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Incentivizing green building technology: A financial perspective on sustainable development in India
Rakesh Kumar1, Rajesh Singh2, Richa Goel3
1Uttaranchal Institute of Management, Uttaranchal University, Dehradun, Uttarakhand, India.
F1000Research
|September 16, 2024
Summary
Financial incentives are key to adopting green technology in India. Increased awareness of these benefits, including tax breaks and subsidies, is crucial for sustainable development and wider adoption by stakeholders.
Area of Science:
- Environmental Science and Policy
- Sustainable Development
- Green Building Technology
Background:
- Sustainable societies rely on green energy to reduce greenhouse gas emissions.
- Awareness of financial incentives for green technology adoption remains low among stakeholders, consumers, and developers.
- There is a limited understanding of the diverse financial incentives offered by various authorities in India.
Purpose of the Study:
- To explore the significance of financial incentives for green building technologies in India.
- To examine the range of incentives provided by federal, state, and local governments.
- To highlight programs implemented by the Indian Green Building Council (IGBC).
Main Methods:
- This study is a review of existing literature and government programs.
- It synthesizes information on monetary incentives such as tax breaks, subsidies, and fee waivers.
- Analysis includes incentives offered at national, state, and local levels, as well as by the IGBC.
Main Results:
- Various financial incentives, including tax exemptions, subsidies, and fee waivers, are available for green building technologies in India.
- Federal, state, and local governments, along with the IGBC, offer a range of programs.
- A significant knowledge gap exists regarding the availability and effectiveness of these incentives.
Conclusions:
- Financial incentives are critical for promoting the adoption of green building technologies.
- Increased awareness and dissemination of information about these incentives are essential for driving adoption.
- Future efforts should focus on bridging the knowledge gap among all stakeholders involved in green construction projects.
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