Rising demand for greener approaches creates an imperative for the industry to seize the moment, adopt new mindsets, and set standards for the transition to a greener future.
FREMONT, CA: Construction firms are crucial to the global effort to reduce greenhouse gas (GHG) emissions. They have an opportunity to capitalise on demand that crosses geographical and architectural boundaries by creating the green buildings of the future. Indeed, more environmentally friendly company models have the power to draw in the trillions of dollars set aside for sustainable investment.
How construction leaders position themselves for this transformation over the next ten years will depend on their current choices. Smart planners will probably look for innovation hotspots and expand their investment in sustainable technologies and capacities. Because new materials like green steel are more expensive, a new pricing scheme will be necessary. By 2030, they can drastically cut the embodied carbon in commercial buildings by as much as 70 per cent.
Making sure there is a strong business case for change will be a priority for decision-makers in light of the constrained industry margins. Establishing a market position while adjusting to a new cost base will be crucial. Additionally, decision-makers must ensure that greener business models are in line with demand, increasing over time at an erratic rate.
Construction Industry Emissions
About 25 per cent of all worldwide GHG emissions are attributable to the building sector, which includes everything from homes to bridges, hospitals, and skyscrapers. The industry's high emissions are due in part to its ravenous use of steel, which accounts for more than 50 per cent of the world's demand. A third of emissions are linked to materials, the construction process, or embodied carbon.
