The Market Share Of Green Buildings In India Is Steadily Increasing.
Manish Goel, Managing Director, Project & Development Services – Investor, Cushman & Wakefield
How do you view the carbon emission scenario in building construction today?
The carbon emission scenario in building construction today is a significant concern due to its contribution to climate change. Buildings account for a substantial portion of global energy consumption and greenhouse gas emissions. Globally around 25-28% emissions are from the operational consumption of energy and 10-11% emissions are from construction and materials. According to the International Energy Agency (IEA), the building sector, including construction, heating, cooling, and lighting, contributes to energy consumption and emissions. Reducing carbon emissions in the construction industry is crucial for achieving sustainability goals.
How is the concept of green buildings picking up in the country?
The concept of green buildings is gaining momentum in India as sustainability and environmental consciousness become more prominent in the construction industry. The market share of green buildings in India though is as low as less than 10%, it is steadily increasing, with a projected compound annual growth rate of around 20% between 2021 and 2026 according to some reports.
Green buildings cost more compared to conventional buildings. What is your comment?
When we look at costs, we must consider costs in terms of construction, financing, lifecycle, and yield. While green buildings may have a higher initial construction cost, the long-term benefits and cost savings associated with energy efficiency and sustainability offset these costs.
What is the current scenario of using renewable energy sources in buildings for meeting the energy needs?
India has made significant progress in utilising renewable energy sources in buildings. The country has doubled its renewable power capacity in the last four years, with solar power, wind power, and hydropower being commonly used sources. For the net zero target of India by 2070, the government is looking at more than 50% of energy requirement from renewable source which could be in excess of 500 GW generation through the non-fossil energy sources.
What kind of materials are being used to increase sustainability and energy efficiency in buildings?
Materials such as high-quality insulation, energy-efficient windows, solar panels, energy-efficient lighting, recycled and sustainable materials, green roofs, and low VOC paints and finishes are being used to increase sustainability and energy efficiency in buildings. The material should have a very low recycling cost and high re-usable potential.
What is the way forward for increasing sustainable construction and more green buildings in the future?
The way forward for increasing sustainable construction and more green buildings involves promoting stricter building codes, encouraging green building certifications, incentivising sustainable practices, fostering research and development of innovative technologies, and raising awareness about the environmental benefits and long-term cost savings of green buildings.
