Standard Chartered and Confederation of Indian Industries – The Indian Green Building Council (CII IGBC) have signed a Memorandum of Understanding (MoU) to facilitate financing of green buildings in India. Through this initiative, both Standard Chartered and CII IGBC aim to accelerate the adoption of energy-efficient building solutions, in support of the ambition to reduce India’s overall carbon footprint.
This partnership marks a significant milestone in the pursuit of India’s environmental and energy goals, as both organizations aim to reduce the carbon footprint of the construction industry by promoting energy-efficient buildings.
The memorandum of understanding (MoU) was signed by Ankur Khurana, Co-Head, Client Coverage, India and South Asia, Standard Chartered and K. S. Venkatagiri, Executive Director, CII Indian Green Building Council in the presence of Mala Singh, Chairperson, IGBC Mumbai Chapter; Sundeep V, Senior Counsellor, IGBC; Shobana Chawla, Executive Director, Sustainable Finance, Standard Chartered; and Manmeet Singh Gulati, Managing Director, Head – Commercial Real Estate, Standard Chartered.
Commenting on this tie up, Ankur Khurana, Co-Head, Client Coverage, India and South Asia, Standard Chartered, said, “We are proud to partner with CII IGBC to promote sustainable finance for development of green certified buildings. This initiative is expected to not only support sustainability but also bring long-term economic advantages through energy savings generated by these green buildings. Sustainable finance is one of the strategic priorities at Standard Chartered Bank and we believe that transition to a low carbon economy presents a significant opportunity to accelerate sustainable growth in the world economy”.
K. S. Venkatagiri, Executive Director, CII Indian Green Building Council (IGBC), said, “This MoU represents a powerful collaboration between two entities committed to creating a sustainable future. Through our partnership with Standard Chartered, we aim to offer developers the tools and resources they need to build energy-efficient and environmentally friendly buildings. Together, we are not only reducing the environmental impact of the construction industry but also accelerating the growth of India’s green building sector.”
The Indian Green Building Council (IGBC) was established by the Confederation of Indian Industry (CII) in 2001 to actively promote the Green Building concept in India. The Council, with 30 Chapters across India, is represented by all stakeholders of the construction industry comprising corporate, government, and nodal agencies, architects, product manufacturers, institutions, and more. The Council also works with governments, the World Green Building Council, and bilateral and multilateral agencies in promoting green building concepts in India.
With a registered Green Building footprint of 13.20 billion sq. ft, and with over 15,500+ projects adopting IGBC’s 32 rating systems, the Green Building movement in India has been advancing at a rapid pace and transforming India, into one of the global leaders in green built environment. IGBC is a market leader with about 90% of the India’s green building projects adopting IGBC Green and Net Zero Rating Systems.
Key Highlights
Promoting Sustainable Finance: The partnership seeks to make sustainable finance more accessible to developers by offering Green Loans on CII IGBC certified projects which demonstrate at least 20% energy savings over baseline levels in their projects, ensuring that the buildings are energy-efficient and sustainable.
Exploration of Innovative Financing Models: Both CII IGBC and Standard Chartered are committed to exploring new and innovative financing models that will further deepen this collaboration and unlock additional opportunities for developers. The partnership will continuously evolve to ensure that it meets the dynamic needs of the green building sector and contributes meaningfully to India’s sustainability agenda.
