ESG and net zero emissions gaining momentum among realty developers

ESG focus is fairly advanced in developed realty markets and will soon become widespread in India, say industry players; the sector aims to achieve 80-90% green certifications in 4-5 years

As the country moves towards achieving a net-zero carbon economy by 2070, decarbonisation of real estate becomes very important. Globally, the realty sector accounts for nearly 40 per cent of world’s energy consumption, 30 per cent of raw material use and 33 per cent of the related global greenhouse gas (GHG) emissions.

Environmental, social, and governance (ESG) focus is fairly advanced in developed real estate markets and it is only a matter of time before this becomes widespread in India, said Anubhav Gupta, Chief ESG, Sustainability & CSR Officer, Godrej Properties.

Independent rating agencies such as the Global Real Estate Sustainability Benchmark