"Building a Sustainable Tomorrow: The Evolution of Green Construction"

Green construction is the practice of creating structures and using processes that are environmentally responsible and resource-efficient throughout a building's life cycle from siting to design, construction, operation, maintenance, renovation, and deconstruction. This practice expands and complements the classical building design concerns of economy, utility, durability, and comfort.???

Green Construction Industry Drivers-?

The industry is driven by the increase in awareness regarding the environment, growth in government infrastructure investment, government support, subsidies, and compulsions, and improving affordability. Green construction features designs and energy-efficient technologies to reduce energy consumption for cooling, lighting, heating, and other services. This not only reduces greenhouse gas emissions but also leads to cost savings over the building's lifespan. Furthermore, resource depletion and growing pollution have led to a greater emphasis on sustainable practices in construction. The aim of green construction is to decrease the energy consumption, carbon footprint, and waste generated by buildings.??

Governments and regulatory bodies have introduced building codes and standards that promote energy efficiency and sustainable construction practices. In addition, incentives such as tax breaks and grants are often provided to developers who incorporate green features. While the initial construction cost of green buildings might be slightly higher, the long-term operational and maintenance costs are generally lower due to energy and water savings. This cost-effectiveness is a significant driving factor. Consumers are increasingly valuing environment-friendly and healthy living spaces.??

Green construction often commands higher resale and rental values, making them attractive to developers and investors. Many corporations and organizations are adopting sustainability goals as part of their CSR initiatives. Constructing and occupying green buildings aligns with their commitment to social and environmental responsibility. Green construction often features improved indoor air quality, natural lighting, and better thermal comfort. These factors contribute to occupant health, well-being, and productivity, making them attractive to businesses and homeowners. The development of innovative construction materials, renewable energy technologies, and smart building systems has made it feasible to construct and operate green buildings effectively.?

Some of the factors that affect the green construction industry are financing and funding challenges, limited availability of green materials, skilled labor shortages, lack of awareness and education, and higher initial costs. Green building materials and technologies can sometimes come with higher upfront costs compared to conventional counterparts. This can deter some developers and investors who prioritize immediate cost savings over long-term sustainability benefits. Similarly, many stakeholders, including contractors, architects, and clients, might lack awareness about green construction practices, technologies, and their benefits. This can lead to resistance to change and reluctance to invest in sustainable solutions. Implementing green building practices often requires specialized skills and knowledge. The shortage of skilled labor which is trained in sustainable construction techniques is projected to hinder the growth of the industry. Furthermore, the availability of eco-friendly building materials can be limited in some regions, making it challenging to source the necessary materials for green construction projects. Securing financing for green construction projects can be more complex than for traditional projects, as lenders and investors may have limited experience with the associated risks and benefits.?

?Growth Opportunities-?

Green construction is seen as a long-term investment with potential for higher returns due to its reduced operating costs and increased market value. Architects, engineers, contractors, and suppliers are collaborating to develop and share best practices for green building construction. This collaboration enhances knowledge and expertise in sustainable design and construction. Green construction emphasizes the use of recycled and locally sourced materials, reducing the demand for virgin resources and minimizing the environmental impact of transportation. Green construction implements water-efficient fixtures, landscaping, and rainwater harvesting systems, helping to conserve water resources, especially in water-scarce regions.??

Green construction practices allow developers and architects to showcase their innovation and differentiation in a competitive market by delivering projects that stand out for their sustainability features. The push toward net-zero energy and carbon-neutral buildings will lead to the integration of renewable energy systems, energy storage, and advanced energy management technologies in building design and construction. The convergence of green construction principles with smart technologies will result in buildings that optimize energy usage, lighting, heating, and cooling based on real-time data. This not only enhances efficiency but also improves occupant comfort. Green construction will increasingly incorporate designs that are resilient to climate change impacts, such as extreme weather events, sea-level rise, and temperature fluctuations. The focus on occupant health and wellness will lead to the incorporation of biophilic design, improved indoor air quality, natural lighting, and spaces that support physical and mental well-being.??

Collaborations between governments, private sector entities, and non-profit organizations can drive the development of large-scale green construction projects that have a positive impact on communities and the environment. The expansion of green building certification systems, such as Leadership in Energy and Environmental Design (LEED) and Building Research Establishment Environmental Assessment Method (BREEAM), will continue to incentivize developers and builders to adopt sustainable practices.?

Strategic Moves by Key Players:?

On February 2021, the World Green Building Council (WorldGBC) made an announcement about four new companies as signatories to its net zero carbon buildings commitment. The companies are Siemens AG, CDL, Charter Hall, and NEO. Similarly, on November 2021, U.S.-based Green Canopy and NODE signed an agreement to merge to create Green Canopy NODE, SPC. The aim of the merger is to establish green and vertically integrated development, contracting, and fund management company.???

In April 2023, the Confederation of Real Estate Developers Associations of India (CREDAI) planned to build around 400,000 green housing units across India.??