Sica, F; Tajani, F and Cerullo, G (2025) An evaluation model for an optimal decarbonisation process in the built environment. Built Environment Project and Asset Management, 15(1), pp. 51-66. ISSN 2044-124X
Abstract
Purpose: The goal is to deliver a decision-support framework to both public and private entities engaged in energy retrofit investments in the property market. Design/methodology/approach: The evaluation algorithm that is being offered takes an innovative approach to financial and economic analysis. Its foundation is a market-driven/cost-driven method, drawing logic from operational research and goal programming. Findings: The algorithm is tested to a real estate portfolio yielding an optimal asset retrofitting schedule. The ranking list is determined by taking into consideration a variety of parameters, including investment costs and total CO2 emissions from energy retrofit initiatives. The Carbon Risk Real Estate Monitor's (CRREM) emission targets for 2030 are employed as a reference point in the process of creating a ranking list of the assets that compose the real estate portfolio under examination. Practical implications: The evaluation algorithm will allow to determine, in a real estate portfolio, a priority list of assets to be enhanced. This is accomplished by taking into account the client's financial resources, the overall cost of the intervention programmes for each asset, and the effects that each asset would have on the environment and the energy once the suggested retrofit programme is put into place. Originality/value: The study proposes a methodological approach that seeks to balance the optimisation of energy performance, the reduction of environmental effect, the promotion of social well-being and economic sustainability in the context of managing the current property sector.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | crrem; decarbonisation; economic evaluation; MCDA; optimisation algorithm; real estate |
| Index terms: | environmental effect, energy performance, built environment, energy retrofit investment, economic evaluation, economic sustainability, real estate, operational research, CO2 emissions, promotion, economic analysis, retrofitting, goal programming, methodology, well-being, optimization algorithm, programme, drawing, property market |
| Subjects: | environmental impact, economic analysis, design analysis, algorithms, research methods, financial analysis, air quality, mental health and wellbeing, energy systems, real estate economics, technical documentation, renovation and retrofit, management, infrastructure and transport systems, project controls |
| Topics: | Sustainability, Health and Safety, Engineering Principles, Time Control, Urban Studies, Digital Applications, Design Practice, Human Resources, Cost Management, Business Strategy, Research Practice |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here