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IFC, CREDAI Promote Green Buildings in India through EDGE Certification

New Delhi, India, November 25, 2014 —IFC, a member of the World Bank Group, and the Confederation of Real Estate Developers' Associations of India (CREDAI), apex body of private real estate developers, have partnered to promote green buildings in the country through IFC’s EDGE certification.
EDGE stands for ‘Excellence in Design for Greater Efficiencies’, and is a standard that focuses on energy and water efficiency in buildings. Fast, easy to use, and affordable, EDGE empowers builders and home-owners to choose environment-friendly technical solutions while capturing costs and projected savings. More information is available at www.ifc.org/edge .
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 materials 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, at its “Clean India – Skilled India – Strong India” Conclave. “Only two percent of the buildings are currently resource-efficient, pointing to the huge opportunity.”
By 2050, India will be home to 1.6 billion people and most of this growth will come from cities, where the residential needs will double. This rapid expansion in construction would require buildings that are less resource-intensive yet meets the aspirations of today’s growing middle class.
“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.”
IFC has invested $600 million in green buildings globally in the last five years. In addition, IFC has ongoing advisory programs in more than 10 countries. In India, IFC’s clients -- VBHC, an affordable housing developer, and SAMHI, a budget business hotel developer -- have benefited from the use of EDGE.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org
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