{"id":5675,"date":"2023-10-26T18:01:58","date_gmt":"2023-10-26T18:01:58","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/emerging-markets-need-1-5-trillion-to-make-buildings-greener-world-banks-ifc\/"},"modified":"2023-10-26T18:01:58","modified_gmt":"2023-10-26T18:01:58","slug":"emerging-markets-need-1-5-trillion-to-make-buildings-greener-world-banks-ifc","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5675","title":{"rendered":"Emerging markets need $1.5 trillion to make buildings greener – World Bank’s IFC"},"content":{"rendered":"
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By Tommy Wilkes and Simon Jessop<\/p>\n

LONDON (Reuters) – Emerging markets will need $1.5 trillion in investment before 2035 to make new and existing buildings environmentally friendly and avoid a jump in climate-damaging emissions, a top economist at the World Bank’s private finance arm told Reuters.<\/p>\n

Of that $1.5 trillion, China accounts for $1.33 trillion, reflecting its size and urbanisation, and Latin America and the Caribbean, Asia, Europe and Africa most of the rest, the International Finance Corporation said in a new report.<\/p>\n

The funds would be used for investments in electrification of older inefficient buildings with cleaner energy, and the construction of energy-efficient new buildings, with low- emission material.<\/p>\n

The construction industry globally generates about two-fifths of all carbon emissions and that number is rising amid a building boom, making it central to efforts to curb carbon emissions and limit global warming to 1.5 degrees Celsius. <\/p>\n

Speaking ahead of the release of the IFC’s report on Wednesday suggesting ways to accelerate efforts, Susan Lund, Vice President for Economics and Private Sector Development, said there were “low-hanging fruit” technologies to cut emissions. <\/p>\n

Adopting them could reduce construction-related emissions 13% from current levels, or 23% below where they would otherwise be, IFC said the report.<\/p>\n

More than half the reductions would come from emerging markets, through solutions such as powering buildings using cleaner energy, making them more energy-efficient and using low-emission materials in their construction. <\/p>\n

While many technologies exist to slash construction-related emissions, Lund said weak policy incentives, limited finance and poor information about energy efficiency have prevented broader adoption in developing countries.<\/p>\n

“They are in the midst of a massive construction boom that is only going to get bigger in the next 10 to 15 years,” Lund told Reuters.<\/p>\n

“Here is an opportunity to do things differently,” she said, noting that it was better to build greener buildings today than retrofit later, as happens in richer countries.<\/p>\n

Limited information about the efficiency of buildings is a major problem, she said, pointing to 110 countries without energy efficiency building codes.<\/p>\n

Unlike other hard-to-abate activities, however, building more responsibly was “achievable” and required “very negligible” costs to GDP, Lund added, although decarbonising construction value chains fully would be much tougher.<\/p>\n

IFC has invested $10 billion into construction projects in the developing world that meet its energy efficiency criteria, while leveraging another $60 billion from investors including development finance institutions and project developers, Lund said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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