As the world is changing financially and economically due to business success. Several issues have also taken the global limelight including climatic, societal, and ethical issues. These issues became a trend that accelerated due to a combination of events like the Covid-19 pandemic and other severe weather mishaps. Unfortunately, Pakistan is among the countries most vulnerable to the impacts of climate change. According to the World Economic Forum, buildings account for nearly 40% of global greenhouse gas emissions and 40% of raw material use.
However, the country’s real estate sector serves as a beacon of hope amidst the changing climate patterns, rising temperatures and increasing carbon emissions. Green Real Estate Development can help mitigate the consequences of climate change by introducing techniques related to vertical gardening, renewable energy resources, and aerosol free housing that halt the increasing temperature of Pakistan. The green real estate industry is linked to resource conservation, environment protection, and harmony realisation between humans and nature. It also helps Pakistan achieve Sustainable Development Goals (SDGs) in its development agenda.
To promote sustainable/green real estate projects, the state and the central government should incentivise developers and asset owners with monetary and non-monetary benefits such as lower statutory fees and lower incidental taxes. In addition, common platforms such as regular industry events should be organised to promote awareness about the importance of sustainable buildings in the long term. Furthermore, central authorities should encourage developers and builders to introduce green real estate projects to reduce their carbon footprint and build more efficient living spaces.
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