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Quantifying energy efficiency – reporting
and benchmarking again
The key to success in financing the
transformation is a robust infrastructure
of quantifying the energy reduction.
Though one might think it is obvious, the
quantification of energy savings is far from
it, as many effects other than equipment
efficiency affects energy consumption (e.g.
operation, climate and user behaviour).
Therefore, it is crucial that the appropriate
reporting and benchmarking systems
described in the earlier sections are in place.
Driving the market for carbon/energy
Despite the tremendous savings possible
through efficiency measures that are
cost-effective, our study concludes that
to reach the targeted level of energy use
intensity necessary for HK3030, we will
have to access some strategies that may
not be cost-effective currently. Similar to
the conclusions reached above, pursuing
these strategies through subsidies is not
economically sustainable. We must hence
explore measures to drive the market and
the business case of these measures:
• Tax – identify energy guzzlers and
introduce a taxation scheme;
• Rebate – identify exemplarily efficient
buildings and introduce a rebate
scheme;
• Credit trading – require energy guzzlers
to trade credits with the efficient
buildings; and
• Asset value – the NABERS system of
Australia has successfully linked asset
values to environmental performance,
effectively enhancing the business case
for retrofits.
Again, the critical steps for success are
reporting and benchmarking – on energy
savings; identify buildings that are efficient
and qualify for rebates or energy credits;
and also energy guzzlers that incur taxation
or need to buy credits.