IFC, a member of the World Bank Group, and the World Green Building Council (WorldGBC) have announced that they will collaborate to rapidly scale up the construction of green buildings in emerging markets.
The new partnership demonstrates a shared commitment to playing a leadership role in transforming the built environment and mitigating climate change.
The WorldGBC has agreed to connect its network of national green building councils to IFC’s investment and advisory program.
The WorldGBC’s local affiliate councils will certify green buildings through IFC’s EDGE, a new web application that reveals solutions at the early design stage to reduce energy, water and material consumption by 20 per cent.
The partnership will focus on rapidly urbanizing countries with surging population growth that need to build sustainably to avoid emissions growth, bolster energy security and minimize resource depletion.
The built environment is expected to double by 2050; China alone has the potential to add 53 billion square metres of building space, which is equivalent to the building stock of Latin America today.
To date, IFC has invested more than $570 million in resource-efficient buildings, including directly and through financial intermediaries.
IFC has also worked with the governments of Colombia, Indonesia, the Philippines, and Vietnam to help develop their regulatory environments.
“By leveraging the capabilities of the World Green Building Council and IFC, together we can provide accessibility to the entire green building industry while addressing the core needs of developing countries,” said Prashant Kapoor, principal industry specialist, green buildings, IFC.
“It is a window of opportunity to democratize the green buildings market.”
“The business case for green buildings continues to drive change throughout the world,” said Jane Henley, CEO, WorldGBC.
“The WorldGBC and IFC are organizations dedicated to transforming the marketplace so that all buildings are more sustainable and efficient. Together, as leaders in this movement, we have an opportunity to directly affect sustainability on a global scale.”
“Green buildings are part of a global solution. Beyond emissions reduction and environmental protection, green buildings have extensive co-benefits, including cost-savings, job creation and improved human health and productivity,” said Roger Platt, senior vice-president, global policy and law, U.S. Green Building Council.
“The EDGE tool presents some exciting opportunities as an important stepping stone toward global sustainability.”
The partnership was announced at “Transforming the Built Environment in Emerging Markets” on July 16 at IFC’s headquarters in Washington.
