International Finance Corporation (IFC) has given a green building certification to Lekki Pearl Estate under the EDGE initiative (Excellence in Design for Greater Efficiencies).
The EDGE was instituted by the IFC – a member of the World Bank Group, in 2014 to promote sustainability in the real estate development sector through the construction of green buildings.
It aims to help developers reduce their buildings’ energy and water consumption by 20 per cent while lowering greenhouse-gas emissions.
IFC representative and Operations Analyst, Temilola Sonola, said during the presentation of EDGE Advance Certificate to Alpha Mead Development Company (AMDC) – the developer of Lekki Pearl Estate – at the company’s office in Lagos, that current and future owners of Lekki Pearl Estate will save 40 per cent on electrical bills and 30 per cent on water consumption.
Sonola said IFC is working with developers to provide green buildings in over 170 countries, adding that Alpha Mead is one of the pioneers of the EDGE Advanced Certification in Nigeria.
“Green buildings are inherently advantageous for both developers and customers on the long run, and a study also demonstrates that owners of green buildings are more likely to pay off their mortgage faster than non-green dwellers. We trust that other developers in Africa will emulate AMDC,” she said.
Speaking during a virtual press conference, Chairman of AMDC, Dada Thomas, an engineer, explained that the certification by World Bank is another testimony of Alpha Mead’s continued commitment to care for their customers, protect the environment and provide leadership for the industry through its unrelenting investment in global best practices.
On his part, the Group Managing Director, Alpha Mead Group, holding company of AMDC, Femi Akintunde, said: “This is very humbling for us and another challenge that we continue charting a sustainability path for Africa’s real estate sector.
“When we ventured into real estate development, we wanted to create functional communities that are safe, secure and comfortable for our customers, without destroying the environment.
“So, we invested in both technology and expertise to demonstrate that this is possible in Africa; and we are glad that IFC EDGE has recognised this. We will always put the environment and sustainability on an equal pedestal as profit.”
On his part, the Managing Director, AMDC, Damola Akindolire, stated: “By this feat, our construction can save the customers up to 41 per cent in energy and protect the environment from both degradation and pollution, which are prevalent in the construction industry.
“For us, this kind of certification goes beyond the recognition; it implies that we do not pay lip service to our promises. The planet is the overarching winner of the whole process as our business strategy revolved around the three cardinal points of people, planet and profit. We want to leave a better world for the future generation.”