In the upcoming months, the International Finance Corporation (IFC) will be aiding Novare Equity Partners, a South African company, in the process of decarbonizing its real estate holdings in Zambia, Mozambique, and Nigeria.
Novare Equity Partners recently entered into an agreement with the IFC, marking the initiation of their collaboration under the Greening Real Estate Investment Portfolios (GRIP) program introduced by the IFC in 2022.
Through the support of the World Bank Group’s private sector financing arm, Novare will receive assistance in implementing energy efficiency measures, long-term renewable energy solutions, and other initiatives aimed at carbon removal and sequestration. Specifically, IFC teams will conduct assessments of greenhouse gas (GHG) emissions and develop carbon neutrality plans for Novare’s properties across the three targeted countries.
This endeavor aligns with the broader objective of promoting environmentally responsible construction practices, which prioritize the use of locally sourced and recycled materials while remaining financially accessible to users. The IFC emphasizes that such green buildings typically yield public service costs at least 30% lower than those of comparable traditional structures.
Furthermore, the IFC highlights the growing momentum behind green construction in Africa, citing projections of nearly 7% annual growth in the sector over the coming years.
The potential market value of green construction in emerging markets, including China and South Africa, is estimated to reach up to $25 trillion by 2030, significantly surpassing the $73 billion worth of real estate assets already certified by the IFC through its EDGE label.
Source : Joycelyn Marigold -African Property Magazine
