02/11/2022 - Economy

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KEY POINTS

·        Housing is a major greenhouse gas (GHG) emitting sector, consuming about 24 per cent of the country’s electricity and emitting over 20 per cent of total GHG.

·        These percentages are expected to increase as housing demand accelerates, jeopardising India’s green transition targets.

·        Conventional housing materials such as concrete and steel are made with energy-intensive processes.

·        The use of low-carbon materials, following sustainable construction processes, and recycling building materials can lower the GHG footprint.

·        An appropriate blend of active and passive design elements when constructing can reduce energy usage by over 35 per cent.

·        Additionally, the government and Multilateral Development Banks (MDBs), and Domestic Development Banks (DDBs) can support green housing sector through a credit enhancement mechanism.

·        A ‘green price premium’ can also be accrued from the resale of such properties.

·        The National Housing Bank (NHB) launched SUNREF Green Housing programme in association with the French Development Agency (AFD) and the European Union (EU).

·        NHB can test these innovative financing solutions to attract private capital to green housing.

·        Hence, private financers can generate an expected return from such transactions. Through innovative financing models and policies, public institutions can nudge the private players to fund the much-needed low-carbon housing sector.

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