The government plan to build up to 1 million homes through Infonavit aims to unlock the 'key' of 'green financing' for the construction of sustainable residences and combat the delivery of false ecological projects, experts warn.
Tobías Contreras, Manager of Innovation and Sustainability at Vinte, pointed out that transformation in the private and housing sector will be essential to drive large-scale green housing projects. In Mexico, of the 36.9 million constructed and inhabited homes, only 596,268 were built with sustainability criteria according to government estimates.
Contreras highlighted the importance of financing from national and foreign banks and financial institutions to achieve the housing construction goal proposed by the new government. He mentioned programs like Infonavit Green Mortgage, SHF Ecocasa, and housing developers who are certifying their homes.
Vinte is an example, certifying all its homes with sustainability and energy and water savings criteria with the EDGE Certification. The EDGE certification has been more requested in higher housing segments, being less common in economic or social housing, where cost and affordability are prioritized.
Karim Oviedo from the Mexican Association of Real Estate Professionals mentioned the lack of incentives to finance economic and sustainable housing, which has limited the supply in this segment. He emphasized that making a sustainable home can increase its cost by up to 20%, making its implementation in social interest housing difficult.
Juanmari Molina, CEO of KAAB Capital, mentioned that green housing certification has lost credibility due to greenwashing, market strategies that falsely promote sustainable real estate projects. Although large funds and investment vehicles invest in certifying commercial properties, there is a lack of greater government support and regulation in housing.
In Mexico, the country ranks second in Latin America with the largest number of square meters certified with LEED, just behind Brazil. This indicates a growing interest in sustainability in the real estate sector, but also the need to strengthen policies and controls in the construction of sustainable housing.
