholdersthroughoutthevalue

chaintoengageinthisworkbyhelpingshape

scalablemodelsthatcanaccelerateretrofit

implementationglobally.Bydeployingproven

solutions,thesectorcanmovefromambitiontoimplementationandachievethetransitiontoalow-carbon,resilientbuiltenvironment.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity8

Realestateportfoliosasapractical

decarbonizationlever

01.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity9

01.Realestateportfoliosasapracticaldecarbonizationlever

Thebuiltenvironmentsectorhasacritical

roletoplayintheglobaltransitiontonet-zeroemissions.Butoneofitsmostpracticaland

immediateopportunitiesremainsunderused:

thedecarbonizationofexistingcommercialreal

estateportfolios.ForbusinesseswithsubstantialScope3emissions,realestaterepresentsa

concreteopportunitytodrivemeasurableclimateaction.Integratingbuildingretrofitstrategies

intocorporatetransitionplanscanunlockan

estimated5-6%emissionsreductionpotentialforcompanieswithsignificantrealestatefootprints.Thiscontributionbecomesincreasinglymaterial

asbusinessesworktoclosetheirclimateambitiongapsandmeetParisAgreementcommitments.

Collectively,decarbonizingcorporaterealestateatscalecandramaticallyreduceemissionsand

drivesystemictransformationacrossoneofthe

world’slargestandmostcarbon-intensivesectors.

Thisreportexploreshowcommercialrealestatecanserveasapracticalandscalablesolution

fordecarbonization,withaspecificfocusonacceleratingtheretrofitofexistingbuildings.

DevelopedwithintheframeworkoftheWBCSD

MarketTransformationActionAgenda

(MTAA),

itcontributestoongoingeffortstoalignsupply

anddemandfornet-zeroemissionsassetsacrossthebuiltenvironment.Italsooutlineshowour

EmissionsReductionAccelerator(ERA)

supportscollaborationacrossthevaluechainstotranslateambitionintoimplementation.

Itexaminesthekeymarketdynamicsshaping

demandforlow-carbonbuildings,exploresthe

rootcausesbehindtheslowuptakeofretrofit

activity,andoutlineshowstakeholdersacrossthevaluechaincanalignincentivesbyintroducing

thecoordinatedcapturingofvalueasameanstounlockinvestmentandscaleaction.Throughcasestudiesfromdatacenters,offices,retail,logistics,manufacturingfacilitiesandtransportation

infrastructure,wedemonstratehowcompanieshaveaddressedcommonretrofitchallengesinpractice.Wehighlightbusinessdrivers,financingapproachesandcollaborationmodelsthat

translateambitionintoimplementation.

Figure1.OverviewofenergydemandandCO2emissionsinbuildings

Energydemand:

Buildings

responsiblefornearly20%

(ofoverall

growthinenergy

demandsince

2019)

Energyusesplit:70%

Residential/

30%

commercialandpublicbuildings

Hasgrownby~25EJsince2019

450EJ

in2024-

End-usesectors’

finalenergy

consumption

(About30%of

globalenergy

demand)

Source:InternationalEnergyAgency.(2025).Energyefficiency20252.

CO2emissions:

Record

9.8gigatonnesofoperationalemissions

Buildingsaccountedfor34%ofglobalCO2

emissionsin2023

Source:GlobalAllianceforBuildingsandConstruction.GlobalStatusReportforBuildingsandConstruction2024/254.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity10

Transforming

supply&demand

02.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity11

02.Transformingsupply&demand

The

MarketTransformationActionAgenda

(MTAA)isacollaborativeplatformthatamplifies,connectsandcoordinatestheactionsofindustryleaders

tacklingthemostcriticalbarrierstodecarbonizingthebuiltenvironment.LaunchedattheBuildings

andClimateGlobalForuminParisin2024,we

collaboratedwithseveralhundredleadersand

practitionersfromover100organizationsacross

thebuiltenvironmentvaluechaintodevelopthe

agenda.Wehaveidentified11systeminterventionpoints–specificactionsrequiredtoshiftthe

entirebuiltenvironmentsystemtowardsnet-zeroemissions.Eachpointtargetsacriticalbarriertolarge-scaledecarbonizationandcollectivelyformsthefoundationoftheMTAA.

Itsstructurehasthreeleversthatbuildon

thefoundationalprinciplesoftheMarket

TransformationLeversforaNetZeroBuilt

Environment,developedbytheGlobalAllianceforBuildingsandConstruction(GlobalABC):3

→Lever1focusesonadoptinglife-cyclethinkingandwholelifecarbonassessmentacrossthefullvaluechain,andaligningkeyindicators,

metricsandtargets.

→Lever2aimstointegratethecarboncostandreflectitinthepriceofproductsandservicesthroughoutthevaluechain,includingin

procurementandtaxonomy.

→Lever3seekstotransformsupplyanddemand

dynamicstoincentivizelow-carbonsolutions

basedonthewholelifecarbonapproach.

The3leversandthe11interventionpointsprovideacollectiveroadmapandaglobalnarrativefor

builtenvironmentstakeholdersspanningthe

entirevaluechain.Theseincludebusinessand

financestakeholders,cities,nationalgovernments,regulatorsandendusers.

Variousinitiativesandongoingworkalready

addresssomeinterventionspartiallyorfully.We

provideadetailednarrativeandoverviewofthe

MTAA,alongwiththecurrentstatusofongoing

work,inourlatestreport,

DrivingtheAmbition

Loop

.Theaccompanying

three-minutevideo

showcasesindustryleadershipandthepowerof

theambitionloop,wherebusinessactiondrives

policyand,inturn,wherepolicyaccelerates

industrytransformation.Together,theyillustrate

howbusinessesactiveinthebuiltenvironmentcanhalveemissionsby2030andhowtheycanachievenet-zeroemissionsby2050.

OurTransformingSupply&DemandforNet-

ZeroAssetsworkformspartoflever3.Ithasa

specificfocusonacceleratingtheretrofittingofcommercialrealestatethroughtheincreased

deploymentoflow-carbonsolutions.Positionedwithinabroadersystemofparallelinitiatives

onwholelifecarbon(asmentionedabove),thisworkaimstoclosetheloopbylinkingsupply-sidecapabilitieswithdemand-sidesignals,supportedbymarketframeworksandpolicymeasuresat

otherlevels.

UnlockingSharedValue:RetrofittingCommercialRealEstateasStrategicOpportunity12

02.Transformingsupply&demandcontinued

Figure2.MarketTransformationActionAgenda

Visionanddeepcollaboration

Lever1

Aligningbehind

wholelifecarbon

1

Unequivocalnear-termcommongoals

Lever2

Conveneexistinginitiativesunderasingleprogramtodriveactionandenhanceaccountability

2

Organizationaladaptation

Lever3

Transforming

supplyanddemand

Removeinternalbarrierstocorporateperformanceandaccountability

Integratingcarboncostandprice

3

6

8

4

9

7

5

10

Mobilizingtenantdemand

11

Driveharmonizationinwholelifecarbonaccounting

Agloballyconsistentandtransparentapproach

Harnessingthedata

Open,shareddata

ecosystemforWholeLifeCarbon&Scope3

innovation

Standardsalignment

Alignnet-zerotargetsandmetricsacrossmajorcertificationsand

standards(public&private)

Industryco-createdcarbonprice

DevelopRealEstatespecificcarbonpricemethodology,includingbusinesscaseandadoptionsupport

Transitionriskassessment

Fast-trackadoptionof

transitionriskassessmentforinvestors,banks,andinsurerstovaluecostofinaction

Sharingperformancerisk

Developperformance-basedrisksharingmechanismsinpublicandprivatecontracts

Advancemarketcommitments

Createandscaleprovendecarbonizationsolutionsthroughfinancingand

Financingstrandingassets

Pilotbrown-to-greenfinancialinstrumentstomatchshort-tolong-termriskappetite

Createnewbusiness

andcontractmodelsto

incentivizecollectiveactionbytenantsandlandlords

decarbonizationprojects.Throughadvance

marketcommitmentsandoff-takeagreements,

itaggregatesandsignalscredibledemandfrom

cities,assetownersandinvestors,helpingsolutionprovidersmaturefasterandreachcostparity

througheconomiesofscale.

Atthesametime,itmobilizestargetedfinancialmechanismstopreventassetstranding,

particularlyinlowervalueassetsinnon-prime

locations,ensuringthatthetransitiontonet-

zeroemissionsisbothinvestableandjust.Finally,byactivatingoccupiers’demandsthrough

improvedbusinessmodels,incentivesand

contractualframeworks,thisleveralignsthe

interestsofownersandoccupiersandembedsdecarbonizationintoeverydaymarketdecisions.

Thechallengeoftransformingsupply&demandatscaleinthe

builtenvironment

MTAA’slever3addressesthefundamentalmarketandstructuralbarriersthatcurrentlylimitthe

scaleandspeedofdecarbonizationinthebuilt

environment.Whilemanylow-carbonsolutions

alreadyexist,fragmentedvaluechains,misalignedincentivesbetweenstakeholders,limitedrisk-

sharingmechanisms,andinsufficientoruncertaindeman