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Construction sector likely to reach $1.4 trillion by 2047: Executive Director, Building Materials and Technology Promotion Council, Ministry of Housing and Urban Affairs (MoHUA)
Jan 21, 2025
NEW DELHI, 21 January 2025: Dr Shailesh Kumar Agarwal, Executive Director, Building Materials and Technology Promotion Council under MoHUA today said, “The construction sector, which is growing exponentially is projected to reach $1.4 trillion by 2047. To achieve this growth, we must be receptive, innovative, and productive, fostering sustainable growth and mindful consumption,” while addressing the ‘Asia Low-Carbon Building Transition (ALCBT) Project’ orientation and certification program for master trainers on ‘Low-Carbon Building Transition for Building Materials Manufacturers & Technology Providers’, organized by FICCI, jointly with Global Green Growth Institute (GGGI). The project is being implemented by GGGI in five Asian countries including India with support from the International Climate Initiative (IKI) of the Government of Germany.
Dr Agarwal further stated that urbanization is increasing rapidly and there is a need to reduce the operational energy in the buildings sector, apart from using low carbon building materials in the construction. “To achieve this there is a need to revisit the way we do our construction primarily focusing on recycling and mindful consumption,” he said.
Ms Taina Dyckhoff, Head of Environment Division German Embassy said that India and Germany are working closely together in the field of climate change within the framework of the Indo-German Green and Sustainable Development Partnership. The partnership targets various initiatives associated with climate mitigation, adaptation, natural carbon sinks, and biodiversity conservation. “The capacity building program under the ALCBT project will result in sufficient awareness among all concerned in the building ecosystem”, she highlighted.
Ms Pravatanalini Samal, Director, Bureau of Energy Efficiency (BEE), Ministry of Power highlighted BEE’s initiatives in energy efficiency across the industries, buildings, and appliances. In the building sector, significant energy is being used in various applications especially cooling. There is a need for further policy push to achieve the NDC goals of the country and the ALCBT project is a great initiative in this regard.
Mr Soumya Garnaik, Country Representative – India, Global Green Growth Institute said that the ALCBT Project aims to integrate low-carbon concepts in existing and new buildings. Given that over 70 per cent of buildings are expected to be built in the coming years, this presents a significant opportunity for India to explore low-carbon options. This includes the use of sustainable building materials and innovative technologies to reduce both embodied and operational carbon emissions. This project is expecting to train over 2100 professionals in the next two years.
Ms Julie Robles, ALCBT Project Manager Global Green Growth Institute said the regional importance of ALCBT in all five project countries. She highlighted the components like technical tools, capacity building and training, financial pathways and opportunities for scaling up for low carbon buildings in a time bound manner. In its strategy, GGGI emphasizes the scaled transition of buildings and urban infrastructure towards lower carbon economy.