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

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  • 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
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    References listed on IDEAS

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    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. 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.
    3. 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.
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    Cited by:

    1. 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.
    2. 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.

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