Green Buildings: A New Horizon Emerging In Real Estate

Countries are constantly heading toward becoming a better world, and one of the goals they are aiming for is to make the earth healthy. India with the largest population is also envisioned to become net zero by 2070. 

In the same direction, India’s Nationally Determined Contributions (NDCs) will assist the country in cutting down the emission of its GDP by 33-35 per cent by 2030 compared to 2005 levels and achieving 40 per cent of its installed electric power capacity from non-fossil fuel sources by 2030.

Along with the government authorities, private bodies are also formulating initiatives and programmes to mitigate carbon emissions. In order to accomplish the net zero goal, the country and the world need to emphasise the problems and sources of emissions. Constructing buildings and building themselves are some of the biggest contributors to carbon emissions in the city. 

According to the official data released by World Green Building, buildings are currently responsible for 39 per cent of global energy-related carbon emissions: 28 per cent from operational emissions, from the energy needed to heat, cool and power them, and the remaining 11 per cent from materials and construction.

To address this issue, Mahindra Group and Johnson Controls have come up with the Net Zero Buildings Initiative to Decarbonize Buildings in India. 

This strategic climate advocacy initiative aims to provide organisations, building owners, and facility managers with the necessary information and resources to create sustainable spaces, supporting India's Net Zero goals.

Commenting on the initiative, Hardeep Singh Puri, Union Minister for Housing & Urban Affairs & Minister for Petroleum and Natural Gas, “Built infrastructure is responsible for 40 per cent of the global energy-related emissions today, and most of the built environment in India’s cities is yet to be constructed. We must integrate sustainability and climate resilience into the life cycle of the built environment.”

With the sector accounting for 20 per cent of emissions and more than 30 per cent of energy consumption in the country, the transition to sustainable buildings is need of the hour. 

In addition, George Oliver, Chairman and CEO of Johnson Controls said that with India on the cusp of a building revolution, now is the time to actualise the benefits of smart and green buildings for India’s economy and society. 

India with the largest population also requires a larger number of homes, hence smart buildings and sustainable construction methods the necessary to accomplish the net zero goals set by India. As per India Energy Outlook 2021, even a 30 per cent improvement in energy efficiency from buildings can potentially save 250 TWh of electricity by 2030.