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In today’s age of environmental awareness and consciousness, there is a collective commitment towards the sustainable development of renewable energy. So, let’s explore the dynamic landscape of renewable energy on an international scale and then discuss the renewable energy condition in Pakistan. Let’s talk about what renewable energy is and how it impacts the real estate sector. Renewable energy is energy derived from natural sources that is replaced at a higher rate than it is consumed. Sunlight and wind, for example, are such sources that are constantly available. Renewable energy sources are plentiful and all around us. The Renewable Revolution in Real Estate is common now.
Many countries are actively investing in renewable energy engineering and technology to reach the high standards agreed upon around the world. Renewable energy journals and publications aim to share important research findings and developments while also encouraging international collaboration and information sharing.
Renewable energy use rose by 3% in international industries in 2020, while demand for all other fuels declined. The biggest driver was a nearly 7% increase in electricity generation from renewable energy. Solar PV and wind power are expected to account for two-thirds of renewable growth. China alone should account for almost half of the global increase in renewable electricity in 2021, followed by the United States, the European Union, and India.
The real estate industry is essential to the global transition to renewable energy. Buildings that are both sustainable and energy-efficient are becoming more popular, owing to a growing awareness of the environmental impact and the possibility of long-term financial savings. Architects and developers are implementing renewable energy systems into building designs, resulting in eco-friendly constructions that contribute to a more environmentally friendly metropolitan setting.
Renewable energy strategies for real estate can include on-site solar arrays, solar leases, power purchase agreements (PPAs), and purchasing Renewable Energy Certificates (RECs) and carbon offsets. These efforts are expanding and evolving as companies continue to explore creative, cost-effective solutions. In the Renewable Revolution in Real Estate, for example, REITs are taking the lead in bringing renewable energy sources into real estate with both on-site and off-site solutions.
Now, let’s talk about Pakistan. In recent years, it has emerged as a new player in the renewable energy sector. The country is dealing with energy difficulties, and the administration recognizes the importance of diversifying the country’s energy mix. The use of renewable energy resources is seen as a possible solution for addressing power shortages while also decreasing the environmental impact of energy production. While Pakistan’s progress in renewable energy is admirable, difficulties remain. Financing limits, infrastructure limitations, and regulatory impediments must all be overcome. These constraints, however, create opportunities for creativity, collaboration, and the creation of personalized solutions to move the renewable energy sector forward.
Renewable energy in Pakistan is a relatively underdeveloped sector if we compare it with the international market. However, in recent years, there has been more and more interest in exploring renewable energy resources for energy production. Around Pakistan’s total installed 10.57% of power generation capacity (in 2020) comes from renewables (wind, solar, and biogas). Most of Pakistan’s renewable energy comes from hydroelectricity.
When renewable energy resources are integrated into the real estate sector, they provide several benefits. These benefits not only help the environment but also improve the economic and social elements of real estate development.
The incorporation of renewable energy sources, such as solar and wind power, into real estate operations has numerous benefits. Economically, these sources are frequently more cost-effective than traditional energy options, with wind power, in particular, displaying reduced prices in various places when compared to fossil fuel power. Furthermore, the use of solar energy not only improves a home’s visual appeal but has also been linked to higher property valuations and a shorter time on the market. Aside from economic concerns, using renewable energy coincides with sustainability aims by lowering a building’s carbon footprint and contributing to environmental preservation. Furthermore, the reliability provided by renewable energy is significant for business. Long-term contracts for the purchase of renewable energy at fixed rates reduce the risks associated with uncertain future energy cost increases, ensuring a stable and reliable energy source for long-term operations.
