Welcome to IAEE2017 Energy Forum
In all aspects of energy, we accelerate the knowledge, insight of economics and promote cooperation among skilled energy analysts.
Through study, teaching and policy participation, we help build a more ecologically and socially sustainable future for energy. Our blog posts analyse initiatives and policies on climate change, discuss inequality, foster sustainable growth, and look at the future of commuting.
The opinions voiced are those of the writers. Institutional views on energy policy issues do not generally reflect them.
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We must reconsider the status quo to address today’s social, economic and environmental threats. Governments and other companies around the globe must implement new approaches and participate actively in system innovation, in order to make meaningful progress towards a healthy, stable world.
We need an economic framework that tackles social and environmental issues in a preventive manner to ensure that the related problems listed above do not arise or are much worse. Fortunately, the wheels are beginning to spin now. In a way that requires well being and development, certain countries extend their measure of economic performance.
A well-being economy gives people fair chances for growth, a sense of social integration, and sustainability of which leads to social fortitude, more significantly, encourages and promotes peace with the natural environment. It aims primarily to serve individuals and communities and provides a promising route to greater social good and well-being in the community.
Economic growth constraints
Demand for materials and technology drives the environmental effects. Now it is clear that it is difficult for the world to sustain existing or greater populations unless developing countries use the same amount of capital and energy as developed nations.
Demand may be decreased through increasing productivity, but such improvements are more likely to be reinvest in growth and use than to reduce their impacts. This aims to minimise the consumption of a nation to an equitable share of resources available. In turn, this will improve productivity, technical advancement and recycling, minimising waste. In other words, a future economy would need far less resource intensive production and consumption, almost certainly leading to lower GDP. Obviously, improvements can be made in other areas, such as increased play time and community participation.
Promoting a balanced economy
The aim of a wellness economy is to provide a higher quality of life while safeguarding the resources and climate of the earth for coming generations. Development of a wellness economy implies that intangible interactions and natural resources are observable values. Government policies that ensure financial capacity and expertise, access to secure, accessible financial instruments and economic services and income-generating opportunities will achieve economic well-being for individuals, families and communities. It takes place in an economic justice world in which labour markets offer opportunities for safe full jobs with fair wages and benefits to all. Universal education to all especially through affordable home tuition should be promoted as part of a broader education policy.
Many countries are leading the way in adopting economic concepts of well-being. Bhutan, the first country to create the Gross National Happiness Index in 2008, is the most famous example. This approach is used by the government to advise policy. This would possibly contribute to better governance, environmental protection, preservation and promotion of culture, and socio-economic growth that is equitable and egalitarian.
Collective well-being change
Some governments go beyond the types of individual policies and practises mentioned above and pursue a holistic decision-making approach to the growth of well-being economies. This is evident in national policies which mandate cooperation among government agencies and government agencies, put well-being at the centre of capital budgeting and implement prosperity indicators other than GDP. These wider programmes are essential to economic policymaking and enable policymakers to develop priorities and goals that clearly focus on promoting quality of life.
The best possible outcome for a country’s human development and well-being is, then, the combination of economic development and increased inequality. To see that this is the mechanism by which the pie is enlarged, consider the economic development. If only a tiny amount of people can enjoy this extra cake, then their own well-being will increase, but the well-being of the country in its entirety does not increase.
By reinterpreting the agenda, business and society’s priorities and aspirations, countries will turn the conventional economic growth-oriented economy into a stable, productive environment that produces and supports it. As the above examples demonstrate, politicians play an important role. Authorities must open up new ways to think and promise widespread innovation schemes, using the ideals of a well-being economy to lead the way.
It can sound surprising to real estate observers that overall energy consumption for office and commercial buildings can account for over half of the overall operating cost. In fact, more than one-fifth of the energy usage goes into greenhouse emissions. We need to find more efficient ways to make operating energy consumption for commercial real estate more environmentally-friendly in future without compromising on stakeholders form such measures. From an economic point of view, successful implementation of cost saving measures might even increase the value of commercial assets.
With energy efficiency, working towards a more energy efficient building starts. To better calculate, monitor, and change energy usage, commercial real estate companies may use updated technology. Getting this data enables commercial real estate firms to provide a futuristic viewpoint on the use of electricity.
With the advent of new technology applications, there are now opportunities for real estate players to leverage on that to move towards greater energy efficiency. This requires investment and a long-term viewpoint in order to potentially produce results in the future. For example, data through monitoring and tracking provide firms with valuable information to work with regarding the use of building electricity.
Applying Big Data
Real-time data is extremely applicable in this aspect as it allows effective and deep understanding on the allocation and consumption of energy in buildings. In addition, ways to interpret and analyse the data is thoroughly needed to make sense of the data in order to learn the areas where efficiency can be improved. Apart form analysts and data collection centres who will be directly working on the data collected, it is imperative that employees and decision-makers understand the facts and how they should react and measures to implement accordingly. Building operators will have to weigh this with the trade offs that they are likely to incur with such energy-saving measures.
Developers of green buildings have enjoyed higher returns on their investments in such projects. In addition, improved energy efficiency has on average yielded a return of 6% rise in property value, according to the Singapore Green Building Council.
In order to achieve favourable outcomes, real estate companies should employ technology and big data applications to provide solutions to study and develop better ways to employ energy consumption. By focussing on energy usage, savings and reducing emissions can then be achieved.
Real estate construction in the development market has a great macro impact on the energy economics in the locality. Building design also plays a role as form and efficient insulation methods including high efficiency heating, hot water and lighting technologies, air conditioning servicing; and rooftop solar PV and battery storage have higher energy efficiency potential. These designs measures can be applied equally both to construction of new buildings as well as retrofitting of existing buildings.
Local state government can introduce regulations to better incentivise the building industry by engaging architects and developers and encourage or subsidising tariffs when they employ energy efficient technologies in their buildings. Further use of innovations will also help to lower long term cost while providing benefits to various stakeholders. For example, reinstatement works to existing buildings can enjoy subsidies if energy saving innovations are employed. In the labour market, the subsidies also go into labour and create growth in jobs in the building sector, and the regional economics development at large.