Green Mark incentive scheme receives a surge in response from building owners
Published on Jan 25, 2013 6:35 PM
Building and Construction Authority (BCA)'s Green Mark Incentive Scheme for existing buildings has been receiving overwhleming response since larger subsidies and tighter legislation were announced last year.
Since the scheme started in 2009 till the middle of last year, only about 10 per cent of the $100 million fund had been committed. This rose to 70 per cent in the last six months.
BCA's chief executive officer Dr John Keung attributed the surge in interest to a combination incentives and legislation. Last July, the authority raised its co-funding quantum from 35 to 50 per cent. And in September, new regulations requiring building owners to meet Green Mark standards when they install or replace chiller systems were announced in parliament.
Said Dr Keung: "I suppose when they did their calculations...with funding support, legislation coming, and real savings...they figured they might as well do it. I think many of them reached that tipping point." Under a Green Building Masterplan, Singapore has set out to green 80 per cent of all buildings by 2030.