First Mover: Private Sector Advances Building Energy Efficiency in India
In an example of leadership from the private sector, one of the largest property developers and owners in India, the K. Raheja Corp Group (KRC), has also become one of the country’s most convincing proponents of building energy efficiency.
Facing rising energy costs, but also rising energy demands by tenants as technology use in buildings increases, the company began to look for ways to boost efficiency – and stay ahead of the curve in a highly competitive property industry.
Mumbai: Inorbit Mall Malad, one of India’s largest indoor shopping malls, was the first building retrofitted in KRC’s pilot phase. A new case study published by C40 in partnership with the Clinton Climate Initiative (CCI) documents the 3-building pilot project KRC completed in 2010, and shows how its delivery of investment returns and lower operational costs led to an energy efficiency program across KRC’s portfolio of buildings.
Working with C40/CCI, KRC’s program yields economies of scale in procurement; streamlines the project development process; and expedites cost savings and carbon emissions reductions. The company is now implementing retrofit projects on a dozen properties, including hotels, malls and office buildings in Mumbai, Hyderabad, and Pune.
“The K. Raheja Corp Group’s thoughtful and systematic approach provides an example for every real estate portfolio owner,” says Pradeep Nair, who leads C40/CCI building energy efficiency efforts in India.
Indeed, there are now a handful of top businesses in India implementing retrofits. This trend should continue, says Nair, as government efforts to develop the market come into play, from bolstering energy efficiency regulations to providing risk guarantees to financial investors in energy efficiency projects.