By Ed Morales
One of the core tenets of Barack Obama’s presidential campaign was environmental responsibility, with issues such as climate control, clean air and community development expected to significantly shape upcoming legislation.
The continued greening of America will undoubtedly affect commerce on a global scale, but what will it mean to the real estate development? Here are a few key areas to monitor over the next four years.
Climate Change and Control
Climate change (also referred to as “global warming”) is undoubtedly priority #1 for the Obama administration and has been more broadly discussed than any other environmental issue. With many believing that the very future of humanity depends on our ability to reverse this trend, the real estate industry is playing a surprisingly prominent role.
Some key initiatives include:
- Green remediation (using bio-fuels and fuel-efficient engines in trucks and loaders during a clean-up, which is further discussed below)
- Focusing on redevelopment projects that will reduce carbon emissions and carbon monoxide gases
- Building sustainable communities
- The growing importance of obtaining LEED certification on new developments
- The focus on reducing energy consumption to rein in costs
Clean Air
With clean air and climate change often going hand-in-hand, the importance of creating programs that promote clean air remain a top priority. Green remediation requires the implementation of Best Management Practices (BMPs) to reduce the “footprint” of a remediation project and mitigate collateral environmental damage both in the ground and the air.
The California Department of Toxics Substances Control (DTSC), which oversees the lion’s share of Brownfield projects in the state, has already rolled out a comprehensive Green Remediation policy that promotes carbon reduction and sustainability. This policy takes into account the raw materials, equipment and products used in remedy implementation, not to mention the stress the project may exert on the ecosystem and the surrounding community. In addition to a growing emphasis on green remediation on the state level, the agenda of the new administration may play a key role in further extending the dialogue on environmentally-friendly remediation techniques.
Building Healthier Communities
Control and added pressure placed by the Obama administration on the United States Environmental Protection Agency (USEPA) to update the Superfund site databases will be the framework for reducing human exposure to contaminated sites across the nation. By providing resources for research into toxic and hazardous materials found in urban areas may serve as a catalyst for new environmental clean-up projects.
Additional approaches to promote healthier communities may include new regulations that place a greater financial burden on owners of contaminated properties, in addition to incentives given to companies for the privatized rehabilitation and redevelopment of Brownfield sites.
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