FACTORS INFLUENCING DEVELOPERS’ WILLINGNESS TO INVEST IN GREEN FEATURES IN ABUJA, NIGERIA.

ESV Ojutalayo Adeola Adisa,

This is an excerpt from a paper on the above title presented by the writer at the Environmental Design and Management International Conference (EDMIC) 2019,theme :Drivers and Dynamics of Change in Built Environment at Obafemi Awolowo University, Ile-Ife Osun state.

Of recent, green building investment has gained importance among property market participants and major stakeholders in the Green Movement globally. This is as a result of threat posed by the exploitation of the natural environment at a faster rate than can be replenished and its implications on the survival of human race (Oyewole and Ojutalayo, 2019). The threat has manifested in forms of excessive carbon dioxide level, global warming and environmental degradation (Warren- Myer & Reed 2010). This development is as a result of human activities including built environment based activities that calls for restraint in order to preserve the interest of the future generation (Boyd 2007).

It has been established that, the building sector contributes significantly to greenhouse emission; global warming and climate change through activities such as destruction of natural habitat and use of natural and non-renewable energy and material to make and control the climate of building (Urge-Vorsatch et al 2007)

Consequently, efforts are being made particularly in developed economies to embrace the concept of green building in order to promote sustainable development. However, green building is a building design to have quality environmental performance to compare to its conventional counterpart (Ojutalayo 2017). Green building made effort to balance environmental responsibility; users’ comfort and well-being; community development and economic of building construction and operation. Also, it depends on the natural conditioning to meet the comfort needs of the end users; engaging a combination of passive strategies to provide indoor condition that are more closely related to daily and seasonal variations outside (Cohen et al 1999)
The green building features identified by the study conducted by Oyewale and Ojutalayo 2017 were, Energy system; Water conservation ; Indoor Air quality; Site selection; Site design; landscape ecology; Building ecology; Waste recycling and some others as identified by other scholars

Furthermore, the factors influencing developers’ wiliness to invest in green features as identified by the writer in his paper presented at EDMIC 2019 in order of Relative Importance are, knowledge and awareness of importance and advantages; perceived financial returns and risk; availability or green building codes and regulation; Interest from clients and market demand; The perception of the investor on the cost of green building relative to conventional buildings; Financial payback period; Familiarity with green building technology; Availability of GBTs and information; Availability of local experts and supports; Company image and reputation; Marketing benefits and Level of environmental friendliness
However Relative Importance Index was used to determine the degree of influence of the identified factors on the willingness of the developers.

The result of the findings revealed that knowledge and awareness was the most important factor influencing the developers to invest in green features. In other word, it shows that information is the most potent force to promoting investment in green building. Therefore, there is need for the relevant government agencies and other stakeholders in the Green Movement to intensify efforts at educating the real estate developers and investors on the importance and benefits they stand to derive by investing in green features.

Also, the study revealed that availability of green codes and regulation was among the most significant factors, therefore efforts should be made to mount pressure on all arms of government to formulate policies and regulations that will make it mandatory for developers to incorporate green features.

Another finding is that the Relative Importance Index ( RII )associated with the level of environmental friendliness was low therefore the developers need to be sensitized on the essence of considering the level of environmental friendliness of feature in their investment activity
In conclusion there is need for awareness on sustainable development in order to keep our environment safe for living.

ESV OJUTALAYO Adeola Adisa is an Abuja-based registered Estate Surveyor and Valuer.