How Do Green Buildings Support India’s ESG Goals & Targets?
India’s ESG Goals & Targets- India’s transition to sustainability includes green building techniques and ESG goals. In terms of sustainability, India has, like other nations, seen a paradigm change, with Environmental, Social, & Governance (ESG) goals serving as the hub of the ecosystem. Although ESG was initially viewed primarily through regulatory lenses, it is currently at the centre of comprehensive strategies that consider corporate operations as well as India’s economic & developmental growth.
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The Business Responsibility Report (BRR) was introduced by Securities and Exchange Board of India, India’s market regulator, for the top 100 listed businesses in 2012. In 2015, it was expanded to include the top 500 listed companies.
The Business Responsibility & Sustainability Report (BRSR), which took the place of the BRR in 2021, required the top 1,000 listed firms, measured by market value, to report ESG disclosures. Following this, more companies are now conscious of their obligations with regard to safeguarding the environment and the health and welfare of their workforce.
The “E” in ESG, on the other hand, stands for environment and emphasizes the necessity of minimizing environmental damage. This is the point at which green buildings become relevant. Environmentally friendly building techniques are used in the construction of these buildings. Additionally, by supporting water and energy conservation, these structures aid in offsetting carbon emissions.
More green buildings are urgently needed as India sets off on a path of sustainable development. Not just to protect the environment but also to demonstrate the nation’s commitment to ESG relevance.
Green buildings effects
Few individuals are aware that these structures can affect people and the environment in a long-term way. A few industries use more energy than others, according to the Energy Statistics India report: iron and steel use 15.29% of industrial energy. Followed by chemicals and petrochemicals at 5.36% and building at 2.09%.
One of the most important actions that can guarantee both economic expansion and environmental preservation is the construction of green buildings. It can be accomplished by making sure that environmentally friendly architectural techniques are used throughout the whole construction process, from original design to rebuilding and refurbishment.
According to statistics, 40% of the energy used worldwide is used in building construction. Fortunately, one of the distinguishing characteristics of green buildings is reduced energy use. These energy-efficiently constructed buildings not only contribute to reducing energy consumption but also lower operating costs.
In summary, green buildings can be beneficial on many levels. In addition to providing environmental sustainability, they also aid in the effective use of water resources.
Green buildings through an economic viewpoint
It is a common misperception that green buildings don’t make money, however that is untrue. First off, even if the building’s initial construction requires a large amount of capital, they significantly save long-term expenses. Over the course of their operational life, they produce significant savings. Which is entirely consistent with and supports India’s commitment to sustainable economic development.
Because they provide long-term benefits, green buildings are also regarded as a profitable alternative for landlords and investors. These align with India’s strategic objective of encouraging sustainable investments to bolster its trajectory of economic growth.
Government support and policy landscape
India’s policy framework for green building techniques makes it evident that the country is committed to creating environmentally friendly structures. The government has legislated a set of guidelines for the development and construction industries. These take a comprehensive approach, addressing everything from responsible government to environmental issues.
The US Green Building Council’s Leadership in Energy & Environmental Design (LEED) certification programme is one of the most well-known examples of its widespread acceptance. Developers and corporate groups have accepted this certification. Which is consistent with India’s commitment to promote ecologically responsible building and development.
Setting an exemplary example, a number of the nation’s most notable structures, such as the T3 at Delhi’s Indira Gandhi International Airport, have obtained LEED certification.
Moving forward, national policy should incorporate green building criteria. An example of this can be seen in the National Building Code of India. Which has been modified with green building construction regulations.
Sustainable urbanisation was given top priority when India launched the Smart Cities Mission in 2015 with the goal of creating 100 smart cities nationwide. Once more, a comprehensive strategy was used, integrating infrastructure, governance, and technology equally. Actually, everything that is said about green building—from effective waste management to maximized energy consumption—applies here.
The Pradhan Mantri Awas Yojana (PMAY), another much-discussed programme. Was introduced in 2015 with the goal of providing all citizens with affordable housing. It promotes the development of sustainable and energy-efficient buildings. PMAY’s integration of green building concepts not only reduces energy consumption but also fosters sustainable urban life.
Creating impact
The environmental pillar of ESG is well-aligned with the broad acceptance of green construction methods and certifications. As well as the smooth incorporation of sustainable design principles into national regulations. India’s policy framework can appropriately navigate the negative effects of urban expansion by implementing some effective policies related to sustainable construction.
Leading Indian real estate investment trust Embassy REIT has implemented an ESG strategy to guarantee that its sustainability initiatives yield a favourable result. It has strengthened its case by adopting these actions. Today, all 77 of its operational buildings, totaling 33.4 million square feet, have received LEED Platinum certification. Twelve office parks in Bangalore, Mumbai, Pune, & the National Capital Region are home to this.
Furthermore, Embassy REIT is dedicated to achieving 100% USGBC certification throughout its entire portfolio by FY2023—a goal that is centred around sustainability.
The corporation has also started a programme called “75/25 Renewable”. Which aims to achieve at least 75% of electricity consumption from renewable sources by FY2025. 52% of its energy usage in FY2023 came from renewable sources, and it has embraced internal transit with electric vehicles by installing charging stations for them on its premises.
DLF is another illustration; it has been involved in the Indian real estate market for more than 75 years. The majority of its developments prioritise energy efficiency by incorporating green building requirements.
About 39 million square feet—or more—in its rental portfolio are certified LEED Platinum. Additionally, it has obtained LEED Zero Water accreditation from the US Green Building Council (USGBC) for all of its properties, including retail malls. Based on LEED v4.1 O+M: Existing Buildings, DLF The Crest is the largest residential project globally to receive Platinum Certification.
Conclusion
A further illustration is Mindspace REIT. Being a member of the “K Raheja Corp Group,” a leader in the green transformation of Indian real estate, Mindspace REIT has given green building first priority. A remarkable 97% of its operations area had green certifications (LEED Platinum or Gold) by March 31, 2023. 54 active buildings with LEED certificates demonstrate this.
The main lesson from these instances is that, provided all parties involved in the construction industry contribute in their own unique ways. India’s objective of creating an ecosystem that is environmentally sensitive is within reach as green building techniques become more widely used. It’s true that every drop matter.
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