A Net Zero Economy

Our Role in the Building Industry - Part 3

DAVID XUEREB

COP 27 UN Climate Summit in Sharm el-Sheikh, Egypt, organised in mid-November 2022 has agreed on the need of a fund for climate ‘loss and damage’ in response to the expected damages and losses to be experienced by the most vulnerable on our planet. Malta’s risks are tangible and real and our collective pledge to transition to a net-zero economy before 2050 while also needing to prioritise climate adaptation will require us all to take leading and responsible roles as professionals would.

Therefore clarity of our personal and professional role in this decarbonisation journey is a true priority as this will define and drive our direct and indirect efforts with tangible social and economic effects.

There is no doubt that all economic sectors will go low-carbon – and this is not limited to investments in renewable energy and away from fossil fuels. This transition will include major sectors such as building and infrastructure, transport, heavy industry, aviation, haulage and others.

This kind of prioritisation of an economy will bring benefits to a country’s environmental, social and governance (ESG) values which are (and will remain) in very high demand by an ever-maturing society.

If we are clear that improved efficiency of resource-use actually saves money and generates growth – if we are aware that innovation will help our and all industries be cleverer to get more out of our scare resources – if we truly understand that the resulting co-benefits of such a transition will improve human physical and mental health by multiple percentage points in our GDP - then our personal and collective next steps are obvious.

Planning must focus on compact and connected cities which will reduce congestion and hence uplift productivity and wellbeing. Such initiatives will drive attractiveness and liveability of our villages and cities by promoting cycling and walking with resulting neighbourly interaction. These actions will in turn attract productive high-skilled, high-paid talent to our nation.

If we do our part – in a professional manner – driven by correct and honest values – doing what is right – and being accountable to our actions – we stand a chance of transitioning our planning and building industry into one that will enable communities to thrive, develop resilience to the expected challenges and ensure long term economic competitivity and attractiveness.