Green buildings can help in meeting 11 of the UN's 17 Sustainable Development Goals

GOPALAKRISHNAN PADMANABHAN

Managing Director - APAC & Middle East, Green Business Certificate Institute (GBCI)

How is the concept of green building and its relevance gaining traction in India?

Green buildings are a universal solution for healthier, cleaner, and more sustainable cities, communities and neighborhoods. The focus on 'green' encompasses design, planning, construction, operations, as well as end-of-life recycling and renovation. Green buildings, with their sustainable design, construction, and operations, reduce carbon emissions, energy consumption, and waste generation; conserve water; prioritize the use of safer materials; and lower human exposure to toxins. Green buildings also offer significant economic benefits, including cost savings on utility bills; lower construction outlays and higher property value for real estate developers; increased occupancy rates and lower operating costs for building owners; and employment generation. Moreover, green buildings yield significant benefits for the psychological, physical and social wellbeing of their occupants. India's real estate sector is one of the fastest growing in the world, and meeting the country's simultaneous goals of climate action and socioeconomic development underlines the need for investing substantially in green buildings.

Which are the major factors that will promote the vision of green/sustainable buildings?

According to the UN Intergovernmental Panel on Climate Change (IPCC), limiting warming to 1.5°C requires greenhouse gas emissions reduce by 43% by 2030 and reach net-zero by 2050. It is important for the building sector to operate at 'net zero carbon' by that time, as a part of the overall efforts to limit global warming.

India has set itself a target to achieve net-zero emissions by 2070, and with more than half of India's 2030 building stock yet to be built, there is plenty of time for real estate developers to reduce the operational energy requirements and the embodied carbon emissions of their ongoing and upcoming projects. Green buildings can help in meeting as many as 11 of the UN's 17 Sustainable Development Goals.

Moreover, properties with high sustainability ratings are attractive to investors, lenders, and fund managers. Sustainable projects reflect the developer's commitment to upholding environmental, social, and governance (ESG) principles - an important consideration nowadays while making tenancy decisions.

Meanwhile, the global climate crisis has brought about a perceptible shift in people's lifestyles choices. Sustainability has now become a key consideration while looking for homes or office spaces, with buyers preferring spaces that focus on net-zero carbon measures, health and well-being, and socio-environmental awareness.

All these factors, together, are aligning businesses as well as consumers with the vision of green real estate.

How is the Indian real estate industry responding to green buildings?

In India, most of the leading real estate developers are incorporating sustainability measures in their projects to enhance both asset performance and customer wellness. Close attention is being paid to aspects like air, water, light, and comfort, and the use of environment-friendly materials such as wood, wool-and-mud bricks, sustainable concrete, and concrete substitutes. Furthermore, there is growing emphasis on using renewable energy to meet the energy needs of buildings. An increasing number of projects are also employing circularity concepts such as 'reduce, reuse, and recycle'. Developers are also turning to green certifications and platforms to augment their sustainability efforts. The LEED certification is one of the most popular ones in India. There is great, untapped potential for further penetration of green buildings in India. Real estate developers need to focus on adopting green building practices across the lifecycle of a project -planning, investment, materials selection, construction, operations, refurbishment, and demolition.

What are the activities of GBCI India in promoting green buildings in India?

GBCI drives adoption of green building practices that foster global competitiveness and enhance environmental performance and human health benefits. GBCI is the global certification body for the LEED green building program. LEED is a globally recognized mark of sustainability, signifying good performance on five important parameters: energy savings; water usage; waste management; carbon footprint reduction; and health of the building's occupants. It applies to both commercial as well as residential buildings. The LEED rating program makes sustainable building initiatives accessible to architects and developers, and offers a means to measure and document sustainable buildings.

GBCI also offers performance tools to help customers meet their sustainability goals. This includes Arc, a global performance platform that allows professionals to oversee the sustainability of buildings and places to collect data, manage and benchmark progress, measure impact and improve performance. Additionally, GBCI administers several certification programs and professional credentials-the PEER standard for power systems; the WELL Building Standard; the Sustainable SITES Initiative (SITES); the TRUE certification for zero waste; the Investor Confidence Project (ICP) for energy efficiency retrofits, RELi for resilient design; Sustainability Excellence credentials, and the City Climate Planner.

GBCI is also investing into LEED Education by offering content which has been designed for students and working professionals. As the green quotient goes up in India, the demand for green professionals will also see a spike and capacity building is a critical area of focus for GBCI.

What is the way forward for green projects in the real estate sector?

The real estate sector seems to be moving in the right direction, with greater adoption of sustainability measures and development of 'future-ready' green buildings. However, developers can do more in terms of implementing ESG (environmental, social, and governance) measures. Green projects will play a significant role in strengthening climate action, enhancing the health and wellbeing of citizens, and solving national challenges like energy and water conservation. Healthy people and healthy spaces are a prerequisite for a healthy economy. The real estate sector can contribute significantly to making a positive difference to all three.

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