To address the shortage of urban housing, approximately 11 million new homes are to be constructed over the next few years under the Pradhan Mantri Awaas Yojana (PMAY). Construction at this scale will put significant strain on the supply of resources like water and electricity, as well as increasing the output of waste materials like greenhouse gasses. To support PMAY in the endeavour to create ‘Housing for All’, but also to mitigate the environmental impact of this massive national project, the International Finance Corporation (IFC) established the Green Affordable Housing program.
Efforts under this program include assisting in the development of sustainable, scalable and affordable technologies for Green housing projects, as well as a certification program (via its online application, EDGE) to set the standards for Green construction. (Under EDGE, a building earns its Green credentials by costing 20 percent less embodied energy to construct, as well as consuming 20 percent less water and electricity than a ‘non-Green’ version.)
Under this program, the IFC is adopting strategies to enhance the industry’s access to innovative technologies and services that can help them achieve energy savings on a continuous basis. The IFC also holds regular discussions with the policymakers, industry leaders, research agencies and financial institutions to enhance the reach and scope of Green affordable housing. Additionally, the Green Affordable Housing program also contributes to meeting national targets for sustainable development and combating climate change and is thus aligned with the National Mission on Sustainable Habitats.