By ESG Analyst Gabriella Klimov
Earth’s natural resources are finite. At the rate humans are extracting them, total depletion is on the horizon. One reason for this is that current models of economic growth (primarily capitalism) are based on excessive consumption and production. Capitalism promises unlimited growth, but such a feat is not possible if our practices do not change.
The concept of ‘green growth’ offers an alternative path: achieving economic growth through sustainable development practices. This approach contains proposals for change which are more than worth considering as we as a planet decide how to address the climate crisis in years to come. Specifically, green growth has a number of applications in the construction sector, and could prove useful in advancing global sustainable development and growth.
Defining and Contextualizing Green Growth
Green growth was first ideated in 2005 at the Fifth Ministerial Conference on Environemnt and Development (MCED). At this conference, parties came to the conclusion that they needed to move past traditional notions of development and adopt strategies for a truly sustainable transition (i.e., green growth). The concept encompasses a series of objectives, including:
- Replacing the harmful practices required for capitalism and other extractive economies to exist.
- Targeting and reducing poverty.
- Creating new jobs which promote sustainability in their sectors.
- Securing access to renewable energy and clean water for the greater population.
Currently, economists and policymakers alike have been prioritizing growth first, and only dedicating themselves to mitigating the environmental fallout after such growth has been achieved. Green growth, instead, seeks to “harmonize” sustainability and economic growth, making the former a pre-requisite for the latter.
Accomplishments in Construction
The construction sector has immense potential to execute green growth, as well as make green growth more feasible in other sectors. In particular, green architecture is gaining popularity, and exemplifies many of the goals of green growth. This approach to architectural design does not just consider sustainability, but wholly integrates it into the very fabric of its projects. Features of green architecture include:
- Efficient ventilation systems to reduce energy used for heating and cooling.
- Plumbing systems which are designed to save water.
- Maximizing green spaces.
- Using recycles and sustainable materials for building, including recycled steel, reclaimed wood, recycled glass, and aerated concrete.
- Including energy-efficient light fixtures and lighting systems.
Green structures can now be seen all over the globe. For example, the Torre Reforma skyscraper in Mexico City, Mexico has an LEED platinum certification for its efficient management of energy resources, and its concrete walls cool the inside, reducing energy consumption even more. Projects like this are marks of progress and display how capable the world is to adopt this approach across the board.
Building Growth
The last section discusses the “green” part of green growth in construction. Actual growth comes alongside the expansion of this field. According to the World Economic Forum, the “green building revolution” has the potential to open a $1.8 trillion dollar industry and create a large number of new market opportunities. The Forum recently released a report detailing how major economic gains await early investors in the sector. Additionally, there is a job market that will be affected as well. It is projected that between now and 2050, the number of job years provided by green construction will grow from 777,000 to 2 million, with about 1.5 million jobs created. By changing the way we do construction, we will not only secur our future on this planet; we will also grow businesses and improve livelihoods.
References
- (2023, March 28). What is green construction? Retrieved November 22, 2024, from https://www.startresponsible.com/stories/what-is-green-construction/
- Government of Canada. (2024, August 16). The Canada Green Buildings Strategy: Transforming Canada’s buildings sector for a net-zero and resilient future. Canada. https://natural-resources.canada.ca/transparency/reporting-and-accountability/plans-and-performance-reports/departmental-strategies/the-canada-green-buildings-strategy-transforming-canadas-buildings-sector-for-net-zer/26065
- Green growth .:. Sustainable Development Knowledge Platform. (n.d.). Sustainable Development Goals. Retrieved November 22, 2024, from https://sustainabledevelopment.un.org/index.php?menu=1447
- IPAG. (2021, February 18). What is green growth and how can this transition be promoted? IPAG Business School. https://www.ipag.edu/en/blog/green-growth
- Jacquez, A. (2024, August 20). 15 Best Green Building Projects Around the World. Novatr. Retrieved November 22, 2024, from https://www.novatr.com/blog/green-building-projects
- World Economic Forum. (2024, June 25). Towards Green Building Value Chains: China and Beyond. World Economic Forum. https://www.weforum.org/publications/towards-green-building-value-chains-china-and-beyond/
- World Economic Forum. (2024, June 26). Green Building Revolution Could Open $1.8 Trillion Global Market Opportunity by 2030. World Economic Forum. https://www.weforum.org/press/2024/06/green-building-revolution-could-open-1-8-trillion-global-market-opportunity-by-2030/