Tag: Loss and Damage Fund

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Is India’s Real Estate Sector Aiding Net-Zero?

Sonal Desai

Is the real estate segment taking pole position in augmenting India’s net-zero journey?

LEED Certified Buildings Increasing in India: What does this mean for the construction industry and the impact on the environment?

According to UNEP, the buildings and construction sector, responsible for 37% of global emissions and 34% of energy demand, is the largest greenhouse gas emitter.

Green buildings promote sustainable, resource-efficient construction and use throughout a building’s life cycle, aiming to reduce environmental impact through efficient water, energy, and material use.

Researchers are exploring technological improvements to reduce carbon footprint, with the most significant environmental impact being pollution from fossil fuel consumption.

India is currently the fourth largest market for LEED, with over 2.6 million square feet of space certified using LEED. With 40% of Indians expected to reside in urban areas by 2030, the entire value chain of the Indian real estate industry must collectively adopt sustainable development practices.

Some developments prove a point.
  • India has achieved 3rd position in the 2023 LEED certification rankings, solidifying its position as a global leader in sustainable development and resource-efficient buildings.

    With this, the country has completed 248 projects covering over 77 million square feet, showcasing its growing environmental consciousness and commitment to sustainable development.

    India ranks second in the U.S. Green Building Council’s Top 10 Countries and Regions for LEED certification in 2022, with 323 projects awarded certification, covering over 10.47 million GSM of space. India’s ranking is a result of its growing adoption of LEED to reduce emissions and support citizen health. Green Business Certification Inc. administers LEED certifications in India.

  • The GRIHA Council, a not-for-profit organization, promotes green buildings in India. The council has certified more than 80 buildings as green to date. Despite less than 2% of buildings being green, 60% of infrastructure is expected to be unbuilt within the next 20 years, presenting significant development opportunities.
  • Conscious buyers and investors force developers to obtain LEED/GRIHA certifications. These lend credibility to a green project.
  • Additionally, strict compliance laws and international competition are also forcing the developer community to obtain green credits.

    The Indian government has recognized the importance of sustainability in the real estate sector, introducing regulations and initiatives like GRIHA and LEED to encourage sustainable building practices.

    LEED certification in India offers a pathway to sustainable construction, offering benefits such as energy savings, water conservation, and a greener future for the nation. Prefabrication, a technology that reduces carbon emissions, time, costs, and construction waste, is becoming increasingly popular in India.

But do LEED and GRIHA certifications guarantee sustainable practices?

Critics argue that LEED certification is often criticized for its lack of sustainability and focus on design over performance.

For example, buildings are required to report energy and water usage, but it’s unclear if they are saving energy. Regular meetings can help ensure proper resource use. As LEED status increases, businesses may seek its approval, leading to increased incentives and blindly following its requirements without questioning its purpose.

A major point that developers must focus on is building lifecycle management. Corporates and residents must leverage bike tracks or walking tracks and use public transport which aids the reasons for obtaining the credits and certificates.

Some questions:

But is there a linear process or a regulation that brings all the stakeholders on a single platform? Uses platformization strategies to provide long-term visibility on a project? And transparency that encourages even the smallest stakeholder to voice his thoughts?

This may sound like an ideal world theory. But the time is ripe to put it into practice.

The setting up of a loss and damage fund (LDF) to finance climate change damage during COP 28 is a welcome move. However, it is yet to gain traction beyond the initial funds announced at the event. Experts note that by 2030, vulnerable nations could face annual damages worth $290-580 billion, with the total cost rising to $1-1.8 trillion by 2050.

India could pave the way in climate mitigation and the real estate segment can be a key player in the endeavors!

Our take:

As per Global Data, India’s construction market is expected to grow at an annual rate of growth (AAGR) of more than 5% between 2025 and 2028, from $825.6 billion in 2023. The growth will be driven by investments in the hotel, industrial, green energy, and transportation infrastructure projects credited with the market’s expansion.

While this is a great opportunity for the country to expand infrastructure and invite domestic as well as global investors, it also throws a harsh light on the environmental impact of rapid, un-governed rampant construction.

India is on the cusp of obtaining its net-zero targets. The real estate sector is at the forefront of enabling the country to achieve its goals. Large developers are setting net-zero targets and onboarding experts embarking on their carbon-positive journey.

I believe that both LEED and GRIHA are serving the right purpose. But we need a strong policy push and regulations to monitor the segment. The world is currently witnessing the impact of climate change. Heatwaves, forest fires, and floods have caused havoc in the lives of people and property.

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Summer Fury: Heatwaves and a Climate Emergency

Renjini Liza Varghese

If you closely follow the trajectory of climate change, the news of a potential 10-20 days of heatwaves this summer comes as a grim confirmation, not a surprise.

The world ambitiously aimed/ pledged to limit global temperature rise below 1.5 degrees Celsius to the pre-industrial levels. However, we are nowhere near achieving that target. Each year, the consequences are unfolding with ever-increasing ferocity.

Some facts:

· 2023 was officially the hottest year on record.

· The recent Taiwan earthquake measured a terrifying 7+ on the Richter scale.

· India’s rising temperatures this year suggest it could surpass even 2023’s extremes.

Officially, it is accepted that the recorded temperature rise is more than 2 degrees, and in some geographical areas, it has crossed 3-4 degrees Celsius. Here in India, the temperature rise observed so far this year suggests a strong possibility of exceeding even the scorching extremes of 2023.

The IMD alert on heatwaves:

The India Meteorological Department’s (IMD) latest warning for potentially 20-days of heatwaves stretching from April to June is particularly alarming. Such an event would throw normal life out of gear. Imagine sweltering temperatures relentlessly gripping the nation for weeks. Daily commutes would transform into journeys through a furnace. However, the most affected, as always, would be the common man – the farmers, construction workers, street vendors, and countless others who toil outdoors to earn their daily bread. These are the people who live in constant communion with nature, are exposed to its elements, and eventually bear the brunt of climate change-related fury.

This is not a wake-up call anymore. We are past the stage of gentle nudges and warnings. The inconvenient truth is – we have crossed the tipping point. This is an emergency siren blaring at the highest pitch. We are hurtling towards a future defined by extreme weather events, and the heatwave this summer is a mere glimpse of what’s to come.

While COP28, held in Dubai last year, saw the establishment of the loss and damage fund, the effectiveness of these financial instruments in truly rebuilding lives shattered by climate disasters remains to be seen. The question lingers – how much of this allocated capital will reach the hands of those who desperately need it?

Individual action:

The time for action is now. We cannot afford to be passive bystanders in this unfolding catastrophe. Policymakers need to prioritize drastic emission reduction measures and invest in climate-resilient infrastructure. Citizens too can make an impact individually. We must make conscious choices to reduce their carbon footprint, embrace sustainable practices, and hold those in power accountable.

The future we choose depends on the actions we take today. Let us not sleepwalk into oblivion. Let this looming summer of fury serve as a stark reminder of the climate emergency we face. We must rise to the challenge, for the sake of ourselves and for the generations to come.

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2023: A Year Defined by Climate Change

Renjini Liza Varghese

The year 2023 can be defined in a single phrase: the year of climate change realization.

The veil of denial has lifted, revealing the stark reality of a warming planet and its devastating consequences. Communities, governments, and even individuals are finally waking up to the urgency of the climate crisis.

However, this realization remains just that—a realization. The necessary action, the translation of awareness into decisive steps, is still woefully lacking. We stand at the precipice of change, but instead of leaping, we seem content to tiptoe at the edge.

The blame for this inaction cannot be solely placed on the authorities. This is a collective crisis, requiring a collective solution. We, as humans, have a notoriously short memory and are quick to move on from the scars of one climate disaster to the other. We celebrate resilience when communities rebuild—mistaking it for a permanent solution instead of a temporary bandage on a gaping wound.

I think that the following 5 steps will enable us to prevent/tackle climate change.

1. Awareness: The crucial missing ingredient is widespread awareness. Apathy and ignorance remain formidable foes. We need robust efforts to educate and prepare communities for the inevitable onslaught of climate events. This requires accurate data, a scientific foundation that is still desperately lacking. Governments must prioritize data collection and analysis, building a solid platform for informed action.

2. Community Preparedness: Climate change is already displacing communities, and mass migrations are on the horizon. How do we navigate this complex challenge? Wisdom lies in learning from indigenous communities, who possess a deep understanding of living in harmony with nature. We must build upon their knowledge, promote circular economies, and create resilient communities that can withstand the blows of climate change.

3. Building and Rebuilding with Climate in Mind: Reconstruction after disasters must be done with a climate-resilient lens. Developed nations have a moral obligation to support this endeavor, providing resources and expertise. Sustainability, and not profit, must be the driving force behind rebuilding efforts.

4. Policy Alignment: Empty promises of green futures and resilient planets ring hollow when policies paint a different picture. Governments must bridge the gap between rhetoric and reality, aligning their policies with the urgency of the climate crisis. The future of our planet, and the lives of generations to come, depend on this alignment.

5. Affordable Technology: Technology is a powerful weapon in the fight against climate change. But its effectiveness hinges on affordability. Collaboration between governments, corporations, and the private sector is crucial to making climate-friendly technologies accessible to all. Additionally, data must be collected and utilized effectively to guide mitigation and implementation strategies.

The year 2023 was a year of realization, but it must be followed by a decade of action. We cannot afford to let this moment slip through our fingers. Let us turn awareness into action, collective apathy into collective responsibility, and build a future where our planet and its inhabitants can thrive, not just survive.

Let’s leave a GREEN LEGACY for our future generations!

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COP28: A Mixed Bag

Gayatri Ramanathan

When the dust settles on COP28, it will go down as one of the more momentous ones.

For the first time, the final text includes language on fossil fuels with countries agreeing that fossil fuels need to be replaced with clean energy to reach global net zero by 2050. The agreement calls for a tripling of renewable energy by 2030 and a doubling of energy efficiency.

Although the text contains references to ‘transition’ fuels, the emphasis remains on switching to renewable energy. It also calls for accelerating efforts for phase-down of unabated coal power. The UAE agreement says that new national climate pledges should be delivered in late 2024.

For a meeting that was supposed to focus on climate finance, COP28 was a mixed bag. The Loss and Damage Fund was established on Day 1. The 2nd replenishment of the Green Climate Fund stands at $12.8 billion. The next COP in Azerbaijan in 2024 now becomes the year for finance when major political and technical processes must land to address these gaps.

The Dubai meeting sent some key signals on the need for international financial reform assisting poor nations with the energy transition, and adapting to climate impacts. The lack of accompanying finance makes the energy transition a harder lift.

The adaptation text is weaker than previous versions with few concrete metrics or definitions, but a plan to get there over 2 years. There is a significant reference to rich countries paying poorer countries to use their forests as carbon offsets, which has raised questions about sovereignty and equity.

Trade has been raised as an issue with countries looking to work together on fair aligned policies that support global climate-friendly supply chains. There is a “Roadmap to Mission 1.5 degree C” on international cooperation ahead of COP30 in Brazil, a Brazilian initiative.

Adaptation was supposed to be the 3rd key issue addressed in COP28. Here the final agreement is quite weak and watered down with the text having been cut to exclude targets and timelines, no indication of scaling up adaptation finance, and loopholes to delay/deny financial obligations. On the Global Goal on Adaptation, the language has been watered down from a ‘commitment’ to ‘seek to’. With 84 mentions of the word ‘adaptation’, there is no sense that there are hard limits to humankind’s ability to adapt to climate change, as outlined by IPCC.

But more than all of this, the sheer number of oil and gas executives and big agriculture and meat business representatives present at the meeting shows that these key emitters now see the writing on the wall. We should soon see action from these key industries on decarbonizing. Equity and finance will continue to be key issues well into COP 29 in view of the looming global recession and the wars in Ukraine and Gaza.

The article is written by Gayatri Ramanathan, an Energy and Climate Action Expert. The views expressed are personal.

 

 

 

 

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Cyclone Michaung and the Urgent Need for Improved Disaster Management

Renjini Liza Varghese

Cyclone Michaung, which recently ravaged the southern Indian state of Tamil Nadu, serves as a stark reminder of the increasing frequency and intensity of climate-related disasters.

As we witness the heart-wrenching scenes of destruction, displacement, and despair, it’s crucial to introspect and address the glaring gaps in our disaster preparedness and response mechanisms.

I am not surprised by the number of natural calamities hitting the country; many of these are a culmination of emissions leading to climate change.

India has faced climate disasters almost every month across different parts of the country. I recall here a report published by a New Delhi-based think tank, CSE, on climate, “India witnessed climate incidents every 2 days in the first nine months of 2023.”

In the case of Mihaung, I understand it is too early to assess the damage in Tamil Nadu. Partially because the cyclone is still active, and is now heading towards Andhra Pradesh. It may take weeks before we get our hands on the broader damage assessment. However, going by the historical data, I am sure it will climb to several crores of rupees.

While India has made advancements in climate disaster prediction, it consistently falls short in effectively managing these events. This failure stems from a combination of factors, including:

  • Inadequate Awareness: Many communities lack basic awareness about climate risks and preparedness measures.
  • Data Deficiency: The absence of comprehensive climate data hampers effective planning and resource allocation.
  • Untrained Local Officials: Local administration personnel often lack the necessary training to handle climate emergencies.
  • Bureaucratic Hurdles: Multi-layered decision-making processes hinder prompt and decisive action.

These shortcomings result in devastating consequences, including loss of lives, livelihoods, and property, disproportionately affecting the marginalized and economically vulnerable.

The recently established Loss and Damage fund at COP 28 offers a glimmer of hope for developing nations like India to rebuild post-disaster. However, accessing this support may take months.

To truly address the climate crisis, we must initiate comprehensive reforms, starting with:

  1. Enhanced Disaster Management Plans: Develop detailed and localized disaster management plans tailored to specific regions and risks.
  2. Frontline Worker Upskilling: Provide comprehensive training to frontline personnel involved in disaster response and relief efforts.
  3. Sustainable Town Planning: Implement sustainable urban planning principles that integrate climate resilience measures.
  4. Climate Awareness Campaigns: Conduct extensive awareness campaigns to educate communities about climate risks and preparedness.
  5. Local Climate Data Repositories: Establish local climate data repositories to inform decision-making and preparedness strategies.

Effective disaster management is not solely the responsibility of the government. It requires a collective effort involving the corporates, technology companies, and individuals.

The time for complacency is over. We must adapt to the climate-vulnerable reality we face and work together to build a more resilient future.

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COP28, Loss and damage fund

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COP28 Delegates Pledge Millions for Loss and Damage Fund

WriteCanvas News

Countries seeking more Loss and Damage (L&D) Fund to battle the impacts of the climate crisis can breathe a sigh of relief.

COP 28 delegates have pledged millions of dollars for the loss and damage fund. They reached a significant agreement on the operationalization of the fund to compensate vulnerable nations for climate change-related loss and damage.

The agreement establishes the “Climate Impact and Response Fund,” which will be housed within the World Bank on an interim basis.

The commitments:

UAE led the way with a $100 million commitment to the Fund.

Other countries making notable commitments included:

i.  Germany: $100million,
ii. The UK: £40million for the Fund and £20million for other arrangements
iii. Japan: $10million and
iv. the US: $17.5million.

Significance:

For many years, the fund has been deeply divisive and was formerly regarded as the third rail in international climate negotiations. It would use donations made voluntarily, primarily by wealthier nations, and send the money to developing countries to help them prepare for the effects of climate change.

Despite global warming mitigation goals being achieved, vulnerable communities will still face loss and damage due to “locked-in” warming, resulting in storms, floods, decreased agricultural productivity, and rising sea levels.

The Parties will focus on crafting a robust response to the Global Stocktake, a global report card on progress towards the Paris Agreement goals.

Quotes:

“The hard work of many people over many years, has been delivered in Dubai,” said Dr COP28 President Dr. Sultan Al Jaber. “The speed at which the world came together, to get this fund operationalized within one year since Parties agreed to it in Sharm El Sheikh is unprecedented.”

“The responsibility now lies with affluent nations to meet their financial obligations in a manner proportionate to their role in the climate crisis,” said Harjeet Singh, Head, Global Political Strategy, Climate Action Network International.

“Today’s news on loss and damage gives this UN climate conference a running start. All governments and negotiators must use this momentum to deliver ambitious outcomes here in Dubai,” said Simon Stiell, UN Climate Chief at a press conference.

Backdrop:

The Fund was first agreed upon during COP27, held in Sharm El Sheikh, Egypt, and becomes operational today following the agreement reached by parties during 5 transitional committee meetings. The 5th transitional meeting hosted earlier this month in Abu Dhabi was added by the COP28 Presidency following the impasse reached at the 4th meeting, where Parties resolved.

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Localized Climate Data and Loss & Damage Fund critical

Renjini Liza Varghese

At the ongoing COP28,  I hope the countries align on the loss and damage (L&D) fund along with localized climate data. The escalating climate crisis has brought forth a pressing need for the fund.

As countries grapple with the mounting costs of climate-induced disasters, the fund is crucial to ensure global climate justice.

India, a nation particularly vulnerable to climate change, has witnessed a stark increase in climate disasters, with 2,923 climate disaster deaths, 92,000 animal deaths, and close to two million hectares of crops ruined in the first nine months of 2023 alone, as per a Centre for Science and Environment report. These figures highlight the devastating impact of climate change on livelihoods, infrastructure, and human life.

Recalling here, earlier studies have shown that women take the maximum hit of a climate disaster. It is seen that after a major climate incident, women are forced to take on the responsibility of rebuilding their lives.

Therefore, the L&D fund serves two basic purposes:

One, it is logical and practical. Developed nations, which have historically emitted far more greenhouse gases than developing nations, have a responsibility to help those who are most vulnerable to the impacts of climate change. The fund can be a tangible expression of this responsibility.

Second, it is a matter of justice and equity. Developing nations are bearing the brunt of the consequences of climate change, despite having contributed far less to the problem. A loss and damage fund can help to redress this injustice and ensure that all nations have the resources they need to cope with the climate crisis.

The true extent of the damage of climate change is even greater, as not all deaths and damages are accurately recorded. This is why there is a crucial need for local climate data. This will enable effective climate change adaptation and disaster preparedness. Accurate and localized data will also help authorities and communities to better understand the specific risks they face and make informed decisions to mitigate climate incidents

The L&D fund and the localized data are not just measures of climate justice but also investments for future resilience.

The time for action is now.

Climate crisis is not a future threat; but today’s reality!!!

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Water scarcity, UNICEF, COP28

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Severe Water Scarcity Impacts 739 Million Children

WriteCanvas News

The climate-changed world – with dwindling water supply and inadequate water services has impacted 739 million children globally. A new UNICEF report says that severe water scarcity is altering their mental and physical health.

One in three children or 739 million worldwide already live in areas exposed to high or very high water scarcity. Climate change is threatening to make this worse, according to the report.

Crux:

The report titled: The Climate Changed Child – released ahead of COP28, highlights the threat to children due to water vulnerability.

It analyses the impacts of three tiers of water security globally – severe water scarcity, water vulnerability, and water stress. It reinforces that inadequate drinking water and sanitation services are putting children at even greater risk.

The report is a supplement to the UNICEF’s Children’s Climate Risk (2021). Authors caution the impacts of the climate crisis include diseases, air pollution, and extreme weather events such as floods and droughts.

The environment in which children grow significantly influences their brain, lungs, immune system, and other vital organs from conception to adulthood. For instance, children are more susceptible than adults to the negative effects of air pollution. They often breathe more quickly than adults do, and they still have developing brains, lungs, and other organs.

Key findings:

• The greatest share of children exposed are in the Middle East, North Africa, and South Asia. Children live in places with limited water resources and high levels of seasonal and interannual variability, groundwater table decline, or drought risk
• The most affected children live in low- and middle-income countries in sub-Saharan Africa, Central and Southern Asia, and Eastern and South-Eastern Asia
• In 2022, 436 million children were living in areas facing extreme water vulnerability. Some of the most impacted countries include Niger, Jordan, Burkina Faso, Yemen, Chad, and Namibia, where 8 out of 10 children are exposed.
• Climate change is also leading to increased water stress. By 2050, 35 million more children are projected to be exposed to high or very high levels of water stress, with the Middle East North Africa, and South Asia currently facing the biggest shifts
• This risk to lives, health, and well-being is one of the key drivers of deaths among children under 5 from preventable diseases
• Despite their vulnerability, children have been either ignored or largely disregarded in discussions about climate change. For example, only 2.4 percent of climate finance from key multilateral climate funds support projects that incorporate child-responsive activities

What is needed?

At COP28, UNICEF is calling on world leaders and the international community to take critical steps with and for children to secure a liveable planet. These include:

i. Investment in safe drinking water and sanitation services essential as the first line of defense
ii. Elevating children within the final COP28 Cover Decision and convening an expert dialogue on children and climate change
iii. Embedding children and intergeneration equity in the Global Stocktake (GST)
iv. Including children and climate-resilient essential services within the final decision on the Global Goal for Adaptation (GGA)
v. Ensuring the Loss and Damage Fund and funding arrangements are child-responsive with child rights embedded in the fund’s governance and decision-making process.

Beyond COP28, UNICEF is calling on parties to take action to protect the lives, health, and well-being of children – including by adapting essential social services, empowering every child to be a champion for the environment, and fulfilling international sustainability and climate change agreements including rapidly reducing emissions.

UNICEF Advocates:

“The consequences of climate change are devastating for children,” said UNICEF Executive Director Catherine Russell. “Their bodies and minds are uniquely vulnerable to polluted air, poor nutrition, and extreme heat. Not only is their world-changing – with water sources drying up and terrifying weather events becoming stronger and more frequent – so too is their well-being as climate change affects their mental and physical health. Children are demanding change, but their needs are far too often relegated to the sidelines.”

“Children and young people have consistently made urgent calls for their voices to be heard on the climate crisis, but they have almost no formal role in climate policy and decision-making. They are rarely considered in existing climate adaptation, mitigation, or finance plans and actions,” Russell said. “It is our collective responsibility to put every child at the center of urgent global climate action.”

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