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Billions ready to roll into India’s green building sector

Billions ready to roll into India’s green building sector

The International Finance Corporation (IFC) has announced it plans to invest $6 billion in sustainable and renewable energy projects in India - 20% of which will go towards building eco-friendly, green homes in India.


Jan Zhang, IFC India’s Country Head, recently told the Manila Times that sustainably-built homes form a core part of the organisation’s activities in India.


At a press conference to launch an awareness program on green homes along with Sustainable Housing Leadership Consortium (SHLC), a group of real estate firms which supports green homes, Zhang said IFC has invested around $2 billion on renewable energy and climate change programs in India since 2005.


 “We invest and advise housing finance companies, developers and have also helped leading private-sector banks to issue green bonds to finance green homes. Through this first-of-its-kind multi-stakeholder consortium, we are trying to identify private-sector solutions for greener homes, “ he said.


As part of its campaign, the SHLC, and its stakeholders, is aiming towards making 20% of all of India’s new homes eco-friendly by 2022. At the moment, roughly 2% of Indian housing is certified green buildings.


Meanwhile, the IFC has teamed up with some of the biggest members of the SHLC to deliver its green agenda. So far, it has partnerships with several leading Indian real estate firms, including Tata Housing Development Company Ltd. and Shapoorji Pallonji Real Estate Ltd.


In a press statement, SHLC said it is collectively committed to making 100 percent of its new housing portfolio green, thus contributing 100 million square feet of green housing by 2020.


Tata Housing Development’s managing director and chief executive officer Brotin Banerjee said the consortium would tie up with various industry bodies to spread awareness about green homes across the country.


Both green building and residential construction are tipped as India’s most fertile construction sub-sectors. By 2020, the amount of environmentally buildings in India is expected to nearly double from the current 157.9 million square metres of space to a huge 278.7 million sqm.


In housing, the Housing for All by 2022 initiative is pumping out millions of new residential units countrywide.


Combined, they spell big opportunities for international manufacturers and suppliers of building materials, plus interiors and decor products.

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