Circular Economy’s Integration in Africa’s Real Estate Development — Tobi Akerele
Building a sustainable future for our real estate industry can never be void of pillars, like circular economy that allows for its durability.
This article examines how circular economy can be integrated into real estate operations, and what potential the integration could birth.
But first…
What is Circular Economy?
Circular economy, in its broad sense, according to Oxford dictionary, is a system, an economic one, that is driven by the vehicle of reusing and regenerating products and materials for production of new materials to reduce waste through sustainable and environmentally-friendly methods.
Circular economy, also called as Circularity, is focused on multiple usage of material to maximise its potential and resourcefulness. Circularity aims at recapturing ‘waste’ for production of new materials. By doing so, this economic system maximises the efficient use of raw materials across industries.
This type of economy stops the end-of-life concept products and materials are usually attributed to. Circular economy contributes to extended life span of products through its redesigning action on used products, materials and overall waste.
Embracing sustainability across industries is now beyond monitoring carbon footprint, in fact, circular economy helps eliminate the cause of these footprints right from the manufacturing stage. It keeps reusing materials and waste that can contribute to environmental degradation and simultaneously boosts renewable energy usage.
Fortunately, real estate isn’t barred from benefiting from this ever-giving economic system. The circular economy can be married to the real estate industry via the inputs of construction and development in the industry. Inputs of real estate construction are numerous, but some of the major ones like concrete, steel, bricks, are seeing sustainable alternatives like bamboo, green concrete, compressed earth blocks, that lessens their negative impact on the environment.
In the same light, real estate projects like The Palms Residence by Gidi Real Estate Investment Limited, leveraged sustainable initiatives in its environment to promote and contribute to the overall goal of saving Earth from itself.
Today, real estate projects in Nigeria are infusing renewable energy usage and proper waste management systems in their estate’s management as their quota to circularity. It is only a matter of time before the adoption goes widespread.
That being said, it is more of a necessity now rather than an action of freewill, for all industries, including real estate in Nigeria, to lace their projects and developments with sustainable and environmentally-friendly methods.
Relevant industry-changing discussions in Nigeria real estate should keep being encouraged across the country on the adoption and promotion of sustainable development needs.
