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Buildings are the dominant energy consumers in modern cities but their consumption can be largely cut back through improving efficiency, which is an effective means to lessen greenhouse gas emissions and slow down depletion of non-renewable energy resources. However, the potential energy cost saving alone is hardly a sufficient incentive to investing into improvement measures, unless the cost of using energy soars. People''s attitude will change with increasing concerns about the environment and sustainable development but the results remain insignificant. Surely, more effective means are needed to induce or compel greater efforts, especially to the signatories to the Kyoto Protocol. Whilst regulatory control is widely used, many believe that encouraging voluntary commitments is more cost effective in dealing with environmental problems. More researchers now favor the adoption of a well-articulated policy mix involving both regulatory and voluntary instruments. The paper describes a comprehensive literature review about regulatory and voluntary policy instruments related to building energy efficiency. Particular attention is given to the cost-effectiveness of these instruments, as reflected by the implementation experience of several countries, and a qualitative evaluation. The possibility and benefits of harmonizing governmental and private-sector schemes are discussed. [Copyright &y& Elsevier]

Regulatory control forms the bedrock of the environmental policies of many countries. Whilst this interventionist approach can ensure a certain minimum standard would be achieved, far greater results can be achieved if it is augmented by a voluntary assessment-scheme. The benefits of having both approaches are explored in the paper with reference to the building energy codes and a voluntary building environmental-performance assessment scheme HK-BEAM, both of which are being implemented in Hong Kong. Quantification of the possible range of energy saving was based on the design characteristics of 22 commercial buildings in Hong Kong. The need for and the benefits of using the energy assessments within HK-BEAM as an alternative compliance route to the building energy codes are confirmed and the compliance criteria are established. The potential energy-saving through the use of the regulatory and the voluntary-based approaches were estimated to be from about 8% to more than 30%. [Copyright &y& Elsevier]