ADB partners with IIFL Home Finance for green housing in India

11 Aug 2021 CW Team

Asian Development Bank, the multilateral development organisation partners with low-cost housing financier IIFL Home Finance with an aim to decrease carbon emissions and preserve water and energy.

ADB is intending to engage other institutional stakeholders comprising the Indian government, which has launched a massive drive towards housing for all.

Susan Olsen, ADB’s senior investment specialist for South Asia, told the media that IIFL is their partner for the technical assistance program. The program has a wide scope and reaches other key actors in the green affordable housing ecosystem in India to develop capacity across several developers, other housing finance firms, and local /state/national government stakeholders.

The total project cost is fixed at $1 million and will be given by ADB’s Urban Climate Change Resilience Trust Fund. IIFL will add an extra $0.15 million towards other costs.

This initiative will combine green lending and climate adaptation plans in the context of affordable housing in India.

Monu Ratra, Chief Executive at IIFL Home Finance, told the media that buildings provide about 35% of carbon emissions, and, with the immense majority of housing stock yet to be made in India, it can have a devastating influence. As per the World Economic Forum, the houses are accountable for approximately 40% of global energy usage and around one-third of global greenhouse gas emissions.

The Indian government had earlier fixed a target of producing 50 million housing units by 2022 under its Housing for All initiative, with 60% of it being planned in the rural regions. It has now reduced the immediate target to 32.6 million by 2022 with 21.4 million in rural regions.

Ratra said that if the home designs are sensitive to climate conditions, then it would use less energy in the form of air conditioning. Another focus would be to develop the waste disposal system and recycling of water through rainwater harvesting.

He said that this plan attempts to build the ecosystem needed to accomplish these objectives.

Additionally, ADB is planning a series of activities on the market research and product innovation front to enhance levels of awareness and understanding for both buyers and builders.

Olsen told the media that there would be efforts to build a green affordable building rating system to include tailored adaptations to the local climate zones of different regions across India.

ADB will take measures to develop and integrate green lending and climate adaptation strategies in the context of affordable housing, as well as identification of cost-effective innovative green technologies that can assist in decreasing costs and increasing access to more sustainable building technologies in the affordable housing space.

Image Source

Also read: Green housing: World Bank's investment arm nods $250 mn loan to HDFC

Also read: IIFL launches handbook for affordable green housing

Asian Development Bank, the multilateral development organisation partners with low-cost housing financier IIFL Home Finance with an aim to decrease carbon emissions and preserve water and energy. ADB is intending to engage other institutional stakeholders comprising the Indian government, which has launched a massive drive towards housing for all. Susan Olsen, ADB’s senior investment specialist for South Asia, told the media that IIFL is their partner for the technical assistance program. The program has a wide scope and reaches other key actors in the green affordable housing ecosystem in India to develop capacity across several developers, other housing finance firms, and local /state/national government stakeholders. The total project cost is fixed at $1 million and will be given by ADB’s Urban Climate Change Resilience Trust Fund. IIFL will add an extra $0.15 million towards other costs. This initiative will combine green lending and climate adaptation plans in the context of affordable housing in India. Monu Ratra, Chief Executive at IIFL Home Finance, told the media that buildings provide about 35% of carbon emissions, and, with the immense majority of housing stock yet to be made in India, it can have a devastating influence. As per the World Economic Forum, the houses are accountable for approximately 40% of global energy usage and around one-third of global greenhouse gas emissions. The Indian government had earlier fixed a target of producing 50 million housing units by 2022 under its Housing for All initiative, with 60% of it being planned in the rural regions. It has now reduced the immediate target to 32.6 million by 2022 with 21.4 million in rural regions. Ratra said that if the home designs are sensitive to climate conditions, then it would use less energy in the form of air conditioning. Another focus would be to develop the waste disposal system and recycling of water through rainwater harvesting. He said that this plan attempts to build the ecosystem needed to accomplish these objectives. Additionally, ADB is planning a series of activities on the market research and product innovation front to enhance levels of awareness and understanding for both buyers and builders. Olsen told the media that there would be efforts to build a green affordable building rating system to include tailored adaptations to the local climate zones of different regions across India. ADB will take measures to develop and integrate green lending and climate adaptation strategies in the context of affordable housing, as well as identification of cost-effective innovative green technologies that can assist in decreasing costs and increasing access to more sustainable building technologies in the affordable housing space. Image Source Also read: Green housing: World Bank's investment arm nods $250 mn loan to HDFC Also read: IIFL launches handbook for affordable green housing