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Mumbai, India, July 18, 2017:
A first-of-its-kind, voluntary, private sector-led initiative, the Sustainable Housing Leadership Consortium (SHLC) is working towards mainstreaming green homes in India. The aim is for at least 20% of India’s new housing developments to be green by 2022.
IFC, a member of the World Bank Group, convened the consortium under the Eco-cities program supported by the European Union, in 2016. Founding members of the consortium include leading real-estate developers Godrej Properties Limited, Mahindra Lifespace Developers Limited, Shapoorji Pallonji Real Estate, Tata Housing Development Company Limited, and VBHC Value Homes Private Limited. Financial institutions HDFC Limited and PNB Housing Finance Corporation are also part of the consortium. SHLC has support and participation of the Ministry of Housing and Urban Affairs, Government of India.
“The European Union is committed to supporting the sustainable development of cities, with a particular focus on climate-change mitigation and adaptation, and energy efficiency – key areas of India and EU’s strategic partnership,” said Friederike Tschampa, Charge d’Affaires a.i., Delegation of the European Union to India.
Today, the real-estate sector is responsible for 24 percent of India’s annual greenhouse gas emissions. Yet, two-thirds of India’s built infrastructure still lies in the future. The Government of India’s mission of ‘Housing for All by 2022’ also points to this being a critical time to impact the footprint of the housing industry. Urban India will need approximately another 2.4 million homes to be built by 2020, which creates a massive opportunity for change.
SHLC is collectively committed to making 100 percent of its new housing portfolio green, thus contributing 110 million square feet of green housing by 2020. For the citizens of India, this will translate into an estimated saving of 198 million kWh per year (which could potentially power over 1 lakh additional households) and 108 billion liters in water savings. It would also reduce India’s carbon footprint by approximately 0.2 million metric tons of CO2, helping us progress towards the national goal of becoming a burgeoning low-carbon economy.
“Affordable and sustainable homes is a key part of IFC’s strategy in India. We invest and advise housing finance companies, developers, and have also helped leading private-sector banks to issue green bonds to finance green homes,” said Jun Zhang, Country Head, IFC, India. “Given the scale of the challenge, through SHLC, we want to influence the ecosystem to build a more sustainable and greener India.”
To achieve its aims, SHLC is identifying scalable, efficient technology that brings down the costs of going green. SHLC is also working closely with the government to create a supportive policy environment. It will launch a multimedia campaign to reach 7 million people, galvanizing public opinion on green homes.
About the European Union (EU)
The EU, which consists of 28 countries, has the world’s largest economy and its third largest population, after China and India. Though richly diverse, the countries that make up the EU (its ‘Member States’) are all committed to the same basic values: peace, democracy, the rule of law and respect for human rights. They have set up common institutions so that decisions on matters of joint interest can be made democratically at the European level. By creating a frontier-free single market and a single currency (the euro) which has been adopted by 19 Member States, the EU has given a significant boost to trade and employment. It is also at the forefront of policies on sustainability.
EU-India relations
For over 50 years, the EU and India have worked together to reduce poverty, prevent disasters, expand trade, and promote joint research in energy, health, agriculture and many other fields of mutual interest. More information at:
http://eeas.europa.eu/delegations/india
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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