The real estate sector has been working diligently towards decarbonization as can be seen by the 37 percent increase in green assets in the last five years.
Signature Global (India) Ltd. - Pradeep Aggarwal, Founder & Chairman
When our Prime Minister Shri Narendra Modi pledged Net-Zero by 2070, it was lauded worldwide as many developed countries were yet to come forward. Our real estate sector has already come together to acknowledge our collective responsibility to preserve nature and embrace sustainable practices in real estate development.
Setting a goal to achieve net-zero carbon emissions
At Signature Global, all our ongoing projects adhere to the green construction standards set by renowned institutions such as EDGE, IGBC, and others. We have recently partnered with the Council on Energy, Environment, and Water (CEEW) for ‘Cleaner Air and Better Health’ (CABH) project supported by the United States Agency for International Development (USAID). As part of this collaboration, we have initiated the deployment of an innovative air quality monitoring network (the first of its kind). Through these efforts, we strive to demonstrate our dedication to sustainability, environmental stewardship, and the well-being of the communities we serve.
Potential of waste to wealth conversion
Waste management is fast becoming a trend across industries, though processing waste is still a challenge. Many municipalities in India have distributed separate bins like green for wet waste and blue bins for dry waste, and developers have also come together to encourage segregation of waste.
What’s more, developers are tying up with start-ups that have come up with innovative solutions to process and use the by-products of waste for producing energy, for road construction, and converting waste into organic fertilizers, etc. So, waste is no longer considered ‘garbage’ but a by-product that can be reused in different forms after being processed, and thereby, bringing value.
Harnessing opportunities for renewable energy generation
While there are challenges, India also enjoys several opportunities for a greener future. The country has immense potential for renewable energy generation, given its abundant solar resources and vast coastline for wind energy. Investing in clean energy infrastructure and technology can not only drive economic growth but also reduce greenhouse gas emissions and enhance energy security. By harnessing the opportunities that arise from these challenges, India has the potential to become a global leader in green technologies, creating a better quality of life for its citizens and contributing to global efforts in combating climate change.
Carbon credit market is still evolving
As far as the carbon credit policy is concerned, Government of India amended the Energy Conservation Act, 2001 which came into force on 1st January 2023. Worldwide, the carbon credit market is still evolving and so is the law. Having said that, carbon credits are being traded on the commodity exchange in India and the country has issued 35.94 million carbon credits through 2010 and 2022, and has also traded these credits in international markets. So, the carbon policy environment is already established.
As far as carbon credit policy for the real estate sector is concerned, we too are covered by the same law and policies, and I don’t see any reason why our sector should get special treatment in this sphere, as of now.
Embracing cleaner construction practices collectively to build sustainable communities
The Green Building Council is doing a decent job in promoting sustainable practices, and the Ministry of Housing too is active on this front. I don’t think we need a new/separate body for this. What we need is symmetric actions and a stable, forward-looking environment to ensure that there are no gaps and that our objective to reduce pollution is met.
Signature Global’s green building practices are exemplified by the fact that most of their affordable housing projects have been IGBC gold rated.