IFC forms consortium of Indian companies on green buildings

The International Finance Corporation (IFC), a member of the World Bank Group, is convening a voluntary, collaborative effort with leading Indian housing sector companies to form an industry-led sustainable housing leadership consortium to drive sustainability in the market. The consortium will particularly focus on the affordable housing sector. The effort is part of IFC’s eco-cities programme, supported by the European Union.

According to a press release, the consortium has been formed by early contributors in green building and affordable housing movement – Godrej Properties, Mahindra Lifespace Developers Limited, Shapoorji Pallonji Real Estate, Tata Housing Development Company, and VBHC Value Homes Private Limited.

IFC ill leverage private sector investments to facilitate greater uptake of certified green buildings, facilitate policy dialogue between the private sector and the Government, evaluate technology levers and share best practices, raise public awareness, and identify strategic actions for implementation.

“Buildings contribute to about 30-40 percent of energy consumption in many Indian cities and about 22 percent of the country’s annual greenhouse gas emissions. We appreciate and support the efforts of these leaders,” said Johann Hesse, Head of Cooperation of the European Union in India.

The founding members of the consortium have committed to make 100 percent of their housing portfolio sustainable by 2017 through appropriate green-building certifications and achieve 20 percent reduction in incremental variable costs.

“Given that two-thirds of India’s building infrastructure is still to come up, we have a window of opportunity to shape resource-efficient and livable cities,” said Jun Zhang, IFC’s Country Manager for India.