To limit the impact of climate change, the Royal Institution of Chartered Surveyors (RICS) Nigeria Group urged stakeholders to adopt green building designs that will ensure sustainability and resilience in construction and real estate.
Cayman Islands Director of Assessment and RICS Global Board Member Mr. Uche Obi led the charge at the RICS Nigeria Annual Conference and General Assembly, which took place. held virtually in Lagos.
Speaking on “sustainability in construction and real estate”, he explained that green building designs lead to better returns, attract quality tenants and less void, provide access to finance, as financial institutions like the International Finance Corporation (IFC) are starting to encourage sustainable practices. by offering loans with low interest rates and extended terms to those who advocate green design in real estate.
Obi also said that governments around the world are offering discounts and incentives to developers for building green buildings, while research has shown that green buildings are not as expensive as traditional buildings. He urged industry professionals to advocate for more sustainable practices in projects and building code enforcement.
As housing demand continues to grow due to urbanization, he said this would lead to more construction and further worsen the sector’s negative impact on the environment, noting that the carbon footprint represents the biggest problem. greater amount of carbon dioxide produced by buildings during its operational activities.
It revealed that real estate / construction uses more energy than any other sector, with 20 percent of global carbon emissions including water production / use and pollution from the environment. sector.
According to him, a recent report produced by the World Economic Forum on environmental sustainability in construction practices for real estate, mentioned that 40 to 48 percent of new commercial buildings comply with sustainable practices, up from just 2 percent in 2005. , noting that progress has been made but this has not been enough.
He argued that the industry is only reacting due to pressure from regulators, customers and warned that operators must prioritize sustainability.
RICS Nigeria Group President Olasiji Ojuola said there is a need to develop environmentally friendly, economically responsive and financially attractive infrastructure; which takes into account social factors as well as institutional sustainability.
Ojuola said the current generation has created some mess in the environment, forcing all stakeholders to join hands and minimize or eliminate the effects on the next generation taking into account sustainability practices. in the construction.
ESG consultant Mr Damola Akindolire observed that green building must have essential components, which are design components, material sourcing, use of recyclable materials to reduce greenhouse gas emissions and efficient functioning of assets.
Contributing, IFC Edge Green Building Market Transformation Program Manager for Nigeria and Ghana, Mr. Dennis Quansah, who spoke about âsustainability issues in construction and real estate asset managementâ, pointed out that the organization operates through four approaches which include financing, green product innovation, government intervention and project certification.
Anne Rinu, Nigeria and West Africa Property Manager at Standard Chartered Bank, explained that green building design uses technology and software to ensure energy efficiency in lighting control, sensors of motion, building automation, water use and general management system.
Other speakers at the conference include Senior Investment Officer, IFC, lfeoma Ezeokafor, Head of West Africa Finance Stanbic Capital, Tola Akinhanmi, and Anglophone West Africa Regional Representative, Shelter Afrique, Elizabeth Ogonegbu spoke about the issue of sustainability in project funding.