GREEN BUILDINGS
For too long , driving sustainability and increased efficiency have been given lip service by many property owners . However , those who are found to be non-compliant with the EPC regulation could be liable for a fine not exceeding R5 million , imprisonment for a period not exceeding five years , or both . Of course , how strictly this will be enforced remains to be seen , but the consequences could be significant . Here at WSP in Africa , we feel that formalising sustainability practices and standards locally have reached a tipping point .
While many large corporates have adopted ESG ( environment , social , and corporate governance ) practices as a core part of their financial reporting deliverables , smaller companies who form the bulk of the economic landscape in the country see no perceived value in doing so .
The EPC process could herald the start of a momentum shift in the country . The UK has been doing this kind of certification for well over a decade resulting in a greater awareness of energy efficiency . For example , you cannot transfer property in the UK if the building has less than a B rating . Considering that A is the most efficient rating possible and G the least efficient rating , this is significant . As a first step , local property owners could be embarrassed by having to display a poor rating and will be inspired to work towards improving the energy efficiency of a building .
148 DECEMBER 2022 / JANUARY 2023 SA Real Estate Investor Magazine