Fannie Mae’s green bond program to spur efficiency upgrades may be falling far short of its goals, according to analysis by Grist.
A Grist report says that about 1,600 of the 3,800 properties that had loans packaged into “green” mortgage-backed securities saw improvement in their energy scores within a median period of about two years. But more than 800 properties that the online publication examined saw lower or identical energy scores in the most recent data year compared to their scores at loan issuance.
“Whether or not Fannie Mae’s green bonds program is driving significant decarbonization and efficiency improvements is very much an open question,” Grist says. “The value of the program is unclear even in cases where energy savings did improve: About a fifth of the buildings enrolled from 2016 through 2019 performed worse than the median U.S. building even after fulfilling program requirements.”
Another criticism: Participation is highest in states and cities that already have stringent building energy efficiency codes. That means some of these building owners may have pursued green improvements without Fannie Mae’s incentives.
Related Stories
| Jul 31, 2014
Cambridge, Mass., is latest locale to require energy usage disclosure
The City Council of Cambridge, Mass., approved the Building Energy Usage and Disclosure Ordinance (BEUDO) that requires benchmarking and disclosure of building energy performance for large commercial, institutional, and multifamily buildings.
| Jul 31, 2014
Stalled $1.5 billion Miami mixed-use redevelopment project advances
A long-delayed $1.5 billion mixed-use development in Miami moved ahead after city planners approved the project’s first phase.
| Jul 30, 2014
USGS updates National Seismic Hazard Maps
The U.S. Geological Service recently released an update of U.S. National Seismic Hazard Maps that reflect the latest analysis of where future earthquakes will occur, how frequently they may occur, and their strength.
| Jul 23, 2014
Fairfax County, Virginia toughens green standards
The Fairfax County Board of Supervisors recently strengthened its green building policy, requiring higher standards for residential, retail, office and other construction projects seeking approval for rezoning.
| Jul 23, 2014
Berkeley National Lab’s FLEXLAB is a test bed for energy efficient office design
FLEXLAB, short for the Facility for Low Energy Experiments, opened this summer at the Lawrence Berkeley National Laboratory.
| Jul 23, 2014
House passes 2015 GSA budget with 17% cut for new construction projects
The General Services Administration’s construction budget for fiscal year 2015 passed by the House this month includes cuts in both new construction and renovation/repairs compared to 2014.
| Jul 16, 2014
Coastal flooding increasing along East Coast, says report
An analysis of tidal levels and flood data by the news organization Reuters concludes that flooding has increased along the Eastern Seaboard over the past four decades.
| Jul 16, 2014
Local hiring requirement a tough challenge for new Detroit arena project
An agreement for a land transfer from the City of Detroit to Ilitch Holdings Inc., that enabled construction of a new arena for the Detroit Red Wings requires that 51% of the project’s construction workers must come from the city.
| Jul 16, 2014
Local hiring requirement a tough challenge for new Detroit arena project
An agreement for a land transfer from the City of Detroit to Ilitch Holdings Inc., that enabled construction of a new arena for the Detroit Red Wings requires that 51% of the project’s construction workers must come from the city.
| Jul 16, 2014
Massive $6.5 billion Silicon Valley development gets key city approval
The Santa Clara (Calif.) City Council approved the next steps for a massive development project next to Levi’s Stadium, the new home of the San Francisco 49ers.