As the impetus for economy-wide decarbonization increases, a growing number of state and local governments are exploring the adoption of building performance standards (BPS), a policy trend that has the potential to significantly reduce energy, carbon and water use in existing buildings. To not overwhelm building owners and operators, BPS policies take an incremental approach, requiring buildings to meet specified levels of performance that grow more rigorous over time. BPS policies do not prescribe how the performance requirement will be met, leaving it to owners to determine the most cost-effective strategy for their building. Jurisdictions may choose to create standards around energy use, carbon emissions, water use or other metrics.