A building management system (BMS) includes one or more memory devices having instructions stored thereon that, when executed by one or more processors, cause the one or more processors to perform operations including using the operating data to evaluate one or more fault detection rules to determine whether at least one of the plurality of building devices is experiencing a fault condition, in response to determining that at least one of the plurality of building devices is experiencing the fault condition, determining an amount of carbon emissions generated due to the fault condition based on a fault emissions model associated with the fault condition and initiating an automated response based on the amount of carbon emissions associated with the fault condition.