绿色租赁 — 更绿色，更清洁，更高效

Investment Rating - The report emphasizes the importance of green leasing in maintaining competitiveness and risk resilience for both landlords and tenants in the face of climate change challenges [8][10][12]. Core Insights - Climate change is a significant threat that necessitates the real estate sector to adopt greener practices, as the building and real estate industries account for 36% of global energy consumption and 40% of CO2 emissions [6][22]. - Green leasing is defined as a modified standard lease that aligns financial incentives and sustainability goals between landlords and tenants, promoting energy efficiency and reducing carbon footprints [10][34]. - The report highlights that green leasing can lead to substantial cost savings, improved tenant health and well-being, and enhanced public image for companies [12][42][72]. Summary by Sections Summary - Climate change is a pressing issue, with global temperatures rising by 1.1 degrees Celsius over the past century, necessitating a shift towards greener real estate practices [6][16]. - The real estate sector must evolve to mitigate global warming effects, particularly in regions like mainland China, where a significant portion of commercial real estate is leased [6][22]. Climate Change - Overall Situation - The report outlines the severe implications of climate change, including increased natural disasters and environmental degradation, emphasizing the need for immediate action [16][20]. Green Real Estate - Primary Task - The report identifies the urgent need for the real estate sector in mainland China to adopt green practices, as it is projected that nearly half of the world's new construction projects in the next decade will occur in this region [22][24]. Green Leasing - Definition - Green leasing addresses the misalignment of incentives in traditional leasing agreements, promoting sustainability and efficiency through tailored lease terms [10][34]. Green Leasing - Drivers - The report identifies four key drivers for the adoption of green leasing in China: cost reduction through green technologies, demand for smart buildings, increasing industry demand for green spaces, and government initiatives promoting green development [42][44]. Green Leasing - Costs and Benefits - Green leasing offers tangible benefits for both landlords and tenants, including reduced operational costs, improved public image, and enhanced employee well-being [72][74]. Green Leasing - Future Outlook - The report envisions a future where green leasing contributes significantly to achieving net-zero energy consumption in the real estate sector, aligning with global sustainability goals [13][72].