According to a Global Alliance for Buildings and Construction (GlobalABC) report, the residential, non-residential and building construction industry accounted for 36% of the global energy consumption in 2020. The three segments were also responsible for 37% of global carbon dioxide emissions. Lockdowns, a slowing economy, difficulties in maintaining and affording energy, as well as a downturn in construction contributed to the decline. Efforts to decarbonize the sector contributed little.
However, with the year 2022, the real estate business is off to a promising start, with many real estate corporations pledging to concentrate on lowering carbon emissions. The real estate sector has a vital role in achieving sustainable development goals (SDG). It is one of the few sectors that can contribute in both the short and long term to preserving the environment.
THE BEGINNINGS
To discuss environmental measures, the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in 2021 brought 200 countries together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Alok Sharma, President COP26 had stated, “It is up to all of us to sustain our lodestar of keeping 1.5 degrees within reach and to continue our efforts to get finance flowing and boost adaptation.”
At the summit, India pledged to achieve net-zero emissions by 2070 and achieving 50% electricity generation by renewable energy sources by 2030. Most experts believe that India’s targets are achievable given that the country reduced its emission intensity of GDP by almost 12% between 2005 and 2010, and achieved a reduction of 24% between 2005 and 2016, as per the Ministry of Environment, Forest and Climate Change.
The real estate sector which is one of the biggest consumers of energy and a source of greenhouse gas emissions can play a critical step in fulfilling these promises. A green building can save 20-30% on energy, and 30-50% on water. The intangible benefits of new green buildings include enhanced air quality, excellent day lighting, health and well-being of the occupants, and conservation of scarce national resources. The tangible benefits comprise enhanced employee productivity to reduced maintenance, and operational costs.
THE PRESENT
According to Indian Green Building Council, currently there are 7,002 registered projects and a 7.97 billion square feet green building footprint across India. This also shows the rising demand from end user for eco-friendly buildings.
The National Real Estate Development Council (NAREDCO) has assured to take steps towards creating awareness and adoption of green buildings across the country, saying that India can be a global leader in this respect by next year. Likewise, Confederation of Real Estate Developers Associations of India (Credai), plans to focus on affordable housing, green buildings and skill development among construction workers.
Since the launch of the Green Homes Rating, IndiaGBC has signed MOUs with the Confederation of Real Estate Developers Association of India (CREDAI), Builders Association of India (BAI) and National Housing Bank (NHB), two of India’s largest building associations. As part of these MoUs, IndiaGBC has trained over 20,000 professionals in green building concepts.
THE FUTURE
As per International Energy Agency’s (IEA’s) India Energy Outlook 2021 report, India is yet to build most buildings that will exist in 2040. The country will need over 50 billion square meters of residential floor space in the next 20 years due to urbanization.
At present, the residential space is less than 20 billion square metres. 270 million people are likely to be added to India’s urban population between now and 2040. This demonstrates the huge scope for Indian building and construction sector to get it right in terms of environment friendly development.
Many government buildings in the country have chosen to opt for a LEED certification. Many state governments are offering incentives to the developers for the project’s green rating system and government agencies are encouraging property buyers to go for sustainable buildings.
In addition, new initiatives for the built environment were released by the Bureau of Energy Efficiency (BEE) that ranged from a revised code for buildings, an extensive training program for architects and engineers on building energy codes and an online directory of green building materials.
In the commercial real estate segment, until recently, green buildings was seen as the responsibility of the property owner or developer but, now even the tenants or occupiers are demanding environment friendly buildings with features contributing to health and wellness.
In affordable housing segment, there are many low-cost techniques that are being deployed such as the use of recyclable products that are locally available that not only address the embodied energy and carbon footprint issue, but also help in bringing down the cost of the development.
As also evident in latest real estate trends, the ‘walk to work’ concept with coexistence of offices and homes are striking a perfect social, economic and ecological balance. The preference of homebuyers for mixed use townships offering facilities and amenities within the complex also leads to a vehicular free surroundings and lesser carbon emissions.
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