Sarthak Borkar

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`Sustainability' is the watchword for the occupiers, investors, and developers in Indian real estate at the moment. All this is taking place due to the recently introduced sustainable development guidelines by SEBI. According to Colliers, the leading firm in real estate consulting, the latest SEBI norms were one of the major reasons that accelerated the pace of adopting eco-friendly infrastructure at least across the nation.

The Business Responsibility and Sustainability Reporting (BRSR) framework has ensured that SEBI puts a compulsion on listed companies to make adequate disclosures regarding their ESG practices. This compulsion would ensure that businesses, which are obligated to practice sustainability, report their environmental impacts. Owing to this fact, green buildings would not be a luxury or a niche anymore but an inherent part of the real estate industry. The developers now engage in building design and construction that meets the international standards of sustainability, not because they have to keep up with the regulatory requirements but because it satisfies the demand for consumers and investors.

The effect of the SEBI directive can be seen both on the commercial and residential fronts. While corporate occupants are seeking eco-friendly office spaces, the residential buyers also show the need for energy-efficient houses.

This makes the green buildings highly appealing and benefit with a reduction in energy consumption, less water usage, and wastes. Most of the time, green building-certified buildings earn better rental incomes compared to non-green buildings, all things being equal. In most cases, they also obtain higher occupancy rates, thus being a high-profit investment option for developers and real estate investors. This is considered a shift toward sustainable building that will lower the carbon footprint of the sector and hold high in the country's sustainability agenda. Exactly this momentum in green buildings underlines the relevance of ESG strategy for any business aimed to compete.

These emergent trends now create a special opportunity for MBA students and future leaders in the field to learn about and influence the changing dynamics in real estate toward more sustainable business practice. The green building revolution, in response to the SEBI sustainability reporting requirement, marks an important leap toward bringing the industry of real estate up to international environmental standards. As companies progressively come to terms with the long-term benefits of investing in sustainable infrastructure, the demand for green buildings will surge, hence making sustainability all but a given base for any future growth within the industry.

Reference:

• ‘Sebi's green reporting boosts demand for green buildings: Colliers’ by Sobia Khan Economic Times 26^th August, 2024 https://economictimes.indiatimes.com/industry/services/property-/-cstruction/sebis-green-reporting-boosts-demand-for-green-buildings- colliers/articleshow/112800221.cms?utm_source=contentofinterest&utm_medium=te xt&utm_campaign=cppst

Ananya Lathi

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Rainwater harvesting is an ancient practice that has gained renewed importance in the modern era, particularly as an environmental, social, and governance (ESG) strategy. As the world faces growing concerns over water scarcity, climate change, and sustainable resource management, rainwater harvesting stands out as a viable solution for conserving water, reducing environmental impact, and promoting community well-being. This practice involves the collection and storage of rainwater for future use, offering a range of benefits that align with ESG principles.

One of the most significant benefits of rainwater harvesting is its positive impact on the environment. By capturing and storing rainwater, this practice reduces the demand on traditional water sources such as rivers, lakes, and underground aquifers, helping to preserve these critical ecosystems. This conservation of water resources is especially crucial in regions that experience irregular rainfall or are prone to droughts.

Rainwater harvesting also helps mitigate the effects of stormwater runoff, which can lead to erosion, flooding and water pollution. When rainwater is collected and used locally, less water flows into storm drains, reducing the burden on municipal water systems and decreasing the likelihood of flooding in urban areas. Furthermore, by using rainwater for irrigation, landscaping, or even household purposes, the need for chemically treated municipal water is diminished, leading to lower energy consumption and reduced greenhouse gas emissions associated with water treatment and distribution.

The social impact of rainwater harvesting is equally significant. In many parts of the world, access to clean water is a major challenge. Rainwater harvesting can provide a reliable, local source of water, reducing the reliance on distant or unreliable water supplies. This practice is particularly beneficial in rural or underdeveloped areas, where infrastructure for water delivery may be lacking. By ensuring a steady supply of water, rainwater harvesting can improve public health, enhance food security through improved agricultural productivity and reduce the time and effort required to collect water, especially for women and children who often bear the burden of water collection in developing regions.

Moreover, rainwater harvesting fosters community resilience by providing a buffer against water shortages during dry periods. In urban areas, it can also enhance green spaces and contribute to better living conditions, promoting overall community well-being.

From a governance perspective, rainwater harvesting represents a proactive approach to water management, aligning with the principles of sustainability and responsible resource stewardship. Governments, corporations and organizations that implement rainwater harvesting systems demonstrate a commitment to ESG goals by reducing their environmental footprint, promoting social equity and ensuring long-term sustainability.

Economically, rainwater harvesting can lead to significant cost savings. By reducing dependence on municipal water supplies, households, businesses and agricultural operations can lower their water bills. Additionally, the initial investment in rainwater harvesting systems can be offset by long-term savings and the potential for incentives or rebates from governments or environmental organizations.

Rainwater harvesting is a simple yet powerful ESG practice that offers a wide range of environmental, social, and economic benefits. By conserving water, reducing environmental impact and promoting community well-being, rainwater harvesting aligns with the core principles of ESG and contributes to the sustainability of both local communities and the planet as a whole. As the world continues to grapple with the challenges of climate change and resource scarcity, rainwater harvesting stands out as a practical and effective solution that can be implemented at various scales, from individual households to large corporations, making it a key component of any comprehensive ESG strategy.

References

United Nations Environment Programme (UNEP):

UNEP provides a detailed overview of water management practices, including rainwater harvesting, and their role in sustainable development.

United Nations Environment Programme (UNEP). (2021). Water Management: Rainwater Harvesting. Retrieved from https://www.unep.org

World Bank Group:

The World Bank offers insights into the social and economic impacts of rainwater harvesting, especially in developing regions.

World Bank Group. (2020). Sustainable Water Supply: The Role of Rainwater Harvesting. Retrieved from https://ww.worldbank.org

International Rainwater Harvesting Alliance (IRHA):

IRHA provides resources and case studies on the implementation of rainwater harvesting systems globally.

International Rainwater Harvesting Alliance (IRHA). (2019). Benefits of Rainwater Harvesting. Retrieved from https://ww.irha-h2o.org

United Nations Educational, Scientific and Cultural Organization (UNESCO):

UNESCO explores the environmental and social impacts of rainwater harvesting in various contexts.

UNESCO. (2017). Rainwater Harvesting for Sustainable Water Management. Retrieved from https://www.unesco.org

Food and Agriculture Organization (FAO) of the United Nations:

FAO discusses the role of rainwater harvesting in agriculture and food security, particularly in arid and semi-arid regions.

Food and Agriculture Organization (FAO). (2018). Rainwater Harvesting and Management. Retrieved from http://www.fao.org

Environmental Protection Agency (EPA) - United States:

The EPA provides guidelines and the environmental benefits of rainwater harvesting systems in urban areas.

Environmental Protection Agency (EPA). (2021). Rainwater Harvesting: A Guide for Urban Environments. Retrieved from https://www.epa.gov

Author: Ritu Patil

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India is in the grip of an unprecedented urbanization wave, and its real estate sector is all set to grow exponentially in the coming years. The challenge and opportunity therein, of course, come with a lot of need from a sustainability perspective. Understanding the need to have a strategic approach, Urban Land Institute (ULI) hosted the first-ever Product Council preview meeting in Mumbai that seeks to channel the real estate sector of India onto a more sustainable and environmentally responsible future path. ULI: A Global Perspective with Local Impact Founded over 80 years ago, ULI is a global organization set up in 86 countries and comprising over 45,000 members. It is a leading, multidisciplinary platform bringing real estate developers, architects, planners, investors, and other stakeholders together in one place for the future built environment. The priorities for the organization in India are three-fold: decarbonization, housing attainability, and education of young leaders. This will be achieved through a collaborative approach by ULI, aiming to bring leading global practice and defining solutions by Indian leaders on local and relevant issues. Sustainability and the Real Estate Sector At the heart of ULI's vision for India is sustainability. With the contribution of 40 percent to global greenhouse emissions from the real estate sector, sustainability needs to be integrated at each branch of the industry—from design to construction and to asset management. For instance, in its five-year program, the Office Council of ULI intends to focus on the mainstreaming of sustainability as part of a bigger objective of decarbonization and environmental responsibility. Corporates across India are already including sustainability in their corporate strategy, and the larger organizations are demanding carbon neutrality from real estate partners. Companies are adjusting their ways of operating and collaborating with developers, landlords, and corporations. Green office spaces, graced with plenty of natural light, renewable sources of energy, and social spaces, are not only environmentally good but also appeal to the modern workforce. This focus on green spaces reduces attrition and motivates employee engagement, hence making for a healthier and more productive work environment. ESG: The Future of Real Estate From being an option, ESG has moved to a compulsive necessity in India's real estate landscape. According to the ULI Product Council preview, significant steps toward carbon neutrality have already been taken at the industry level. The next step will be its application across all levels of real estate development. In growing urban centres across India, the only kind of growth that can be achieved is by practicable actions that reduce the impact on the environment while tackling the needs of a rapidly evolving society. As more and more companies turn toward ESG standards, this demand will only continue to grow. Employees are now seeking workspaces that reflect their values and promote a cultural change in business practices that are sensitive to the environment. This challenge must be accepted by all stakeholders in real estate—right from the developer to the architect—and worked on collectively, so that one gets to see a green, sustainable urban landscape in the future. This urban expansion of India provides an extraordinary opportunity for setting new standards of sustainability in the real estate sector. Now, with the introduction of ULI product councils, comes the most necessary step toward bringing industry leaders together in order to exchange knowledge, push innovation, and establish ESG principles. As the country now rapidly moves forward on its journey of urbanization, these efforts are going to play a vital role in ensuring that this growth is as environmentally responsible as it is socially responsible. ULI is the platform through which India will be building sustainable and future-ready cities, meeting needs of the present while curbing demands made on the country in times to come—this is the power of collaboration and cross-learning.

Reference:

This blog post is based on the article from Live Mint: ULI India’s First Product Council to Drive Sustainability, ESG Goals for New Office Spaces.

Author: Mansi Agarwalla

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Tortilla chips and salsa are naturally very tasty, but they can be tastier if they contain ingredients that are grown sustainably. The researchers at The University of Texas Rio Grande Valley report that cilantro, bell peppers and jalapenos can be grown in recycled glass from discarded bottles, such as beer or soda bottles. A pilot study found that potting soil partially infused with recycled glass fragments accelerated plant growth and reduced the growth of unwanted fungi.

“We’re trying to reduce waste while growing edible vegetables,” said Andreas Quezada, a chemistry doctoral student in the Vanegas Nanoworld lab, who will present the results with the research team at the fall meeting of the American Chemical Society (ACS). “If possible, we can introduce soil-based farming practices to residents of the Rio Grande Valley and across the country.”

In their experiments, the researchers obtained pieces of recycled glass from landfills, crushed them, and then moved them to corners. According to Quezada, the finished product is compact enough that you can pick up the pieces without cutting yourself. In addition, plant roots can easily grow around cracks in glass without injury. In their experiments, the researchers obtained pieces of recycled glass from a landfill glass recycler, crushed them, and then moved them to the corners. In preliminary tests, the researchers evaluated similar soil properties, such as compaction and water retention in three different sizes of glass. They found that a size comparable to a large soil grain allows oxygen to reach the roots and maintains moisture levels sufficient for plant growth. Quezada is currently evaluating the recyclable glass material as a viable soil container. The herb garden grows a variety of plants, from commercial potting soil to 100 percent recycled glass. Pots with more soil contain higher levels of nutrients needed for plant growth, including nitrogen, phosphorus, and potassium, than pots with more glass. However, pH levels vary slightly from pot to pot, a side effect because plants thrive in a narrow pH range. Initial results show that plants in recycled bottles grow faster and retain more water than plants grown in 100 percent traditional soil. “Compared to other combinations we tested, a weight fraction of glass and clay particles greater than 50 percent seems to be the best for plant growth,” says Julie Vanegas, a nanomaterial researcher. But the researchers are waiting to see which combination produces the highest yields and tastiest food. Another notable finding is that they developed pots containing 100 percent potting soil for fungi, which slowed plant growth. Teresa Patricia Feria Arroyo, an ecologist and the researchers’ faculty mentor, suggests that the fungus affects the uptake of nutrients by the roots. However, the fungus did not grow in the glass jars containing the recycled material. Investigators are gathering information to find out why. The results are especially promising for Quesada because the research is being conducted without fertilizers, pesticides or fungicides. From her experience in the agricultural sector, she has seen that many of the country’s economies affect people, like her family members, who work or live near farming communities. "I think it's really important to try to minimize the usage of any chemicals that can negatively affect our health," says Quezada. "If we are able to reduce them, and help the community by collecting recyclables, then we can give people a better quality of life."

The research received funding from an Empowering Future Agricultural Scientists grant provided by the U.S. Department of Agriculture's National Institute of Food and Agriculture, as well as a grant from the U.S. National Science Foundation, which also supports Glass Half Full, the company that supplied the glass particles.

Reference:

• American Chemical Society. (2024, August 21). Pilot study uses recycled glass to grow plants for salsa ingredients. ScienceDaily. Retrieved August 24, 2024 from sciencedaily.com/releases/2024/08/240821124454.htm
• Story Source: Materials provided by American Chemical Society.