International Finance Corporation (IFC) is planning to invest over $1 billion in next five years to support India’s green building initiative. IFC’s Country Head (India) Jun Zhang said that affordable and sustainable homes, is a key part of IFC’s strategy in India.

Tata Housing Development Company, Mahindra Lifespace Developers, Godrej Properties, Shapoorji Pallonji Real Estate and VBHC Value Homes along with International Finance Corporation (IFC), European Union and PNB Housing Finance have come together to give a push to green homes.

Sustainable Housing Leadership Consortium (SHLC) on Tuesday announced they will make 100% of their new housing portfolio green, thereby contributing 110 million square feet of green housing by 2020. This would entail an investment of around $1 trillion.

The Energy and Resources Institute (Teri) will assist them under the banner of SHLC, which was formed in 2016, in providing technology to achieve the goal of having greener projects.

As per SHLC data, real estate sector is responsible for 24% of India’s annual carbon dioxide emissions, which contributes to global warming and poor air quality. SHLC’s target is to have 20% of new Indian homes as green, which may translate into saving of around 198 million kilowatt hour of energy annually and cut 108 billion metric tonnes of carbon dioxide.

In order to achieve this, $1 trillion of investment will be required so that 2.5 million homes can be created.

Meanwhile, IFC plans to independently invest around $5 billion in the next five years in the area of climate change.

Jun Zhang, country manager (India), IFC, said that twenty percent of this will be invested in green building spaces, which is around a billion dollars.

SHLC are trying to crack that on various fronts while working with Teri, National Skill Development Corporation, with the technology providers, with contractors, to come up with the solutions and also talk to the government as to see what policy interventions they can come up with, said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.

Currently, the government doesn’t have any specific policy for green buildings on the lines of affordable housing.

Gopalkrishnan said that they are trying to get government come with policy measures, to put them down and drill them down to various states and various developers. They are also trying to devise a policy which is a win-win situation for the government as well.

As a part of the initial phase, Teri will come up with a few technologies that can be implemented.

In another six months, they will provide their projects to implement these green technologies on a pilot basis, said Anita Arjundas, managing director of Mahindra Lifespace Developers.

According to Pirojsha Godrej, executive chairman of Godrej Properties, customers will have immense benefits as the overall cost of power and water will cut down, apart from a better standard of living.

Zhang also mentioned that electricity saved in this process will help in powering 3.3 million homes elsewhere. Given the scale of the challenge they want to influence the ecosystem so they can build a more sustainable and greener India.

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