SC Connecticut News

"“If you care about climate change, you have to care about buildings,” said Jessica Bailey, CEO of Nuveen Green Capital." Bailey's work in scaling the C-PACE financing mechanism has helped building owners fund over $7 billion in clean energy and efficiency projects. She described their approach as "stealth sustainability," focusing on helping building owners solve both their carbon and economic problems.

Yale SOM finance professor Cameron LaPoint emphasized the importance of reducing carbon emissions in the building sector, stating, "To reach 2030 net zero emissions targets, we would need to reduce the output of carbon emissions in the building sector by 10% year on-year."

During a Yale SOM real estate colloquium, Brian Murray, CEO of Shift Capital, highlighted the need for innovative approaches in the real estate industry. Murray mentioned that it may be more economical and less expensive to prioritize green retrofits over building new structures, but the industry's resistance to change is hindering progress.

Developer Bruce Becker shared his vision for the future, predicting that future generations will question why retrofitting was not prioritized over new construction. He emphasized the need for a shift in mindset towards retrofitting existing buildings for sustainability.

Bailey, reflecting on the growth of C-PACE loans, explained, "At its core, C-PACE is public policy." The loans, now available in over 30 states, offer better interest rates and longer terms for energy upgrades, making them a compelling option for building owners looking to invest in sustainability.

Becker emphasized the importance of seeking innovative solutions, stating, "Sometimes, if you do more it costs less." He highlighted the success of importing efficient commercial heat pump dryers for the Hotel Marcel, showcasing the potential savings and environmental benefits of such investments.

Despite the challenges in the industry, Bailey expressed optimism about the future impact of their work, saying, "We are transitioning the way we finance clean energy and the way we build buildings. And that’s cool." The speakers at the colloquium emphasized the need for a collective effort to embrace sustainability and drive meaningful change in the real estate sector.