Green Finance for Sustainable Global Growth: Costs and Benefits of Green Buildings Compared With Conventional Buildings

Green Finance for Sustainable Global Growth: Costs and Benefits of Green Buildings Compared With Conventional Buildings

Elizabeth Motunrayo Ojo-Fafore (University of Johannesburg, South Africa), Clinton Aigbavboa (University of Johannesburg, South Africa), Wellington Thwala (University of Johannesburg, South Africa) and Pretty Remaru (University of Johannesburg, South Africa)
Copyright: © 2019 |Pages: 26
DOI: 10.4018/978-1-5225-7808-6.ch010

Abstract

Green buildings have become one of the most famous and fastest growing construction concepts. As the world is becoming environmentally viable, all investors and contractual workers will need to know the figures of green financing and if the dangers of contributing are justified regardless of the arrival sum. This chapter aims to compare green building and conventional building using the cost differences and economy impact to ascertain the benefits of green building over the conventional building of green building. Data was collected through questionnaire survey from 50 construction professionals. The result of this chapter shows that green buildings are more expensive than conventional buildings; however, the benefits accrue from green building makes green building cheaper in the long run.
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Background

It seems that green building has reached a tipping point. Any dabble into the real estate world will yield articles advertisements and discussion about green products and designs, as well as the stories about the latest green building. Yet the financing of green building is seldom discussed (Environmental Design & Construction 2007).

Key Terms in this Chapter

Conventional Building: Refers to the traditional method of construction.

Environment: It is everything that is around us. It could be living or nonliving things.

Construction: The action of building something.

Cost: An amount that needs to be paid or spent to buy or obtain something.

Benefit: An advantage or profit gained from something.

Green Building: It refers to both structure and the application of processes that are environmentally responsible and resources efficient throughout a building lifecycle.

Building: A structure with a roof and walls such as house or factory.

Green Finance: It is an innovative financial pattern aimed at the environmental protection and the accomplishment of sustainable utilization of resources.

Occupants: The action or fact of occupying a place.

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