Meeting Both Financial Value and Social Impact
More and more attention is being extended towards investments in more environmentally-friendly and green buildings. However, while it is necessary for these projects to be able to produce a value that is financially measurable, it is also necessary to remember the need for them to have the necessary social impacts.
In the early parts of the 90s, there began a shift to construction paradigm all over the world. This is when the United States decided to include sustainability into their building sector. These days, the concept is not just something that is isolated in a single country or region or culture alone.
There is more to sustainable construction, green building, and sustainable building than just finding ways to cause less harm to the environment when compared to traditional construction. Instead, it has something to do with getting resources optimised while at the same time, being responsive environmentally, financial, and socially all throughout the building’s lifecycle. This spans from its design, construction, and operation, management and renovation, as well as deconstruction. Every new construction, regardless of whether it is a business tower, a school, an industrial building, or a recreational facility can be designed to integrate communities, buildings, and cities in a socially responsible and efficient manner.
Being one of the cities with the fastest growth rate in the world, all the community developments in the UAE should ensure that sustainability is going to be integrated into them. Dubai aims at solidifying its goal of becoming one of the world’s happiest countries by the year 2030 and sustainability is one of the necessary steps to achieve this. In its Municipality report for 2016, Dubai defines it as how people should act, either together or individually, to preserve, protect, as well as propagate the environment, as well as share technologies and insights for developments in the future. All this while taking steps to reduce the burden on the planet.
The UAE government has remained committed to enact new policies as well as standardise specifications to achieve this. It understands that the inroad towards achieving sustainable building will continue to be an uphill climb if the private sector is not going to take fervent steps towards achieving it. Policies like these need to be adopted permanently as the standard practice for designers, developers, owners, investors, as well as tenants.
It is also a fact though that achieve these objectives can be quite a challenge, especially in the real estate industry. This is due to the fact that the sector is often bent towards maximising their returns and profits more than paying attention to long-term environmental and social aspects. Developers do have an ethical responsibility to fulfill towards ensuring that an approach of life cycle engineering is integrated into their every undertaking. This then obliges them to take on the sustainable approach for all of its elements and resources.
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