How to promote carbon emission reduction in buildings? Evolutionary analysis of government regulation and financial investment

Journal article

Wang, W., Hao, S., Zhong, H. and Sun, Z. (2024). How to promote carbon emission reduction in buildings? Evolutionary analysis of government regulation and financial investment. Journal of Building Engineering. 89, p. 109279. https://doi.org/10.1016/j.jobe.2024.109279
AuthorsWang, W., Hao, S., Zhong, H. and Sun, Z.
Abstract

Buildings account for a significant portion of global carbon emissions, necessitating strategies to accelerate decarbonisation in the construction sector. This research aims to analyse the behavioural strategies and interactions among governments, construction enterprises, and financial institutions in promoting building carbon emission reduction (CER) through an integrated regulatory and market-driven approach. A novel three-party evolutionary game model is developed that incorporates government regulation policies, the profit-driven nature of construction enterprises, and the investment incentives of financial institutions. Numerical simulations using MATLAB were performed to evaluate the dynamic replication and evolutionary stabilities of stakeholder strategies under different scenarios. Residential project M in Beijing was chosen as a realistic environment for simulation and analysis. The results demonstrate that stringent government regulation can incentivize financial institutions to increase their investments in CER initiatives. However, construction enterprises may still resist decarbonisation efforts if the costs outweigh the economic benefits. A two-pronged approach combining “command-and-control” regulation and “market-facilitation” interventions is proposed to effectively align stakeholder interests. This study provides valuable insights into leveraging both regulatory instruments and market-based incentives to drive the transition towards sustainable construction practises. Policy recommendations are offered to create an enabling environment that encourages the active participation of all stakeholders in achieving net-zero emission targets for buildings. The novelty lies in the development of an integrated tripartite evolutionary game framework that coherently captures the dynamics among regulators, industry players, and financial institutions, thus supporting low-carbon policymaking in the construction domain.

KeywordsCarbon emission reduction; Government regulation; Construction enterprises; Market intervention; Evolutionary game; Numerical simulation
Year2024
JournalJournal of Building Engineering
Journal citation89, p. 109279
PublisherElsevier
ISSN2352-7102
Digital Object Identifier (DOI)https://doi.org/10.1016/j.jobe.2024.109279
Web address (URL)https://www.sciencedirect.com/science/article/pii/S2352710224008477?via%3Dihub
Publication dates
Online12 May 2024
Publication process dates
Accepted09 Apr 2024
Deposited05 Jun 2024
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