New scheme for energy efficient buildings

A new financing scheme has been launched to help owners retrofit old buildings to make it more energy efficient.

Announcing this at the opening of the International Green Building Conference at Suntec City, Minister of State for National Development Brigadier-General (NS) Tan Chuan Jin said the “Building Retrofit Energy Efficiency Financing Scheme” will start on a pilot basis from the first of October 1.

He said Singapore’s exisiting buildings make up more than 95 per cent of the total building stock and Singapore can reduce its carbon footprint by making old buildings more energy efficient.

For the new scheme, the Building Construction Authority (BCA) will partner two financial institutions – Standard Chartered Bank and United Overseas Bank.

BCA will also be sharing the risk of any loan default with the financial institutions.

BG Tan said the scheme is to help some owners who may be reluctant to retrofit their buildings because of cost.

He said while the initial cost may be a barrier, owners will benefit from lower energy bills after retrofitting their buildings.

To complement the financing scheme, the Ministry of National Development will amend the Building Control Act to mandate minimum Green Mark standards for existing buildings.

This will be similar to the current requirement for new buildings.

BCA will also be consulting the industry and stakeholders on the proposed amendments to the Building Control Act in the coming months.

Source : Channel NewsAsia – 14 Sep 2011

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