Budget 2024: Construction sector wants to build a sustainable future

economictimes.indiatimes.com:

Nationally Determined Contributions (NDC) to reduce emissions intensity. the construction and operation of buildings, responsible for approximately 40% of global carbon emissions become particularly significant in this regard.

This article outlines key expectations from the budget, focusing on incentivizing green building materials and encouraging research and development (R&D) investments.

Incentives for green building materials & green buildings
To align with the NDC goals and mitigate the carbon footprint of the construction sector, the government should introduce financial incentives for the production and utilization of green building materials. This could manifest through reduced GST rates, tax credits, or grants for companies manufacturing and supplying environmentally friendly construction materials.

The adoption of green building materials not only reduces carbon emissions but also promotes a healthier and more energy-efficient living environment.
Another important aspect is that of Green Rated Homes where the government may consider providing interest rate-linked incentives to home buyers to drive demand for Green Homes.

It’s important to note that the Green Building adoption rate hasn’t gathered the necessary momentum despite almost two decades of efforts on all fronts, with a mere 5% of buildings have yet gone green. Mandating the adoption of the ECBC code (Energy Conservation Building Code) will also help the cause.