IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i12p7071-d834954.html
   My bibliography  Save this article

Public Policy and Incentives for Socially Responsible New Business Models in Market-Driven Real Estate to Build Green Projects

Author

Listed:
  • Natalie Voland

    (Quo Vadis, 5524 Saint-Patrick St. Suite 510, Montreal, QC H4E 1A8, Canada
    Canada Excellence Research Chair Next Generation Cities, Gina Cody School of Engineering and Computer Science, Concordia University, Montreal, QC H3G 1M8, Canada)

  • Mostafa M. Saad

    (Canada Excellence Research Chair Next Generation Cities, Gina Cody School of Engineering and Computer Science, Concordia University, Montreal, QC H3G 1M8, Canada)

  • Ursula Eicker

    (Canada Excellence Research Chair Next Generation Cities, Gina Cody School of Engineering and Computer Science, Concordia University, Montreal, QC H3G 1M8, Canada)

Abstract

The construction industry and the built environment accounts for 38% of global greenhouse gases. Significant efforts are being implemented across stakeholder categories to provide supportive guidelines and ways to address the negative impact; however, market developers need to be engaged to create the scale of impact due to large portfolios. Unfortunately, the short-term interests of private developers in real estate are to maximize profits and not to invest in long-term climate mitigation strategies. This paper will address the barriers and opportunities to incentivize, regulate real estate developers, and account for the market to adopt the lens of the B-Corp movement’s triple bottom line business practices, using business to address social and environmental challenges. Academically, accepted theories addressed through a literature review will be analyzed by a socially-oriented developer in Montreal and demonstrated through an eco-district case study. This study will identify the key stakeholders and address the life cycle thinking process to tackle the carbon impacts in the building development sector through the lens of real estate developers. This literature review will be complemented by the empirical study of one of the authors being a private developer, to link academic best practices with the market realities of real estate development. The findings of the process will outline possible solutions to real estate development that suggest cities have the opportunity to play the role of an educator, mediator, regulator, and incentivizing body to private real estate developers. Generally, critical factors of collaboration and capacity building through business modelling lists of barriers and opportunities could promote positive adoption opportunities for large-scale green development projects with a high impact on climate mitigation strategies, which could transform how the construction industry adapts to building green and socially inclusive communities.

Suggested Citation

  • Natalie Voland & Mostafa M. Saad & Ursula Eicker, 2022. "Public Policy and Incentives for Socially Responsible New Business Models in Market-Driven Real Estate to Build Green Projects," Sustainability, MDPI, vol. 14(12), pages 1-23, June.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:12:p:7071-:d:834954
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/12/7071/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/12/7071/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Murto, Pekka & Jalas, Mikko & Juntunen, Jouni & Hyysalo, Sampsa, 2019. "The difficult process of adopting a comprehensive energy retrofit in housing companies: Barriers posed by nascent markets and complicated calculability," Energy Policy, Elsevier, vol. 132(C), pages 955-964.
    2. Andrew Peterman & Arno Kourula & Raymond Levitt, 2020. "Organizational roles in a sustainability alliance network," Business Strategy and the Environment, Wiley Blackwell, vol. 29(8), pages 3314-3330, December.
    3. Shazmin, S.A.A. & Sipan, I. & Sapri, M. & Ali, H.M. & Raji, F., 2017. "Property tax assessment incentive for green building: Energy saving based-model," Energy, Elsevier, vol. 122(C), pages 329-339.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Asuamah Yeboah, Samuel, 2024. "Catalysts for Change: Government Incentives Driving Sustainable Construction in Developing Countries," MPRA Paper 122480, University Library of Munich, Germany, revised 29 Sep 2024.
    2. Muhammad Mushafiq & Muzammil Muhammad Khan Arisar & Hanan Tariq & Stanislaw Czapp, 2023. "Energy Efficiency and Economic Policy: Comprehensive Theoretical, Empirical, and Policy Review," Energies, MDPI, vol. 16(5), pages 1-22, March.
    3. Aydin Teymourifar & Maria A. M. Trindade, 2023. "Using DEMATEL and ISM for Designing Green Public Policies Based on the System of Systems Approach," Sustainability, MDPI, vol. 15(14), pages 1-18, July.
    4. Udit Chawla & Rajesh Mohnot & Akinola Fadahunsi & Devika Mulchandani, 2024. "The Bright Revolution: Accelerating Adoption of Solar Energy in India’s Dynamic Landscape," International Journal of Energy Economics and Policy, Econjournals, vol. 14(4), pages 226-233, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guillaume Delalieux & Arno Kourula & Eric Pezet, 2024. "Civil Society Roles in CSR Legislation," Journal of Business Ethics, Springer, vol. 190(2), pages 347-370, March.
    2. Azis, Shazmin Shareena Ab., 2021. "Improving present-day energy savings among green building sector in Malaysia using benefit transfer approach: Cooling and lighting loads," Renewable and Sustainable Energy Reviews, Elsevier, vol. 137(C).
    3. Belén Payán‐Sánchez & Miguel Pérez‐Valls & José Antonio Plaza‐Úbeda & Diego Vázquez‐Brust, 2022. "Network ambidexterity and environmental performance: Code‐sharing in the airline industry," Business Strategy and the Environment, Wiley Blackwell, vol. 31(3), pages 1169-1183, March.
    4. Paolo Bertoldi & Marina Economidou & Valentina Palermo & Benigna Boza‐Kiss & Valeria Todeschi, 2021. "How to finance energy renovation of residential buildings: Review of current and emerging financing instruments in the EU," Wiley Interdisciplinary Reviews: Energy and Environment, Wiley Blackwell, vol. 10(1), January.
    5. Nadia Zahoor & Ali Meftah Gerged, 2021. "Relational capital, environmental knowledge integration, and environmental performance of small and medium enterprises in emerging markets," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3789-3803, December.
    6. Silvia Erba & Alessandra Barbieri, 2022. "Measured Indoor Environmental Data in a Retrofitted Multiapartment Building to Assess Energy Flexibility and Thermal Safety during Winter Power Outages," Data, MDPI, vol. 7(7), pages 1-14, July.
    7. Xiaodong Yang & Jiayu Zhang & Xianbo Zhao, 2018. "Factors Affecting Green Residential Building Development: Social Network Analysis," Sustainability, MDPI, vol. 10(5), pages 1-21, May.
    8. Hyysalo, Sampsa & Juntunen, Jouni K., 2024. "Series of configurational movements: User activities in technology generalization," Technological Forecasting and Social Change, Elsevier, vol. 200(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:12:p:7071-:d:834954. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.