Green Growth and Sustainable Development In Real Estate
Climate change doesn’t discriminate based on the social and economic standings of an individual; rather, its impacts are widespread and have the same potency for every segment of the society. The impacts of climate change are hampering the socio-economic development of states in myriad ways. The phenomenon is echoing in policy circles, and governments along with the private sector expanding to formulate new strategies for downsizing the negative impacts of climate change. Similarly, states at multilateral forums have pledged to tackle this threat with a coordinated strategy by setting short and long term goals for sustainable development.
In the background of unprecedented impacts of climate change, states at the local level have started to change the modus operandi of the old practices – practices that involve burning of fossil fuels, and hamper the Nationally Determined Contributions (NDCs).
Moreover, states are tailoring their climate policies and exploring different options for availing Green Climate Funds (GCF).
In this article, Graana.com explains the importance of green growth and sustainable real estate developments in today’s world.
Climate Change and Green Real Estate Development
Unfortunately, Pakistan is among the list of states that are most vulnerable to the impacts of climate change. However, the Real Estate sector of Pakistan is the beacon of hope amidst the changing climate patterns, rising temperatures and increasing carbon emissions. The green real estate development can be defined as the employment of eco-friendly, and resource-efficient practices in the real estate sector to achieve the goals of sustainable development. Burrowing the concept of Green Real Estate further, it is observed that the phenomenon incorporates wide-ranging applications which are to be implemented at micro and macro levels of this discipline. For example from vertical gardening to ‘green buildings’.
The notion of green development is also underscored in the National Climate Change Policy of Pakistan. The policy explicitly states that town planning has a direct correlation with carbon emissions due to the changing fuel and energy consumption patterns. As a policy measure, the policy recommends the following:
- Modifying town planning for lower carbon emissions
- Designing a zero-emissions building by introducing renewable energy technology
Since Green Real Estate is an industry pertaining to the resource conservation, environment protection and harmony realization between human and nature, it can also help to assist Pakistan’s expedition against climate change. Like every member of the United Nations (UN), Pakistan has also incorporated Sustainable Development Goals (SDGs) in its development agenda; ‘climate action’ being one of the SDGs puts Pakistan’s efforts against climate change at forefront.
Green Real Estate as the way Forward
Green Real Estate Development can help to mitigate the consequences of climate change in the following manner.
Green Real Estate Practices
The report issued by the Intergovernmental Panel on Climate Change mentions that the temperature of the earth is expected to increase 1.1- 6.4C. Every year; if the business as usual continues. In this scenario, the green real estate development can come to the rescue, and techniques pertaining to vertical gardening, use of renewable energy resources and aerosol free housing can halt the increasing temperature of Pakistan.
Curbing Carbon Footprint through Sustainable Real Estate
Similarly, housing is one of the contributors to Greenhouse Gas emissions. The reason is linked to high energy consumption and household carbon dioxide emissions. The phenomenon of green real estate development can help to reduce these emissions and shift the burden from natural energy resources.
Averting Urban Flooding
Similarly, green real estate can act as a remedy to urban flooding. The economy of Pakistan annually suffers heavy losses due to urban floods, with the development of smart cities the devastating impacts of urban floods can be reduced.
Sustainable Development – Solution of Water Shortage
With recourse to the findings of different studies, Pakistan can face acute water shortage in coming times. Water is one of the major commodities of households and an important element of daily routine. Efficient water management is a prerogative of sustainable development and also comes under the umbrella of green real estate development. Hence, green real estate development can help to tackle the issues of water management in Pakistan.