Standard Chartered and CII IGBC Drive Green Building Growth in India
Standard Chartered Bank and the Confederation of Indian Industries (CII) Indian Green Building Council (IGBC) have entered into a Memorandum of Understanding (MoU) to enhance the financing of green buildings across the country. This strategic partnership aims to support India’s growing commitment to reducing carbon emissions and promoting energy-efficient building practices, a critical component of the nation’s broader environmental and sustainability goals.
This collaboration marks a milestone in both organizations’ efforts to address the pressing need for eco-friendly and energy-efficient infrastructure. By providing developers with the financial support and resources needed to build green-certified buildings, the two entities hope to accelerate the adoption of sustainable building practices that will ultimately contribute to reducing India’s carbon footprint. As the nation seeks to meet its ambitious energy and environmental targets, the partnership underscores the increasing importance of green finance in India’s economic growth strategy.
The MoU was officially signed by Ankur Khurana, co-head of Client Coverage for India and South Asia at Standard Chartered, and K. S. Venkatagiri, Executive Director of the CII Indian Green Building Council, during a ceremony attended by senior officials from both organizations. The ceremony highlighted the shared vision of the two partners in promoting sustainable finance and the long-term economic benefits of green buildings, which include substantial energy savings and reduced operational costs over time. In his comments, Ankur Khurana expressed Standard Chartered’s commitment to driving sustainable finance, describing the transition to a low-carbon economy as an opportunity for accelerating global economic growth. He added that the partnership with CII IGBC will not only contribute to India’s sustainability goals but also bring long-term economic advantages to the commercial real estate sector, enhancing the value of green-certified buildings. This collaboration is seen as an essential step in transforming the Indian real estate sector into a more sustainable and energy-efficient industry, in line with global standards.
K. S. Venkatagiri, on the other hand, emphasised the importance of this partnership in creating a sustainable future for India. He noted that the MoU would provide the necessary tools and support for developers to incorporate energy-efficient and environmentally friendly solutions into their projects. By streamlining financing options for green buildings, this initiative is expected to help overcome the barriers developers face when pursuing sustainability certifications, thus accelerating the growth of India’s green building sector.
India’s construction industry is at a crossroads, with rapid urbanisation placing immense pressure on its environmental resources. As the country’s cities continue to expand, the demand for eco-friendly infrastructure has never been higher. Green buildings, which are designed to be energy-efficient, reduce waste, and utilise sustainable resources, represent a key solution to this challenge. However, the high initial costs of these buildings often deter developers from pursuing sustainable building certifications, making financing support crucial. The collaboration between Standard Chartered and CII IGBC aims to bridge this gap by making green building projects more financially viable. As the partnership unfolds, it is expected to provide a model for future collaborations between financial institutions and environmental bodies in India. This alliance is a clear indicator of the growing recognition of sustainable finance as a critical driver of long-term economic growth. The partnership also aligns with global trends in the construction and real estate sectors, where the demand for sustainable and energy-efficient buildings is increasing rapidly. With the growing focus on climate change and sustainability, such initiatives are likely to gain momentum, offering long-term benefits for both the environment and the economy.
In conclusion, the Standard Chartered and CII IGBC collaboration is a promising step towards building a more sustainable and energy-efficient future for India. As the country accelerates its transition to a low-carbon economy, initiatives like this will play an essential role in shaping the next generation of green buildings and ensuring that environmental sustainability becomes an integral part of India’s infrastructure development.
