Macrotech to invest $500 mn over 5-7 yrs on sustainability

New Delhi: Realty firm Macrotech Developers will invest $500 million (about Rs 3,950 crore) over the next 5-7 years on sustainability initiatives across all projects as it aims to be a net-zero carbon company by 2035, a top company official has said.

Macrotech Developers, which sells its properties under the Lodha brand, also announced the launch of the 'Lodha Net Zero Urban Accelerator' programme with technical support from RMI at its 4,500-acre flagship integrated township project Palava City near Navi Mumbai. In an interview with PTI, Macrotech Developers Managing Director (MD) and Chief Executive Officer (CEO) Abhishek Lodha said the Palava township will be a "live laboratory" for quickly experimenting with the modern sustainability ideas and solutions available across the world.

The successful ideas and solutions will be published and shared with all the stakeholders - including real estate developers, research bodies, educational institutes and policymakers - from this year itself, he said. Already, 1.5 lakh people live in Palava township, and it will be home to 20 lakh people over a period of time. "The purpose of the accelerator is that India's journey to become a net-zero carbon country cannot be completed and be successful unless the housing and real estate industries also play a leadership role in this journey," Lodha noted. Globally, he pointed out, almost 40 per cent of greenhouse gas emissions are linked to real estate and ancillary industries. "So, you can imagine that if the real estate industry in our country takes a role, then the transition to net-zero for the entire country becomes a lot more achievable," he added.

For its net-zero urban accelerator programme, the company has tied up with RMI that transforms global energy systems to secure a clean, prosperous and zero-carbon future for all. "RMI now is an institution of global repute. We want to work with them to see how in the Indian context can this really be done," he said. Asked about the capital expenditure for introducing sustainability solutions, Lodha said: "Over the next five to seven years, we will be spending almost $500 million to ensure that our developments are moving to the net-zero carbon goal that we have". "As you know, we are committed to becoming a net-zero carbon company by 2035," he said, outlining the overall vision. With efforts made in the last 18 months, Lodha said, the company has been able to reduce its carbon emissions by 50 per cent.