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Africa|Building|Energy|Environment|Projects|Services|Products|Environmental
Africa|Building|Energy|Environment|Projects|Services|Products|Environmental
africa|building|energy|environment|projects|services|products|environmental

Novare partners with IFC to advance green building, retail decarbonisation

22nd April 2024

By: Marleny Arnoldi

Deputy Editor Online

     

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Real estate investment firm Novare Equity Partners has partnered with the International Finance Corporation (IFC) on its Greening Real Estate Investment Portfolios (Grips) programme, which affords Novare access to a comprehensive suite of advisory and investment services.

The strategic alliance will assist Novare to define, execute and finance its journey towards sustainability across its shopping malls in Nigeria, Zambia and Mozambique.

Novare is committed to adopting green building practices and become more resource efficient in its projects.

According to the IFC, the real estate sector emits nearly 40% of the world’s energy- and industry-related carbon emissions – with two-thirds of emissions stemming from emerging markets.

Novare is the first African company to partner with the IFC on the Grips programme, which is testament to Novare’s commitment to ensuring the sustainability of its environment, while delivering long-term returns.

“With the African real estate sector expected to grow at almost 7% a year over the next few years, proactive steps need to be taken to decarbonise and ensure the sector’s sustainability,” says IFC South Africa country manager Adamou Labara.

According to the IFC's projections, green buildings in emerging markets present a substantial investment opportunity, estimated to reach $24.7-trillion by 2030.

The Grips initiative has also extended its support to various entities worldwide, including Iulius in Romania, Visum Real Estate Investment Trust in Colombia, and Marmara Hospitality in Turkey, signifying its global impact in promoting sustainability.

Research shows that green buildings appreciate in value, are lower-risk assets than standard structures, use less energy and have lower operating costs. They also attract and retain more tenants and command higher sales prices.

By expanding its Grips programme to Africa, the IFC is potentially paving the way for greater collaboration on the continent and increasing the opportunity for further investment and job creation as buildings undergo eco-friendly refurbishments

In turn, the Grips programme empowers Novare to refine and advance its decarbonisation strategy.

"Where appropriate, IFC will provide investment in the form of innovative, green financing or other products that can support these goals. We want to be at the forefront of Africa's transition to a net-zero world. This partnership propels us towards that vision,” says Novare chief environmental, social and governance officer Lerato Kumalo.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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