How to advance green housing in Kenya
Players in the real estate sector in Kenya have been reluctant to enter into the Green Building market citing a number of challenges, including lack of proper financing systems. So, what can be done to advance Green Building in Kenya? CNBC Africa is joined by the Deputy Chair of the Kenya Green Building Society, Ted Otieno for more.
Tue, 16 Mar 2021 14:54:54 GMT
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AI Generated Summary
- Revision of the building code in Kenya to incorporate sustainability aspects
- Shift towards green financing options to make green building more affordable
- Government and private sector initiatives driving the adoption of green building practices
Kenya has been making strides in advancing green building practices, with the revision of the building code set to take place by the end of this year. The Deputy Chair of the Kenya Green Building Society, Ted Otieno, discussed the importance of understanding the current status of the built environment in Kenya. The building code in the country dates back to 1968 and is currently being updated to incorporate sustainability aspects such as climate resilience, health, wellbeing, and resource security. With 40% of the final energy use in Kenya coming from buildings, the need for sustainable practices is crucial. Despite efforts over the past decade, green buildings still only represent less than 1% of all buildings in the country. However, the new building code is set to change that by integrating sustainability measures and regulatory frameworks. Financing has been a major hurdle for real estate developers looking to invest in green buildings, with traditional banking institutions lacking adequate green financing options. Nevertheless, there has been a recent shift towards more green financing products, including green mortgages and green bonds. These incentives aim to make green building more affordable and attractive for developers. Otieno emphasized the need to look at the cost and benefits of green building in the long term, considering design, construction, and operational life. In terms of affordability, developers are now seeing the advantages of investing in green buildings due to tax incentives and overall sustainability benefits. However, the lack of awareness and incentives has historically hindered the widespread adoption of green building practices in Kenya. Otieno highlighted the importance of water resiliency in the context of water scarcity in Nairobi, pointing out that green buildings offer solutions for sustainable water management. With the global focus on environmental sustainability and the impact of the COVID-19 pandemic, the shift towards green building practices is becoming more urgent. Government and private sector partnerships have played a significant role in promoting green building in Kenya. Initiatives such as public-private partnerships and affordable housing programs have incentivized developers to build sustainably. The Ministry of Housing and Infrastructure in Kenya has been leading efforts to encourage developers to adopt green building standards. By benchmarking buildings and gradually working towards net zero carbon neutrality, the country aims to make sustainable housing more accessible to the masses. Otieno emphasized the need for governments across Africa to follow suit and create a roadmap towards sustainable building practices, ultimately benefiting both the environment and the population.