IFC, Credai join hands to promote green buildings

NEW DELHI: IFC, a member of the World Bank Group, and the Confederation of Real Estate Developers’ Associations of India (Credai) have partnered to promote green buildings in the country through IFC’s EDGE certification. An MoU to this effect was signed between the two in the presence of Environment and Forests Minister Prakash Javadekar, here on Tuesday.

EDGE stands for ‘Excellence in Design for Greater Efficiencies’, and is a standard that focuses on energy and water efficiency in buildings. It empowers builders and home-owners to choose environment-friendly technical solutions while capturing costs and projected savings.

Credai will encourage its members, including local chapters, to incorporate resource efficiency in their design using EDGE. To qualify for the certification, these efficiencies must result in savings of at least 20 percent in energy, water, and material over the local standard practices. IFC will train members and share global best practices and knowledge with Credai on green building technologies.

“This partnership has the potential to transform the housing market and put India in a leading position to apply a green rating system for homes on a large scale,” said Geetamber Anand, President-Elect, Credai. “Only 2 percent of the buildings are currently resource-efficient, pointing to the huge opportunity”, he said.

“Green buildings are a compelling need and IFC will be working in this fast growing Indian market,” said Serge Devieux, IFC’s Regional Director for South Asia. “We aim to help builders introduce cost-effective green features into their designs and work with financial institutions and the Government, to support their widespread adoption.”