SINGAPORE (EDGEPROP) - The Real Estate Developers' Association of Singapore (Redas) pledges a holistic, sustainable approach in the built environment sector during the annual mid-autumn Redas lunch event, which saw 400 attendees at Regent Singapore Hotel on Sept 7.

“Close collaborative efforts of multiple stakeholders are key to unlocking eco-friendly alternatives and more sustainable solutions for our urban systems and operations,” says Redas president Chia Ngiang Hong in his speech. “This includes developers, financial institutions, government, businesses and end-users.”

According to UN Environment estimates, the built environment sector accounts for more than 38% of global carbon emissions, highlighting its integral role in achieving a net zero carbon footprint by 2030.

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In line with Singapore’s Green Plan 2030, the 80-80-80 Green Building Masterplan aims to achieve 80% of green buildings, 80% super low energy buildings for new developments and an 80% improvement in energy-efficient buildings for best-in-class facilities by 2030, says the event’s guest of honour and Minister for Sustainability and the Environment Grace Fu.

She encourages using the '4Rs' in the built environment by reducing the building’s carbon footprint, replacing energy sources with renewable alternatives, relooking at the construction process, and enabling recycling in the building.

Meanwhile, Chia says retrofitting existing buildings and infrastructure will require sizeable investments. “Planning and developing sustainable green real estate is a massive undertaking, requiring substantial financial resources, human capital and expertise.”

The government has set aside significant grants and incentive schemes to assist developers, such as the enhanced $63 million Green Mark Incentive Scheme, improved $45 million Green Buildings Innovation Cluster and $30 million in integrated facilities management and aggregated facilities management grants.

Chia also believes it imperative to add a sustainability focus to education by working alongside education institutions, colleges and universities and implementing relevant training initiatives. But against economic uncertainties and geopolitical headwinds, he warns of the risks posed by a long development timeline, construction backlogs and cost escalations that remain challenges to the built environment.