Korea Real Estate Board Accelerates 'Greenhouse Gas Reduction in Real Estate'

[Asia Economy Reporter Moon Jiwon] The Korea Appraisal Board is stepping up efforts this year to reduce greenhouse gases generated from real estate.

On the 12th, the Korea Appraisal Board announced, "With the full implementation of the Paris Agreement in 2020, we will pursue a more multifaceted approach to reducing greenhouse gases generated from real estate."

The Paris Agreement, adopted at the 21st Conference of the Parties (COP21) in 2015, aims to keep the global average temperature rise at a low level.

The Korea Appraisal Board, designated as a national Green Building Center, has been operating the 'Building Energy and Greenhouse Gas Information System' commissioned by the Ministry of Land, Infrastructure and Transport since 2013.

First, the Korea Appraisal Board will refine the building energy usage statistics. These statistics provide indicators on building energy consumption by city/province, city/county/district, building use, and energy source. Last year, residential building statistics were published for the first time, and this year, the plan is to develop statistics for non-residential buildings and obtain national approval.

Additionally, leveraging its expertise in large-scale data analysis related to real estate, the Korea Appraisal Board will develop a standard baseline for building greenhouse gases to be used as a reference in greenhouse gas reduction projects.

The standard baseline for greenhouse gases in the apartment sector has been completed and was announced at the UN Framework Convention on Climate Change Conference of the Parties (COP25) last year. This year, the goal is to expand the development scope to cover all housing and register it with the UN.

Kim Hak-gyu, President of the Korea Appraisal Board, emphasized, "In the face of climate change that is changing our lives, we will take the lead in reducing greenhouse gases in real estate, which everyone can feel in their daily lives."

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