Page 39 - Construction Vision Dec-Jan 2024 Issue

The IFC highlighted some issue, according to the IFC. About 110 green buildings begin to establish in a
decarbonization technologies that are countries have no mandatory building country, “you do need some de-risking,”
already available for the construction energy codes, the report said. Last year Lund says. That usually takes the form of
industry. For example, a Senegalese roughly two and a half billion square public funds being used to leverage
subsidiary of French cement maker Vicat meters of floor space were built without private capital and can be done using
SA is looking to use alternative fuels from any energy related performance tools like performance-based incentives
biomass and recycled tires to help cut standards, equivalent to all the buildings or first loss guarantees. This is where a
emissions by about 300,000 tons of CO2 in Spain, Lund said. new facility from the IFC could come in.
equivalent per year by 2030. IFC is
supporting the project with its first green Finance is another drag on progress to “We have this opportunity to use
loan for materials in Africa. decarbonize buildings. Global private technologies that are already
debt financing for decarbonizing commercially viable today to build in a
“The technologies are out there,” said construction using 'green' financial more green way as opposed to building
Lund. “The issue is getting them to be instruments reached a record high in per the status quo and then having to go
more widely used and that is a matter of 2021 of about $230 billion, but emerging back and retrofit,” Lund said. “There are
financing, a matter of policy and I think markets only issued about 10% of that ways to get this market off the ground
just a matter of information flow.” total, the IFC finds. and we're working on it.”

Governments are lagging behind on the Often when new markets like those for

CONSTRUCTION VISION 37 DECEMBER-JANUARY 2024