Authors

Sharyn McAndrew, Director of Sustainability, JLL Ireland & SEFA Board Member,

Andrew McCracken, Senior Director, Project & Development Services, JLL 

Angeliki Konstantinopoulou, Executive Director, SEFA 

This article is produced as part of GearUP project, which is funded by the EU LIFE programme.  For more information see https://www.sefaeu.org/gearup

Introduction

Across the real estate sector, energy efficiency has moved decisively from a technical consideration to a core investment and risk-management priority. Asset owners and managers are under increasing pressure to decarbonise portfolios, protect income, and avoid stranded assets, all the while maintaining operational continuity and financial flexibility. 

GRESB members are often leading this transition of the sector. Many already have portfolio-level targets, advanced metering, and asset-level performance data in place. Yet a persistent question remains: how can this data and ambition be leveraged and translated into scalable, financeable deep renovations across existing commercial buildings?

This is the challenge the GearUP (Generating Efficiency as a Resource) framework has been designed to address

Why Deep Retrofits Still Struggle to Scale

From a sustainability and asset-management perspective, the same barriers appear time and again.

• Split incentives between owners and tenants,

• High upfront capital requirements,

• Uncertainty around the measurement and persistence of savings, and

• Complex verification processes continue to slow progress.

‍As a result, many buildings rely on incremental efficiency measures rather than the deep, multi-technology renovations required to meet climate targets and future regulatory expectations. 

Delivery Challenges at Asset Level

From a project delivery standpoint, owners are keen to upgrade assets but are often constrained by traditional renovation models. These typically require significant upfront capital, introduce operational disruption for tenants, and leave long-term performance risk with the owner.

What has been missing is a structure that aligns incentives across building owners, tenants, service providers and investors. The GearUP framework is designed to introduce that missing link.

GearUP: Generating Efficiency as a Resource

‍GearUP is a market framework that converts avoided energy use into a metered, certified, long-term energy product, referred to as ´Efficiency Energy´. Under the framework:

• Buildings undergo deep energy retrofits,

• Avoided energy use is measured at the building level,

• Savings are independently certified,

• Certified Efficiency Energy is sold under long-term contracts, similar to Power Purchase Agreements (PPAs),

• Energy Services Companies and investors finance the upgrades based on predictable, certified future payments

This approach elevates energy efficiency to the same level as renewable energy, making it bankable, tradable, and investable.

‍ Why This Matters for GRESB Members

Many GRESB members already have the necessary foundations in place, including smart metering, reliable operational data, and experience with third-party verification. GearUP is designed to build directly on this combination of elements.

Crucially, the framework allows owners to deliver deep renovations with no upfront CAPEX required if desired, while minimising tenant disruption and maintaining balance-sheet flexibility. From an asset owners and managers´ perspective, this supports improved operating performance, higher post-intervention yields and reduced stranded-asset risk.

Turning Data into Value

GRESB members have invested significantly in asset-level data collection and validation. GearUP leverages that investment by transforming verified performance data into a certified output that can be monetised.

Rather than simply reporting energy savings, avoided energy becomes a transparent, auditable product that can drive value creation and protection, as well as supporting continuous monitoring, improved reporting quality and alignment with broader ESG and decarbonisation strategies.

Trust Through Independent Certification

A defining feature of GearUP is the role of independent certification by the non-profit entity SEFA (the Sustainable Energy Finance Association). Avoided energy is certified using the SEFA algorithm, which is planned to be independently verified in line with IPMVP Option C, incorporating regression modelling, weather and occupancy normalisation, rolling baselines, and non-routine adjustments.

Independent, financial-grade verification is critical. It provides confidence to owners, utilities, and investors that performance is real, repeatable, and persistent, reducing risk and improving access to long-term capital.

A Deliverable Model, not a Theory

From a delivery perspective, GearUP builds on structures the market already understands -  long-term service agreements, utility billing mechanisms and performance-based contracts. The innovation lies in how these elements are integrated into a coherent and scalable framework. This makes GearUP practical to deploy across existing portfolios, rather than a theoretical decarbonisation model.

A Call to GRESB Members

GearUP is currently being piloted across multiple European countries, with the objective of enabling replication and scale across the commercial real estate sector. Engagement with the project creates an opportunity for GRESB members to convert ambition and portfolio data into measurable action and investment-ready outcomes. 

We invite GRESB members to reach out to arrange bilateral discussions with the project team. These one-to-one conversations provide an opportunity to: 

• Explore how the GearUP framework could apply to your portfolio 

• Discuss specific buildings or asset classes suitable for pilot or replication projects 

• Share feedback to help shape the framework in line with market needs 

• Identify opportunities to enhance investment performance and long-term asset resilience 

We would welcome the opportunity to meet with you directly and discuss how GearUP can support your portfolio strategy. 

Conclusion

Energy efficiency is no longer just a sustainability initiative. With the right commercial and verification structures in place, it becomes a core investment strategy, strengthening asset performance, resilience, and long-term value. GearUP provides a credible, scalable pathway to make that transition.  We invite GRESB members to actively engage in its development and implementation so that together we convert ambition and data into measurable action and impact.

About the authors:
Sharyn McAndrew is Director of Sustainability at JLL Ireland, part of the JLL EMEA Sustainability team, and a Board Member of SEFA.  

Andrew McCracken is Senior Director, Project & Development Services at JLL, with over 30 years’ experience delivering complex commercial real estate projects across Ireland and EMEA.  

Angeliki Konstantinopoulou is Executive Director of SEFA, whose mission is to accelerate the transition to a net zero carbon economy by advancing the development and financing of building renovation.