Cape Town – Buildings in Africa are set to become a little greener thanks to the roll-out of a programme to improve resource efficiencies.
Africa Business Communities reports that the World Bank-affiliated development organisation IFC is partnering with sub-Saharan equity investment company Novare Equity Partners to develop a decarbonisation strategy for Novare’s portfolio of buildings – commercial and residential – in Mozambique, Nigeria and Zambia.
In light of the fact that the building sector contributes up to 40% of greenhouse gas emissions, the IFC launched its Greening Real Estate Investment Portfolios (GRIP) programme two years ago to assist real estate companies reduce greenhouse gas emissions through energy efficiency measures, adoption of renewable energy over the long-term and carbon sequestration, among others. The Novare project is the first GRIP programme on the continent.
The programme will start with a review of the company’s carbon emissions, followed by an assessment of the energy efficiency at its buildings. The resulting data will form the backbone of the final greening strategy.
“With IFC’s support, we are rolling out a sustainability-first approach in our buildings, which on a micro scale will translate into lower operating costs for our buildings and on a macro scale will mean a brighter, more sustainable future for people across Africa,” says Lerato Kumalo, chief ESG and impact officer at Novare Equity Partners.
“With the African real estate sector expected to grow at almost 7% annually over the next few years, taking strategic, proactive steps to decarbonise it is vital for the sector’s sustainability,” says Adamou Labara, IFC country manager for South Africa.
The global GRIP programme has been involved in GHG reduction projects in Latin America, the Caribbean, Eastern Europe and Türkiye, covering more than 17 million m2 of gross leasable area.
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