Sunday, July 14, 2024

RMZ Corp has become the first Indian real estate company to be one of the first

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RMZ Corp has become the first Indian real estate company to be one of the first signatories of the First Movers Coalition (FMC).

FMC is a global decarbonization initiative launched by the World Economic Forum and the US government during COP26. At COP27 in Egypt, the 65-member coalition committed $12 billion to commercialize zero-carbon technologies and cut emissions and focuses on cleaning up one of the world’s most carbon-intensive industry sectors through purchasing commitments for low-carbon technology. RMZ Corp joined the coalition along with nine other companies at COP27. As an FMC company, it has committed to purchase at least 10 percent of near-zero cement and concrete per year by 2030.

Cement & concrete make up 7% of global emissions today. To decarbonize the cement sector, emerging technologies in carbon capture, use, and storage (CCUS) need to be scaled. RMZ Corp is the first and only real estate developer from India to be part of the coalition and has signed up in the cement and concrete sector.

Jayakumar K, senior MD & member of executive board, RMZ Corp, said, “We are excited to join the network that is committed to purchasing at least 10% near-zero cement and concrete per year by 2030. Purchase commitments will stimulate the clean technology market with more investments in decarbonizing technologies.

Our goal has been to imagine, create, operate, and transform for a greener, more liveable planet. From a decarbonization standpoint, we would like to lead and drive the shift to a net-zero economy. Joining the coalition only reiterates our commitment to this.”

According to a recent report by the International Energy Agency on the cement industry, 4.3 billion mt of cement was produced in 2021, 55% by China and 8% by India. Production is expected to increase in India and other developing Asian and African countries in the long term. The direct CO2 intensity of cement production increased by about 1.5% annually during 2015-2021.

With a collective market value of approximately $8 trillion, members of the First Mover’s Coalition hope to bring clean technologies to scale through advance purchase commitments in order to decarbonize carbon-heavy sectors such as aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, which account for 30% of global emissions. FMC currently has 85 purchasing commitments and includes some of the most influential brands in the world, with two-thirds of the members among the Forbes Global 2000.

RMZ’s Green Story (Positive Impact):

The company’s sustainability efforts have enabled it to achieve 22-25% energy savings from benchmarks 1500 t CO2 reduction per million SFT over the years, water saving of more than 60%, 100% greywater recycling, 100% roof water collection, increase in groundwater recharge, etc. RMZ has pursued zero waste to landfill efforts; reduced the use of water for construction; efficient debris management by reusing 70-80% of rubble and working on neutrality on energy across portfolio 7500 t CO2 reduction per million SFT.

The company actively pursues LEED Platinum for Certification | LEED Arc for Operations and EHS management system certified to ISO 45001. Efforts to increase use of renewable energy to achieve ‘Carbon Neutrality’ across operations, project management controls and technology in construction, connected buildings and robust community action to fight climate change are some of the other notable initiatives by RMZ Corp.

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