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Navigating COP28 and Shaping India’s Sustainable Real-Estate Future

Navigating COP28 and Shaping India’s Sustainable Real-Estate Future

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As the UN declares 2023 the “hottest year ever recorded in human history” at COP28, the urgency to address climate change has never been more apparent. We are alarmingly close to the 1.5-degree threshold established in the Paris Agreement during COP21, a goal that has consistently been reaffirmed in subsequent COP conferences. Nations must reassess their growth trajectories toward a sustainable future. Among these nations, many eyes are set on India and its initiatives.

India Sets Its Sustainability Targets

India’s commitment to achieving Net Zero emissions by 2070 reflects a steadfast dedication to transitioning towards clean energy. These goals highlight the nation’s determination to address climate change and embrace eco-conscious practices. One sector that can play a pivotal part in the pursuit of sustainability is real estate.

The real estate industry is responsible for nearly 40% of GHG emissions. Many steps are being taken to lower the industry’s carbon footprint. India is actively promoting Green Building practices through various green building certification schemes. These schemes prioritize environmentally conscious construction methods and resource-efficient technologies, which can lead to a 25 to 30% reduction in resource consumption and equivalent emissions.

Sustainability Takes Center Stage in Real-Estate

Events like COP28 will have a far-reaching impact on India and the real estate industry. For example, the Indian Government has launched the Green Credit Program at the summit which focuses on sustainable building and infrastructure along with seven other areas.

In a shift towards a more sustainable future, the real estate sector in India is embracing eco-friendly practices, with a focus on sustainable building certifications, renewable energy generation, and resource efficiency. IndoSpace, the pioneer industrial park and warehouse developer, has emerged as a key player aligning with the country’s ambitious targets to achieve Net Zero emissions by incorporating various ESG initiatives. It showcases that the numbers and stats aren’t just lofty goals but achievable milestones.

IndoSpace stands as the first Indian company to achieve the Green Warehousing and Logistics Platinum Certification by IGBC. Moreover, IndoSpace has demonstrated its commitment to energy efficiency with multiple industrial and logistics parks being EDGE / EDGE Advanced certified, emphasizing resource-efficient designs. An investment is being made in every asset to integrate ESG values through every project from site selection, development, and operation across the lifecycle.

IndoSpace, being the largest investor, developer, and manager of industrial and logistics real estate in India, is planning to accelerate its efforts in sustainability to foster a greener and more environmentally responsible built environment.

IndoSpace’s commitment extends beyond certifications, as evident in the installation of rooftop solar panels. It continues to set industry benchmarks by integrating green building practices and renewable energy solutions, establishing itself as an industry leader in the pursuit of sustainable development in industrial and logistics parks warehousing.

Authored by
Rajesh Jaggi
Vice Chairman, Real Estate – The Everstone Group
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