A recent survey conducted by JLL indicates that 87% of office occupiers think that at least half of their commercial property portfolio should be powered by renewable sources by 2030, in line with broader net zero carbon (NZthinkC) objectives.
The analysis further highlights that 43% of these occupiers are located in Delhi, followed by Mumbai at 27%, Bengaluru and Chennai at 17% and 13% respectively. According to JLL, the banking and finance sectors show the highest inclination towards demanding on-site renewable power sources for green spaces, followed by the construction, manufacturing, and consultancy industries.
One notable finding from the survey is that 33% of occupiers believe that on-site renewable energy will become a non-negotiable requirement for their organizations by 2030. Additionally, 87% anticipate that more than half of their energy needs will be fulfilled by renewables. Respondents also acknowledge a significant demand-supply gap for sustainable buildings, with demand expected to outstrip supply.
Radha Dhir, CEO and Country Head, India, JLL, emphasized the importance of prioritizing green energy sources in office portfolios, stating that the real estate sector has a significant opportunity to shape the future of renewable energy infrastructure.
The transition to renewable energy is seen as crucial for the real estate industry to redefine buildings as active contributors through on-site renewable energy generation. Kamya Miglani, Head of ESG Research, Asia Pacific, JLL, suggested that a combination of on-site generation like solar PV installations, and/or off-site renewable energy procurement through Renewable Energy Certificates (REC) and Power Purchase Agreements (PPA) could be the solution according to corporate real estate leaders.
The recommendation includes assessing sites for their suitability for solar PV installation and local grid connections, as well as exploring the potential for energy sharing within the portfolio.
