While the global housing crisis presents a need for urgent action, the climate crisis is just as pressing. Building affordable, resilient homes is essential to ensuring that housing construction does not contribute more to the climate crisis, as well as increasing long-term housing tenure. International Finance Corporation is a leading investor in housing finance in emerging markets, and they have worked to catalyze green, resilient, and inclusive housing markets as well.
In India, where there is a significant shortage of affordable housing and a rapid urbanization rate, fulfilling demand for affordable housing is essential. IFC, in an attempt to meet some of this demand, provided S$650 million to India’s largest housing finance company, HDFC Ltd. This provision of funding from 2021-2022 is expected to increase low-income homeownership and increase the availability of green affordable units, which in turn reduces greenhouse gas emissions.
Source:
International Finance Corporation. (2023) Factsheet: Green, Resilient and Inclusive Housing Finance. International Finance Corporation.
Link: https://www.ifc.org/en/insights-reports/2023/green-resilient-and-inclusive-housing-finance