This document summarizes the key findings from a study conducted by Will Ray of the Carbon Trust on specifying low carbon buildings. The study found that while refurbishments can deliver carbon savings of 10-50%, predicted savings are often not realized due to risks like improper commissioning and increased unregulated loads. For new buildings, predicted performance is often not achieved and initial data shows as much as a 40% performance gap compared to designs. Ensuring good commissioning, energy management practices, and engaging owners are keys to success. The Carbon Trust is developing guidance and case studies to help address performance risks and better realize potential carbon savings.