Green homes: Gets a new push
IFC to invest around 1.2 billion for next five years in green homes
For next ten years, India would require USD half trillion to one trillion to support its climate change commitments. In order to support India’s financial requirement, International Finance Corporation (IFC), a member of Word Bank group has committed to invest around USD 5-6 billion for next five years.
This investment will be for climate change program, added IFC’s country manager (India) Jun Zhang said. To support green homes campaign launched by Sustainable Housing Leadership Consortium (SHLC) recently, IFC plans to invest around 11.2 billion for next five years, Zhang added. IFC has invested USD 2 billion in India to support climate change program. This investment is spread across 40 projects all over India.
“From this, 40 per cent of the investment is made in low-income state,” added Zhang. He spoke to reporters during the launch of greenhomes campaign by SHLC. The five real estate players namely Godrej Properties, Mahindra Lifespace Developer, Shapoorji Pallonji Real Estate, Tata Housing Development Company and VBHC Value Homes, joined by two financial institutions like HDFC and PNB Housing Finance Corporation founded SHLC in 2016. It is convened by IFC under the eco-cities program supported by the EU.
The consortium is now aiming to at least have 20 per cent of India’s new housing developments to be green by 2022. This was announced by the members of founding members on Tuesday. Commenting on this target, Mahindra group, chief sustainability officer, Anirban Ghosh believes that the number is a small per cent but it is achievable. But he strongly believes an active participation of the stakeholders would be required.
In India, it is estimated that only two per cent of its construction footprint is green. Tata Housing Development Corporation, MD and CEO, Brotin Banerjee pointed that there is no one policy that is coherent for green homes. He believes that a policy framework for this will speed up the whole process.
Godrej Properties’ executive chairman Pirojsha Godrej stated that the fear among the customers about green homes being costly have to be changed. The consortium plans to create awareness about this myth among customers and stakeholders, Godrej reiterated.
The consortium, which is supported by the ministry of housing and urban affairs, will approach the centre asking for some assistance in policy front. Ghosh felt that there would be couple of things that would be needed in India to make this initiative a success.
He added that setting a standard technology which is tired and tested, and having new rules included in Building Code, are few necessities. He stressed the new code has some rules encouraging green homes but there is a need to up the rules little further.