The Reason Behind Global Real Estate Going Green
The Paris emissions targets have been set and governments have committed to doing their part. So far, they haven't succeeded; but they have said that they're up for the challenge. Now, The Investor noted that they're turning their eyes on keeping carbon emissions down as one of the first steps. They're also getting a timely boost from real estate properties who are doing their part to help their respective governments achieve their Paris targets.
The properties belonging to governments sworn to abide by the agreement have performed well. Analysts say that these properties are well on their way to a meeting and exceeding the targets that they've set, bringing emissions down to 50 percent by 20130. They've achieved this by focusing on energy efficiency-improving air conditioning equipment, fixing the heating and ventilation, as well as installing efficient lighting, among other things.
The installation of efficient lighting alone is a big help in cutting down emissions. While it immediately made its presence felt by impacting energy consumption, it also helped cut the costs of the properties using it, making it one of the most popular early adjustments that they made.
It's not only residential properties that have made these adjustments. Member governments of the Paris climate accord include India, where 'green' offices have sprung up. Real estate firms with properties such as this include Godrej, K Raheja Corp, Kalpataru, Mahindra, and Tata Realty. K Raheja Corp already has quite the portfolio of green properties, with offices and commercial spaces in Chennai, Delhi, and Mumbai already being certified by the Indian Green Building Council (IGBC) as well as the Leadership in Energy and Environmental Design (LEED) since 2003.
Shabbir Kanchwala, senior vice president of the company, said that the decision to shift to green energy was easy. He said that the operating cost for one made it simple-a green office building's operating costs tend to be lower than those of a conventional one, allowing for massive profits and less of the expenditures.
Not everyone is enjoying making the transition, however. There are a few properties that are struggling with the change. Class C and multi-family properties have struggled to progress with the changes, while Class A and Class B commercial properties have demonstrated marked progress with the leap towards green energy.
There is still a lot of effort needed to make everyone chip into making green energy the preferred choice. However, properties doing their part-and making profits off of it makes the pitch to shift towards green energy easier.