Catalyzing Green Construction: A Deep Dive into COP28’s Buildings Breakthrough Initiative
In the pulsating heart of the global climate discourse, a pivotal event unfolded, titled “Building Green Sustainable Construction in Emerging Markets.” This event, hosted as part of the larger “Buildings Breakthrough” initiative launched at COP28, focused on the indispensable role of finance in propelling green buildings in emerging markets. It underscored the urgent need for investment in green buildings to meet the ambitious net-zero targets by 2030.
Faith Ward, Board Chair of the Institutional Investors Group on Climate Change & Chief Responsible Investment Officer at Brunel Pension Partnership International Finance Corporation (IFC), Sebastian Peck, Managing Partner at KOMPAS VC, Paul King, CEO at BuiltbyNature, and Jon Johnson, CEO at PKA, were among the influential voices that brought the event to life.
This initiative is not just a plan; it’s a clarion call to accelerate the transition to sustainable buildings worldwide. It’s about sharing innovative strategies to adopt green practices and unlocking a staggering 1.5 trillion USD in private investment opportunities in emerging markets within this decade. The spotlight was also on the pivotal role of development banks in steering the decarbonization efforts in these markets.
The discussion was enriched with real-world examples of collaboration between the International Finance Corporation (IFC) and governments. In the UK, the Department of Energy Security & Net Zero is making strides in mobilizing financing for green buildings through initiatives like the Market Accelerator Green Construction Program.
The IFC recently unveiled a report titled “Building Green Sustainable Construction in Emerging Markets,” which served as a wake-up call to the construction industry, responsible for 40% of energy emissions. The report underscored the importance of reducing carbon emissions and highlighted the transformative role of renewable energy technologies and sustainable building practices in designing buildings that cater to the energy needs of communities.
This event was more than just a discussion; it was a catalyst for change, a testament to the power of collective action, and a blueprint for a sustainable future.
