Tata Realty’s Chennai-based commercial asset - Ramanujan Intellion Park, becomes the first Indian campus to be recognized with the EDGE Zero Carbon certification by the International Finance Corporation (IFC). The certification recognizes the company’s efforts to construct green commercial buildings that have negligible impact on the environment. This certificate was issued on November 8, 2022 wherein they verified Ramanujan Intellion Park, Chennai for the period November 2021-October 2022.
EDGE’s new Zero Carbon certification allows asset owners to map a quantified path to zero carbon and attain immediate recognition through certification. This recognition comes as India reiterated its climate goals during the COP 27 meeting in Egypt. Tata realty’s participation in COP27 (Egypt Climate Summit) is one of the small steps taken by the company in order to combat the global climate emergency. In order to meet the Paris Agreement, there is a need for every building constructed to meet the Zero Carbon goals by 2050.
Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon off-sets, saving more than 20 percent on water and embodied energy in materials while attaining over 40 percent energy savings on-site. This is a step towards Tata Realty’s ESG approach to being a “Responsible Real Estate Developer Leading the Change with Purpose”.
Commenting on this achievement, Sanjay Dutt, MD & CEO, of Tata Realty and Infrastructure Limited, said, “Tata Realty has always endeavoured to exceed its ESG goals and has placed sustainability on high significance. According to International Energy Agency (IEA), by 2050, buildings and the construction sector combined will be responsible for 30 percent of total global energy consumption and 27 percent of total energy sector emissions. "Therefore, it is critical to adhere to green building practices and be zero-carbon ready, which is an important part of the sustainability goals of Tata Group.
We adopt global sustainability practices in building development and make all of our projects environment-friendly. As a part of our ESG journey, we are committed to the local community and environment, and therefore as responsible real estate, we will develop green buildings with LEED platinum certification, WELL certification, and IFC EDGE certification. In addition to this, we will have an enhanced focus on renewable energy inclusion in our energy mix. On the social front, we have taken a commitment to touch over one lac lives positively. At Tata Realty, we aim to continue delivering energy-efficient buildings, and this certification is a testimony of our sincere efforts.”
"With buildings responsible for a significant amount of emission and energy consumption, scaling up innovation to support the availability of more resource-efficient and affordable buildings in emerging markets is vital to addressing climate change and reaching the global goal of net-zero emissions," said Wendy Werner, India Country Head at IFC. "We are encouraged by the commitment shown by Tata Group and other private sector players in India to contribute to the global climate goals and build a sustainable future. Our hope this that this will encourage more builders and developers to aim for zero emissions and take part in the EDGE certification process."
As per the IEA, buildings around the world contribute to about 40% to the current greenhouse gas emissions. This has led long-term investors like pension funds and financial institutions to analyze the overall energy efficiency of their portfolios. The focus is rapidly switching from new building stock, which has always been the easiest to build in a sustainable manner, to the challenge of developing existing building stock to be green.