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The Future of Sustainable Real Estate in India

ritu patil

Author: Ritu Patil

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India is in the grip of an unprecedented urbanization wave, and its real estate sector is all set to grow exponentially in the coming years. The challenge and opportunity therein, of course, come with a lot of need from a sustainability perspective. Understanding the need to have a strategic approach, Urban Land Institute (ULI) hosted the first-ever Product Council preview meeting in Mumbai that seeks to channel the real estate sector of India onto a more sustainable and environmentally responsible future path. ULI: A Global Perspective with Local Impact Founded over 80 years ago, ULI is a global organization set up in 86 countries and comprising over 45,000 members. It is a leading, multidisciplinary platform bringing real estate developers, architects, planners, investors, and other stakeholders together in one place for the future built environment. The priorities for the organization in India are three-fold: decarbonization, housing attainability, and education of young leaders. This will be achieved through a collaborative approach by ULI, aiming to bring leading global practice and defining solutions by Indian leaders on local and relevant issues. Sustainability and the Real Estate Sector At the heart of ULI's vision for India is sustainability. With the contribution of 40 percent to global greenhouse emissions from the real estate sector, sustainability needs to be integrated at each branch of the industry—from design to construction and to asset management. For instance, in its five-year program, the Office Council of ULI intends to focus on the mainstreaming of sustainability as part of a bigger objective of decarbonization and environmental responsibility. Corporates across India are already including sustainability in their corporate strategy, and the larger organizations are demanding carbon neutrality from real estate partners. Companies are adjusting their ways of operating and collaborating with developers, landlords, and corporations. Green office spaces, graced with plenty of natural light, renewable sources of energy, and social spaces, are not only environmentally good but also appeal to the modern workforce. This focus on green spaces reduces attrition and motivates employee engagement, hence making for a healthier and more productive work environment. ESG: The Future of Real Estate From being an option, ESG has moved to a compulsive necessity in India's real estate landscape. According to the ULI Product Council preview, significant steps toward carbon neutrality have already been taken at the industry level. The next step will be its application across all levels of real estate development. In growing urban centres across India, the only kind of growth that can be achieved is by practicable actions that reduce the impact on the environment while tackling the needs of a rapidly evolving society. As more and more companies turn toward ESG standards, this demand will only continue to grow. Employees are now seeking workspaces that reflect their values and promote a cultural change in business practices that are sensitive to the environment. This challenge must be accepted by all stakeholders in real estate—right from the developer to the architect—and worked on collectively, so that one gets to see a green, sustainable urban landscape in the future. This urban expansion of India provides an extraordinary opportunity for setting new standards of sustainability in the real estate sector. Now, with the introduction of ULI product councils, comes the most necessary step toward bringing industry leaders together in order to exchange knowledge, push innovation, and establish ESG principles. As the country now rapidly moves forward on its journey of urbanization, these efforts are going to play a vital role in ensuring that this growth is as environmentally responsible as it is socially responsible. ULI is the platform through which India will be building sustainable and future-ready cities, meeting needs of the present while curbing demands made on the country in times to come—this is the power of collaboration and cross-learning.

Reference:

This blog post is based on the article from Live Mint: ULI India’s First Product Council to Drive Sustainability, ESG Goals for New Office Spaces.

Featured

A sustainable study: Using recycled glass to grow plants for salsa ingredients

manasi agarwal

Author: Mansi Agarwalla

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Tortilla chips and salsa are naturally very tasty, but they can be tastier if they contain ingredients that are grown sustainably. The researchers at The University of Texas Rio Grande Valley report that cilantro, bell peppers and jalapenos can be grown in recycled glass from discarded bottles, such as beer or soda bottles. A pilot study found that potting soil partially infused with recycled glass fragments accelerated plant growth and reduced the growth of unwanted fungi.

“We’re trying to reduce waste while growing edible vegetables,” said Andreas Quezada, a chemistry doctoral student in the Vanegas Nanoworld lab, who will present the results with the research team at the fall meeting of the American Chemical Society (ACS). “If possible, we can introduce soil-based farming practices to residents of the Rio Grande Valley and across the country.”

In their experiments, the researchers obtained pieces of recycled glass from landfills, crushed them, and then moved them to corners. According to Quezada, the finished product is compact enough that you can pick up the pieces without cutting yourself. In addition, plant roots can easily grow around cracks in glass without injury. In their experiments, the researchers obtained pieces of recycled glass from a landfill glass recycler, crushed them, and then moved them to the corners. In preliminary tests, the researchers evaluated similar soil properties, such as compaction and water retention in three different sizes of glass. They found that a size comparable to a large soil grain allows oxygen to reach the roots and maintains moisture levels sufficient for plant growth. Quezada is currently evaluating the recyclable glass material as a viable soil container. The herb garden grows a variety of plants, from commercial potting soil to 100 percent recycled glass. Pots with more soil contain higher levels of nutrients needed for plant growth, including nitrogen, phosphorus, and potassium, than pots with more glass. However, pH levels vary slightly from pot to pot, a side effect because plants thrive in a narrow pH range. Initial results show that plants in recycled bottles grow faster and retain more water than plants grown in 100 percent traditional soil. “Compared to other combinations we tested, a weight fraction of glass and clay particles greater than 50 percent seems to be the best for plant growth,” says Julie Vanegas, a nanomaterial researcher. But the researchers are waiting to see which combination produces the highest yields and tastiest food. Another notable finding is that they developed pots containing 100 percent potting soil for fungi, which slowed plant growth. Teresa Patricia Feria Arroyo, an ecologist and the researchers’ faculty mentor, suggests that the fungus affects the uptake of nutrients by the roots. However, the fungus did not grow in the glass jars containing the recycled material. Investigators are gathering information to find out why. The results are especially promising for Quesada because the research is being conducted without fertilizers, pesticides or fungicides. From her experience in the agricultural sector, she has seen that many of the country’s economies affect people, like her family members, who work or live near farming communities. "I think it's really important to try to minimize the usage of any chemicals that can negatively affect our health," says Quezada. "If we are able to reduce them, and help the community by collecting recyclables, then we can give people a better quality of life."

The research received funding from an Empowering Future Agricultural Scientists grant provided by the U.S. Department of Agriculture's National Institute of Food and Agriculture, as well as a grant from the U.S. National Science Foundation, which also supports Glass Half Full, the company that supplied the glass particles.

Reference:

  • American Chemical Society. (2024, August 21). Pilot study uses recycled glass to grow plants for salsa ingredients. ScienceDaily. Retrieved August 24, 2024 from sciencedaily.com/releases/2024/08/240821124454.htm
  • Story Source: Materials provided by American Chemical Society.

Genetically engineered wood: stores carbon and reduces emissions

megha gupta

Author: Megha Gupta

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Scientists at the University of Maryland have genetically modified poplar trees to produce high-quality structural timber without the use of chemicals or energy-intensive processing. Made from traditional timber, engineered wood is often seen as a renewable substitute for traditional building materials such as steel, concrete, glass and plastic. It also has the potential to store carbon for longer than traditional wood because it is resistant to decay, making it useful in efforts to reduce carbon emissions.

However, the barrier to truly sustainable engineered wood is that it requires treatment with volatile chemicals and significant amounts of energy, and generates significant amounts of waste. The researchers modified a gene in living poplar trees, from which engineered wood was grown without any processing.

The study was published online on August 12, 2024 in the Journal ‘Matter’.

"We are very excited to demonstrate an innovative approach that combines genetic engineering and wood engineering, to sustainably sequester and store carbon in a resilient super wood form, said Yiping Qi, a professor in the Department of Plant Science and Landscape Architecture at UMD and a corresponding author of the study,  "Carbon sequestration is critical in our fight against climate change, and such engineered wood may find many uses in the future bioeconomy.” Before wood can be treated to give it more strength or UV resistance, it must be stripped of one of its key components, called lignin. Previously, UMD researchers have successfully developed methods to remove lignin using a variety of chemicals, and others have explored the use of enzymes and microwave technology. With this new research, Qi and his colleagues sought to develop a method that would not rely on chemicals, produce chemical waste or use large amounts of energy. Using a technology called batch editing to delete a key gene called 4CL1, the researchers were able to create poplars with 12.8 percent less lignin than that in wild poplars. This is similar to the chemical treatment used in the processing of engineered wood products. Qi and his colleagues grew the cut plants in a greenhouse for six months, alongside unmodified plants. They found no difference in growth rate or significant difference in structure between the modified and unmodified trees. To test the viability of the genetically modified poplar, a team led by Liangbing Hu, a professor of materials science and engineering, used it to produce small samples of highly durable compressed wood, such as particle board, often used in furniture manufacturing. Compressed wood is made by soaking wood in water under vacuum and then pressing it under heat until it is about one-fifth of its original thickness. This process increases the density of the wood fiber. In natural wood, lignin helps the cells maintain their structure and prevents shrinkage. The lower lignin content in chemically treated or genetically modified wood allows the cells to be compressed to higher densities, thus increasing the strength of the final product. To assess the performance of their genetically modified trees, the team also produced compressed wood from natural poplar, using both untreated wood and wood that had been treated with traditional chemical processes to reduce its lignin content. They found that the genetically modified compressed poplar performed at par with the chemically treated natural wood. Both were denser than untreated compressed natural wood and also more than 1.5 times stronger. The tensile strength of the genetically modified compressed wood was comparable to that of 6061 aluminium alloy and chemically treated compressed wood. This work paves the way for the relatively cheap and environmentally friendly production of a range of building materials on a scale that could play an important role in the fight against climate change.

Reference:

  • Yu Liu, Gen Li, Yimin Mao, Yue Gao, Minhua Zhao, Alexandra Brozena, Derrick Wang, Samuel von Keitz, Taotao Meng, Hoon Kim, Xuejun Pan, Yiping Qi, Liangbing Hu. Genome-edited trees for high-performance engineered woodMatter, 2024; DOI: 10.1016/j.matt.2024.07.003
  • University of Maryland. (2024, August 12). New genetically engineered wood can store carbon and reduce emissions. ScienceDaily. Retrieved August 26, 2024 from www.sciencedaily.com/releases/2024/08/240812123203.htm
  • Story Source: Materials provided by University of Maryland. Original written by Kimbra Cutlip

Environmental, Social and Governance (ESG)

naimeesha

Author: Kesavarapu Naimeesha

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Living in a world where everything is instant and convenient we often take pride in our ability to achieve things quickly. However, can you imagine what the world would look like in one hundred years? It is scary, right?

Preserving our planet and passing it on to future generations is humanity’s most significant accomplishment. he contemporary approach to this challenge involves the implementation of ESG Principles—Environmental, Social, and Governance factors—which play a vital role in helping businesses establish sustainable and ethical practices for the future.

The Environmental factor prompts companies to prioritize crucial areas such as global warming, carbon footprints, and climate change. As an example, in 2023, Microsoft proudly announced its status as carbon negative, having removed more carbon dioxide from the atmosphere than it emitted. A survey conducted by PwC India revealed that 51% of India's top one hundred companies have voluntarily started disclosing their carbon emissions, with 31% setting net-zero targets for 2030 and 2050. These targets are driving companies to adopt innovative technologies and renewable energies, enabling them to implement sustainable operating procedures and gain a competitive edge. Another compelling motivation for firms to prioritize sustainability is the finding from a Harvard Business Review article, which states that companies investing in sustainable practices see an average internal rate of return of 27% to 80% on their low-carbon investments and generate 18% more profits than their peers.

According to Colleen Honigsburg, "Fundamentally, social impact is anything that affects people, and that is an infinite number of things." Within the context of a firm, "people" refers to stakeholders and factors such as inclusivity, fair wages, safety, and the impact on the communities in which it operates are key indicators of people's satisfaction with the company. A survey conducted by Economist Impact in 2022 revealed that only 36% of companies had incorporated social impact into their corporate strategy, as opposed to 47% for environmental impact. This disparity may stem from executives' lack of clarity on how to effectively address people's concerns, which can be a complex web of individual expectations. Nevertheless, companies should prioritize addressing these issues today to reap long-term benefits.

The governance factor of a company depends on its management, internal policies, and compliance with regulations and industry standards. According to the 2023 Corporate Governance Study by MSCI, companies with high governance scores saw a 12% reduction in stock price volatility and an 8% increase in returns on equity (MSCI, 2023), demonstrating the significant influence of good governance on a firm's growth.

In a survey conducted by the CFA, 73% of respondents indicated that they take ESG (environmental, social, and governance) factors into consideration when making investment decisions. Non-financial elements such as ESG offer investors a holistic perspective of the company, empowering them to evaluate risk factors and growth opportunities with greater precision. As a result, the use of sustainability reporting standards such as the Sustainability Accounting Standards Board (SASB) is gaining significance, encouraging companies to prioritize ESG initiatives.

Embracing ESG is not just a passing trend, but a vital aspect of modern business strategy that shapes the future of corporate responsibility and sustainable development, benefiting firms in the long term. It is high time for all companies worldwide to recognize this and actively work towards it.

References:

  1. (2023). "Microsoft becomes carbon negative: Our next big sustainability milestone." [Microsoft Blog](https://blogs.microsoft.com/blog/2023/01/10/microsoft-becomes-carbon-negative-our-next-big-sustainability-milestone/)
  2. PwC India. (2023). "Sustainability Reporting Survey: Indian Companies’ Carbon Footprints and Net-Zero Targets." [PwC India](https://www.pwc.in/en/publications/sustainability-reporting-survey.html)
  3. Harvard Business Review. (2023). "The Competitive Advantage of Sustainable Practices." [Harvard Business Review](https://hbr.org/2023/03/the-competitive-advantage-of-sustainable-practices)
  4. Honigsburg, C. (2022). "Understanding Social Impact: Beyond the Basics." [Journal of Social Impact](https://www.journalofsocialimpact.org/colleen-honigsburg-understanding-social-impact)
  5. Economist Impact. (2022). "Corporate Strategy and Social Impact: A Survey." [Economist Impact](https://impact.economist.com/corporate-strategy-social-impact-survey-2022)
  6. (2023). "Corporate Governance Study: Impact on Stock Volatility and Returns." [MSCI](https://www.msci.com/research/corporate-governance-study-2023)
  7. CFA Institute. (2023). "ESG Factors and Investment Decisions Survey." [CFA Institute](https://www.cfainstitute.org/en/research/esg-survey)
  8. (2023). "Sustainability Accounting Standards Board: Framework and Reporting Standards." [SASB](https://www.sasb.org/standards/)

Blockchain - Unlocking A New Horizon in Gig Economy

Empowering the Gig Economy: The Transformative Role of Blockchain Technology


Blockchain, a new cutting-edge technology that has shown the potential to significantly impact economic diversity in various ways by promoting inclusivity, transparency, and accessibility. The decentralization of platforms empowered by Blockchain technology ensures fair and transparent payment system especially in gig economy. To reshape the work landscape, let’s explore more on the gig economy and the role of blockchain in the gig economy in-depth.

The gig economy can be termed as revolutionizing work by offering flexibility and autonomy. The best part of gig economy is it enables people to take on short-term, freelance jobs across various sectors that instantly enhancing the economic diversity. By leveraging digital platforms powered by blockchain, which facilitate connections between gig workers and clients, individuals can pursue multiple income streams. As the gig economy continues to grow, offering flexibility and new opportunities for workers, blockchain technology is emerging as a powerful tool to enhance transparency, security, and efficiency in this dynamic sector.
The gig economy often faces challenges related to trust, payment delays, and administrative overhead. This is where smart contracts come into play. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They run on blockchain technology, ensuring transparency, security, and automation, and for gig workers and clients, this means a lots of benefits. Smart contracts eliminate the need for intermediaries and once the conditions of the contract are met, payments are automatically released. This reduces delays and ensures that workers are paid promptly for their services. Most importantly the transparency and immutability of blockchain mean that all parties can trust that the terms will be enforced as agreed. This reduces disputes and builds trust between gig workers and clients. Additionally, smart contracts can automate administrative tasks such as invoicing and compliance, allowing gig workers to focus more on their core tasks rather than getting bogged down by paperwork. In essence, smart contracts not only bring efficiency, trust, and reliability to the gig economy, but also empower gig workers by ensuring fair and timely compensation while providing clients with a dependable and transparent process.

How smart contract empowers gig workers by ensuring fair and timely compensation
Gig workers are individuals who engage in short-term, flexible, or freelance work instead of a traditional full-time, long-term job. These workers usually complete tasks or assignments on a project-by-project basis or through short-term contracts, often enabled by digital platforms or apps. Gig workers encompass freelancers, independent contractors, on-demand workers, and part-time employees who offer services like ridesharing, delivery, freelance writing, graphic design, or other task-based activities.

A gig worker can set up a smart contract to the client in order to avoid delay in payment or non-payment. This smart contract was established through a mutual agreement between the gig worker and the client on a digital platform powered by blockchain technology. The smart contract included all the terms, such as the project milestones, payment amounts, and deadlines. The project is segmented into multiple milestones, and the contract can be structured to ensure that payment is made upon completion of each milestone. When a gig worker completes each milestone and uploads the agreed-upon deliverables to the digital platform, marking the milestone as complete triggers an immediate alert to the client. Upon the client's validation and approval of the deliverables within the smart contract, scheduled payment is automatically released without requiring manual intervention. This process minimizes the risk of payment delays or disputes, ensuring real-time transparency and fostering trust between gig workers and clients.

blockchain

 

Smart contracts eliminate geographical barriers and traditional financial systems, allowing gig workers and clients worldwide to securely and confidently enter into contractual agreements. This universal accessibility creates opportunities for collaboration and broadens the talent pool available to businesses seeking specialized skills. The gig economy excels in its capacity to adapt to various work structures, spanning from individual projects to long-term commitments. Smart contracts enhance scalability by enabling the customization of contract terms to fit different gig types and industries. They empower gig workers to manage multiple contracts concurrently, ensuring each agreement is executed smoothly and with utmost security.

Despite endeavours to establish precise terms, disputes may arise intermittently between gig workers and clients. Smart contracts can integrate predetermined dispute resolution mechanisms, such as automated escalation procedures or third-party arbitration services. These protocols ensure that conflicts are resolved promptly and equitably, aligning with the terms established within the smart contract.
In summary, smart contracts are a revolutionary force in the gig economy, providing unmatched benefits in automation, transparency, efficiency, and trust. As the gig economy grows and evolves, smart contracts are set to play a more substantial role in shaping the future of work. They empower freelancers and businesses to excel in a connected, digital marketplace. By harnessing the capabilities of smart contracts, stakeholders can achieve heightened levels of efficiency, security, and innovation in the dynamic realm of freelance and gig work arrangements.

Source:
1. Prototype Blockchain Based Smart Contract For Freelance Marketplace System (https://ieeexplore.ieee.org/document/9633001)
2. The Gig Economy and the Future of Work (https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099060524074041161/p1796471e104d70c8193971d1ead6456d2e)
3. The Rise of Gig Economy (https://www.naco.org/sites/default/files/documents/Gig-Economy.pdf)

kdcKaustuva Dyuti Chatterjee
Solution Enablement Associate Manager in Accenture
EMBA from IIM Visakhapatnam (2023-2025)
+91 9916496222

Kaustuva Dyuti Chatterjee is an accomplished IT professional with over 19 years of experience and a strong background in Computer Science and Mechanical Engineering. He specializes in cloud platforms (Azure, GCP), integration technologies (Kafka, AKS), and blockchain (Hyperledger, Ethereum). As a solution architect, Kaustuva has led teams and delivered complex projects, earning multiple awards such as the ACE awards for Skill Star, Growth Catalyst, and Team Player, as well as recognition as a Tech Maestro, ICI Innovation Champion, and Multi-skill Champion.