Towards developing a monetary measure for sustainable building projects: an initial concept

Ekundayo, Damilola, Perera, Srinath, Udeaja, Chika and Zhou, Lei (2011) Towards developing a monetary measure for sustainable building projects: an initial concept. In: ARCOM & LCI UK Doctoral Research Workshop, 2nd March 2011, University of Northumbria at Newcastle, UK.

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Abstract

There are growing concerns about considering the long-term benefits of public projects amidst the often dominant short-term returns. Increased value of development to the society at large will mean taking into account the holistic benefits that can be accrued over the entire life of an asset. For the government however, investing the limited available resources in a sustainable manner continues to make the headlines. Sustainable development is now considered a way for the construction industry to contribute to this national agenda. This study therefore takes a brief look at the concept of sustainability and investigates the costs related to producing sustainable buildings through the review of relevant literature. According to the study, to ensure effective use of limited resources and enhance short- and long-terms benefits amidst tight budgets, the industry must respond accordingly and focus its attention on developing projects which are economically viable, socially acceptable and environmentally friendly. The monetary measures that could be used to quantify economic, social and environmental criteria which are the three fundamental pillars of a sustainable development were revealed. They include the initial construction cost (IC) for measuring economic factors, and cost-in-use (CIU) and initial carbon cost (ICC) for measuring social and environmental aspects. The next stage of this research work will be the development of an optimum balance index (OBI), a tool that serves as a single sustainability indicator and which can be used to improve project delivery for the benefits of the society at large. Design options selected based on this multicriteria index will enhance an increased value and reduced waste in a sustainable manner by optimising financial return, maximising social benefits and minimising environmental impact.

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