The triple bottom line - a sustainability framework that revolves around the three P's: people, planet and profit, is redefining real estate with by encouraging businesses to measure their success - not just by financial gains, but also by their social and environmental impact, a key consideration in light of our ongoing collective and global decarbonisation efforts, and an increasingly implemented aspect on a local and global level.
The goal? To create projects that support our social well-being and environmental mindfulness, alongside the economic efficiency it requires.
Globally, this is evident with countries worldwide investing in green building certifications such as LEED (Leadership in Energy and Environmental Design) and BREEAM (Building Research Establishment Environmental Assessment Method) that encourage a prioritisation towards sustainability in every stage of its process, from construction to operation. Examples of such projects include One Central Park in Sydney, Australia, which combines green walls with energy-efficient systems for a double-win approach, enhancing urban biodiversity and reducing carbon emissions all at once. The Bosco Verticale (Vertical Forest) in Milan, Europe, is another great example of the triple bottom approach, improving air quality, providing habitat for wildlife and also reducing urban heat with stunning tree-covered residential towers.
The Bullitt Centre in Seattle, known as ‘the greenest commercial building in the world’ impressively operates on a net-zero energy model; featuring aspects such as rooftop solar arrays and advanced water reuse systems, is another great example of these key implementations.
These projects all showcase the global stride to integrate social, environmental, and financial considerations into the segment of real estate, setting new standards for responsible development as we build our future one sustainable step at a time.
Locally, we can see the focus on the triple bottom line growing in the Sultanate of Oman with many actions that align with our Oman Vision 2040 goals. Examples are everywhere; developments such as Al Mouj Muscat embrace this framework with the establishment of the community-focused and environmentally friendly, merging open, green spaces, energy-efficient buildings, and amenities that support social interaction. It demonstrates the commitment towards improving the quality of life and minimizing environmental impact.
The Oman Convention & Exhibition Centre (OCEC) in Muscat is another example of these principles reflected; designed with energy efficiency in mind and constructed using sustainable materials, OCEC includes features such as rainwater harvesting and natural lighting that reduce energy consumption and its carbon footprint.
As Environmental, Social, and Governance (ESG) considerations gain significance, our developments today shift toward spaces prioritising inclusivity, sustainability, and community health with a model that champions green infrastructure, affordable housing, and transit-oriented, walkable communities. By focusing on long-term value, triple bottom line projects will meet market demands and ensure financial returns are aligned with a positive societal and environmental impact.
Today, the future of real estate is about more than just profit; it is about building sustainable, thriving ecosystems that consider the people and the planet alongside the profit. This shift reflects a change in our approach, with values and priorities emphasizing quality, mindfulness, sustainability, and ecosystems.
It’s a mindset that increasingly resonates in everything we do and in how we live.
As we intensify our efforts, collaboration, information sharing, and technological advancements become essential. Events and conferences that foster this exchange of knowledge and connect key players across industries will accelerate these efforts.
Events such as the upcoming Green Build Oman 2024 in OCEC on November 10-11, 2024 will support these developments by providing a platform for industry leaders, architects, developers, and policymakers to share insights, advancements, and strategies in green building and sustainable urban planning, fostering key discussions on how we can drive impactful change within the region, and nurturing a culture that values sustainability as a cornerstone of progress.
We embrace ESG principles in Oman’s real estate sector by continuing to craft spaces that are socially responsible and ecologically balanced. The future of real estate in Oman is holistic and integrated, supporting health and protecting the planet. This shift towards a triple bottom line is more than just a trend; it is a necessary evolution and the start of something that will serve generations to come as we continue to reflect our shared values for a better tomorrow.
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