The idea of sustainable development has turned to be one of the difficult features of the modern-day civilization, which aims at the economic progress of people. At the same time reducing its impact on the natural resources and social equity of people. Therefore, green building standards is part of a roadmap to construct structures and develop buildings which are energy-efficient and eco-friendly. Hence, lets explores more about green building standards and sustainable development. And its influence how it effects the real estate development.
What is Sustainable Development?
Definition of sustainable development is described as the improvement of the quality living of the people without reducing the resources that are necessary for the betterment of the quality of life and the generations to come. This comprehensive approach includes three basic components: economic development, social standing and the protection of the planet. Therefore, by efficiently balancing these three components of sustainable development intends to grow into green and better future for next generations.
Phenomenon of Green Building Standards
The emergence of green building standards resulted in the outcome of the effects of conventional techniques in construction buildings, which has negative impact on the natural environment. Green building standards defines procedures of construction and managing structures which are based on these standards. Basic principles of this phenomenon are: less energy consumption, minimize water utilization, waste management and selection of materials which possess sustainability features.
Certification of LEED
Globally green building standards are the LEED’ standards set by the United States Green Building Council. LEED certification is an approach towards constructing structures with sustainable features and ranks on the point scale to certify the structures are built on the grounds of sustainability. Constructions that apply standards according to them are able to obtain LEED certification. Its implementation shows that the commitment to sustainability and green better future of the planet earth.
BREEAM
There is also another certification offered by Building Research Establishment Environmental Assessment Method (BREEAM) that originated from the United Kingdom. BREEAM evaluates the sustainability of structures according to the energy, water, health and wellbeing, pollution, transport, materials, waste, ecology and management processes it uses.
Improvement and Effect on Real Estate
Green building standards integration affects real estate development at every level and change the course of development in the industry and markets. The principles of sustainable development are gradually gaining importance in the modern world, which becomes the reason for construction and purchasing environmentally friendly facilities on the part of developers, investors and consumers.
Economic Benefits
Thus, green buildings standards provide many advantages, such as cost-effective performance, higher market value and satisfaction of the tenants. Energy conservation in building structures reduces consumer bills and sustainable materials and practices in construction decreases cost in the long run. Also, the green buildings are known to be rented or sold at higher prices because they are considered to be more economically attractive in the market.
Environmental Benefits
Green building saves our natural resources such as energy and water. Hence; cut down the carbon emissions, greenhouse gases and minimizes waste utilization. In this regard, green buildings help in the conservation of the environment by lessening the harm in the construction process.
Social Benefits
It is also important to note that green buildings standards add social values in people’s health, well-being, comfort and interconnectedness with others. The implementation of the green building principles primary focuses on the utilization of natural light and air, usage of eco-friendly materials. Thus, providing people with healthy and comfortable environments in which they can live or work.
Challenges and Opportunities
Highlighting the advantages and the issues rising from the adoption of green building standards in real estate development industry.
Challenges
Cost: It is evident that the cost is a little more than the conventional building and construction methods when you go green initially. But, the benefits increasing from such solutions tend to outweigh the cost in the long-term, along with property value.
Knowledge and Expertise: Setting up and applying green building standards need certain competencies in the provision of green buildings. Now, more than ever before, it has been established that it is crucial for architects, builders and developers to be well trained and informed about the trends of green building projects.
Regulatory Hurdles: Regulations regarding green building standards and their implementation differ across the regions. The key issue affecting the efficiency of regulations is the inability of policymakers and the industry to work together in improving the development processes.
Opportunities
Innovation: The green building standards establish requirements in the construction of new structures including technologies, materials and best practices. This enables the promotion of innovation and improvement of services within the industry.
Market Differentiation: Green buildings have been plugged as an advantage in the market since they appeal to the increasing number of ecologists in the world. Therefore, more and more people are turning towards green building standards and the developers who practicing these standards are moving towards prosperity.
Partnerships: Cooperation with the private sector is also often viewed as a way to enhance the rate of adding new standards to the green building standards. Providing incentives, grants and linkages with groups or companies with environmentally friendly approaches can also be used to promote sustainable developments.
Conclusion
Green building standards are valuable for real estate developers in promoting sustainable development and aligning with Sustainable Development Goals. By incorporating these practices, developers can create buildings that use energy and resources more efficiently, protect the environment, and support community health. This approach helps contribute to a more sustainable future and addresses the growing need to combat climate change. Embracing these standards is an important step in responsible development.
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