India’s real estate sector is large, rapidly growing, and a major source of emissions. It currently accounts for about 7-8 per cent of the Gross Domestic Product, is projected to grow 5x from 2021 levels by 2030, and accounts for about 21-22 per cent of India’s current emissions.
India will add a billion sq. ft. of commercial building space by 2030. Given typical building lifespans of 50+ years, conventional commercial buildings can lock-in massive energy and water inefficiency, high carbon emissions, and a poor living and work environment for millions of Indians. Not building them as High Performance Buildings will constrain the growth prospects of India’s emerging green and circular economy.
If even half of India’s new commercial buildings by 2030 are constructed or retrofitted on high performance principles, it will:
- Save businesses USD 432 billion in energy costs
- Create 10 million permanent and skilled green jobs
- Avoid 600 million tCO2-eq of Greenhouse Gas (GHG) emissions
- Help reprioritise USD 1.1 billion of public sector energy investments
- Provide a scalable model for other buildings in India and across the globe
Other direct benefits include: material use efficiency across the supply chain; appreciation of asset and rental values; job creation; and, better conditions for workers.
A 2x amplification of these direct impacts by 2030 and a 50x amplification by 2050, is envisaged through a demonstration effect and by developing enabling policy options, financing arrangements, and capacities.