When U.S. President Joe Biden signed the Inflation Reduction Act in August 2022, he set in motion a seeming avalanche of public and private investment in climate solutions, including those focused on the building sector, which accounts for about 40% of global greenhouse gas emissions. The bill will allocate US$391 billion toward climate solutions, including new tax credits for residential energy retrofits, energy efficiency rebates and a range of related measures, such as new energy efficiency standards for air conditioners and other HVAC equipment. There’s also funding for retrofits, updated building energy codes, and deductions for commercial buildings that reduce their energy consumption.  

The Inflation Reduction Act’s impact extends across the 49th parallel, as Prime Minister Justin Trudeau’s Liberal government has sought to make sure that the unprecedented public funding in the U.S. doesn’t suck green investment out of Canada, including investment that will decarbonize buildings.  

Herewith, a sampling of what 2023 may have to offer in the world of green buildings. 

Green ‘proptech’

Private equity has increasingly sought out “proptech” ventures, and especially green proptech – technologies designed to improve the environmental performance of buildings. A/O PropTech, a venture capital firm specializing in this space, reported recently that this sector has clocked an 84% annual growth rate over the past five years, with US$4.5 billion allocated globally, much of it landing in European cities. A/O PropTech itself has a stake in 22 firms, including property-management software platforms, electrical-appliance control systems and various planning analytics tools.  

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