Euro Tower office building becomes the first Net Zero Carbon development in Romania, after being also the first green-certified building in the country, a decade earlier, in 2009. The project reached the level of carbon neutrality in 2019, as well as in 2020, according to a study realized by BuildGreen for the assessment of the building’s degree of CO2 emissions during that period. Cascade Group, the building’s developer, has embarked on a comprehensive process of long-term neutralization of all CO2 emissions and estimates that carbon neutrality for Euro Tower will be achieved in 2021 as well.
The decarbonization strategy was developed and implemented under the coordination of BuildGreen, a leading provider of certification and advisory services for sustainable development in Central and Eastern Europe.
Decarbonizing the carbon footprint of a building requires the use of all materials and technologies capable of ensuring energy efficiency and minimizing CO2 emissions, implementing the most efficient solutions for building construction and operation, as well as the offset of CO2 emissions that are impossible to eliminate or to control in the development process (e.g. generated by tenants through their normal activity, emissions generated by water supply and sewerage).
As a differentiating factor for Euro Tower in the decarbonization process, the offset included in addition to the building’s carbon footprint also the carbon dioxide emissions generated by the building’s Tenants, benefiting them directly.
Another differentiator is that all CO2 emissions are calculated and compensated in order to reach all 3 scopes, according to GHG Protocol (Greenhouse Gas Protocol) – Given that, globally, most companies are primarily concerned with scopes 1 and 2, scope 3 being the biggest challenge of the moment in all decarbonization strategies (CO2 emissions from suppliers of materials or services, or other sources difficult to control).
Euro Tower is one of the landmark office buildings for class A developments in Bucharest. Developed by Cascade Group in 2010, Euro Tower is located at the junction of Barbu Văcărescu Street with Lacul Tei Boulevard, in the immediate vicinity of the Ștefan cel Mare metro station and the Circus Park. The property has a total area of 18,000 sqm structured on 18 floors and 5 underground levels, plus 200 parking spaces. In 2009, Euro Tower obtained the BREEAM Very Good certification, becoming the first building in Romania to be officially confirmed as being Green according to global sustainable development methodologies.
“We are pleased and honoured to be once again part of the Euro Tower story, in an emblematic moment not only for the building but for the entire real estate market in Romania, by confirming the first building that reaches the Net Zero stage regarding carbon dioxide emissions. Globally, the real estate market is going through a historic stage that will lead to a complete change in development practices, with sustainability as a central pillar in the global development strategies, and the neutralization of CO2 emissions being the trigger in moving towards the right direction,” said Răzvan Nica, Managing Director BuildGreen, coordinator of the decarbonization strategy for Cascade Group.
In parallel with the decarbonization of Euro Tower carbon footprint, the developer is also undergoing an extensive monitoring process according to the LEED v4.1 O+M Existing Buildings and LEED Zero Carbon rating system – estimated to be finalized in 2022.
LEED Zero Carbon is the main tool for assessing and ensuring compliance with all sustainable development rules and practices to neutralize CO2 emissions throughout the entire building life cycle – from the concept phase to construction and operation.
“Sustainability is a priority in all projects carried out by Cascade Group, and Euro Tower was from the beginning, designed according to sustainability standards – by obtaining the BREEAM certification, the Euro Tower story started a complete change of mindset and real estate practices at that time. For our Multi-National and local tenants to make Net Zero Carbon a reality is of the utmost relevance today. Our tenant’s shareholders and the society at large demand change, and we have to deliver. With a focus on energy efficiency by using the most advanced technologies available, on the good operation of the building to comply with sustainability standards, Euro Tower continues to remain among the top green buildings in Romania. Our electricity consumption comes 100 percent from renewable sources. We are all responsible for the efficient use and protection of the environment, and reducing CO2 emissions must not only be a goal set in the Green Deal plan but a priority for everybody,” said Cascade Group.
BuildGreen assisted the developer from the beginning offering consultancy and valuation services in line with BREEAM and LEED methodologies, advice for sustainable design and procurement, as well as for defining the long-term decarbonization strategy. Răzvan Nica, BuildGreen founder and Managing Director, is also the assessor that managed Euro Tower BREEAM certification in 2009, turning the building into a first on the Romanian real estate development market.
