Environmental Technologies in Housing Construction: Investment Features

Journal of Environmental Treatment Techniques

2020, Volume 8, Issue 4, Pages: 1369-1375

J. Environ. Treat. Tech.

ISSN: 2309-1185

Journal web link: http://www.jett.dormaj.com

https://doi.org/10.47277/JETT/8(4)1375

Environmental Technologies in Housing

Construction: Investment Features

Aleksandr V. Melnichuk *, Sergey A. Makushkin , Kirill Lvovitch Manaenkov , Mikhail

Nikolaevich Prokofiev , Elvina Alekseevna Omshanova

Russian State Social University, Moscow, Russia

CEO of Kvartirabezriskov LLC, Moscow, Russia

Federal State Educational Budgetary Institution of Higher Education "Financial University under the Government of the Russian Federation", Moscow,

Russia

Plekhanov Russian University of Economics, Moscow, Russia

Received: 14/02/2020

Accepted: 09/07/2020

Published: 20/09/2020

Abstract

In the present-day world, dominated by technological progress, humanity is beginning to realize the real danger of an environmental

disaster, which can become a threat to the existence of contemporary civilization. This realization marked the beginning of the

development of new types of economic activities that involve not only economic growth, but also positive impact on the environment and

society. The use of environmental technologies in construction can serve an example of such activities and has significant development

prospects because it simultaneously solves both social issues of increasing housing security and environmental issues, primarily the energy

conservation issue. Based on an expert survey, the key drivers of supply and demand for investments in environmental technologies in the

construction sector, as well as the benefits of implementing and using environmental investments, were identified. The article presents the

investment experience of the EU countries in the housing development sector.

Keywords: Housing construction, Environmental technologies, Environmental investments, Environmental construction, Investment offer,

Demand for investment, Driver

Introduction¹

According to A.N. Asaul, ecological (green) construction is

a combination of the construction ecology components, namely

urban ecology, biopositive construction, environmental

reliability and safety, energy-efficient and energy-saving

buildings and resources, as well as waste-free production, waste

disposal, and eco monitoring [7].

At that, the development of ecotechnologies in housing

construction acquires a special role, which could have a positive

multiplier effect not only on the economy in general (that is

inherent in housing construction as a type of economic activity),

but also on the quality of housing conditions, housing provision,

and the ecological condition at the local (regional) level. In this

context, environmental technologies in construction, as a factor

of sustainable development, should be perceived as the

harmonious combination of resources, areas of investment,

aspects of technological development, and institutional changes

with the needs of present and future generations in a healthy

human environment.

Today’s uncontrolled advanced use of factors of production,

especially nonrenewable resources, as well as various emissions

and pollutions from production activities lead to a significant

and sometimes irreversible depletion of natural wealth and labor

potential [1, 2]. The ecosystem is on the verge of an ecological

crisis, which affects, first of all, the social system, the human

resource as a factor of economic growth, and the basis for

accumulating civilizational values [3, 4]. Understanding of such

challenges to the harmonious development of the socio-

ecological and economic system of society encourages economic

science to develop new methodological approaches and practical

mechanisms of social evolution to ensure sustainable

development at different levels of economic policy decision-

making. New approaches to socio-economic development and

environmental management are emerging at the scientific and

practical levels, which is reflected either in the emergence of

new economic sectors or in

significant qualitative

The researchers note that the lack of adequate

environmentally safe housing conditions can lead to the

degradation of the individual, an increase in the level of

morbidity of the population, and as a result, to a decrease in

labor productivity [8]. These technical-economic and

environmental-medical problems complement the main social

problem, which is the low level of housing provision for the

population. Buildings constructed using environmental

transformation of existing economic activities on an innovative

and environmental basis [5, 6]. The active development of

ecological construction over the past decades corresponds to this

trend.

Corresponding author: Aleksandr V. Melnichuk, Russian

State Social University, Moscow, Russia.

melnichuk.a.v@bk.ru

E-mail:

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Journal of Environmental Treatment Techniques

2020, Volume 8, Issue 4, Pages: 1369-1375

technologies can reduce energy consumption by 24-50% [9],

carbon dioxide emissions – by 33-39% [10], water consumption

internal and external investment process entities [17].

Bulgakova L.M. and R.N. Plotnikova define ecologization

of the economy as purposeful process of economic

–

by 40% [11], and the amount of generated solid waste – by

0% [12]. That is, the main difference between such buildings is

transformation aimed at reducing the integral ecodestructive

impact of the goods production and consumption processes and

services per unit of the total social product. It is implemented

the application of the latest technologies that allow reducing

energy consumption during the operation of houses, as well as

their impact on the environment.

through

a system of organizational measures, innovative

For a long time, there was an opinion that the construction of

environmentally friendly houses costs much more than

conventional new buildings. Actually, the amount of money

spent on energy conservation is not so large. Usually, the

construction of a house based on green technology costs just 10-

processes, restructuring of production and consumer demand,

technological conversion, rationalization of nature management,

and the transformation of environmental activities, which are

implemented at both macro- and microeconomic levels [18].

Egorova M.S. restricts environmental investments to those

invested in nature management, investment aimed at improving

and/or restoring the environment, and reducing the level of

environmental pollution at existing and newly created

enterprises. Thus, the researcher defines environmental

investments as a contribution to rational resource management,

which are grouped by elements of rational nature management

(use of natural resources, their restoration, and protection),

nature management entities, and by the areas of ensuring the

reproduction process (environmental, social, and economic)

[19]. Nehrt K. considers environmental investments as those

aimed at creating financial funds whose production and

operation process, first, reduces the use of natural resources and,

second, mitigates (or eliminates) the adverse impact on the

environment and human health [20]. One of the innovative

approaches to defining the essence of environmentally oriented

investments is to emphasize them as an independent tool of the

environmental management system of economic activities. At

that, researchers reveal environmentally-oriented investment as

one of the economic tools used by business entities in the

implementation of investment activities to limit, reduce, or

eliminate negative environmental impact, and obtain a positive

effect. The beneficial effect on the environment is ensured by

optimizing the resource cycle of production. Identifying the need

for such investments requires continuous attention since the

positive and negative effects of man-made impacts are external

to the production process and are beyond the focus of producers'

interests [21].

0% more than the construction of an ordinary apartment

building. However, the benefits for owners of such housing in

the future are so obvious that such construction pays off already

at the stage of selling apartments because a lot of residents of

megacities in advanced countries prefer to pay a little more for

their housing now to save significant amounts of money on

heating, water and electricity bills in the future [13].

Thus, premises built using environmental (green)

technologies, depending on their type, will recoup during the

period up to 20 years. But, as experts clarify, the point here is

not that the costs should be recouped as quickly as possible, but

that the benefit from the use of energy-efficient technologies

increases the more, the longer the building serves [14]. It is

necessary to take into account that the payback period of

intelligent objects, which take into account the requirements of

environmental construction in terms of automation and

dispatching, is just 3-7 years, while the payback period of

typical buildings, according to experts, varies from 4 to 10 years

[

15]. Despite the significant contribution of scientists to the

issues concerning post-industrial factors in the development of

construction activities, the specifics of investing in

environmental construction require more in-depth research.

Today, gradual complete reorientation of the Russian

industrial and economic complex to modern high-tech and

nature-saving approaches and technologies in the design,

production, organization, and marketing of products and services

is an acute problem. All this requires significant amounts of

funding for various areas of production and commercial

activities. Many scientists consider environmentally-oriented

investments as part of a single investment process. Thus, T.B.

Bardakhanova notes that environmentally oriented investment is

an investment that is carried out within the entire national

economic complex and takes into account environmental goals

and priorities. At that, environmentally oriented investments are

understood by the author as all types of values invested by the

investor (property, financial, and intellectual values), aimed at

reducing and eliminating the negative anthropogenic impact on

the environment, as well as preserving, improving and using

optimally the natural resource potential of territories, forming

the country's environmental security, which contributes to

achieving environmental, social, economic and political results

The purpose of the present article is to analyze the features

of investment and identify the key drivers of supply and demand

for investments in environmental technologies in the

construction sector. The research hypothesis is formulated as

follows: the key drivers of demand and supply for investments

in environmental technologies in the housing construction sector

differ significantly from those in the commercial segment. Based

on the research results, it can be concluded that the goal set in

the study was achieved.

Methods

During the research, the following research methods were

applied: (a) analysis of scientific literature on the problem of

investment in environmental technologies in the construction

sector and (b) an expert survey to determine the goals of

environmental technologies in the international practice of

housing construction and methods for their implementation, the

key drivers of supply and demand for investment in

environmental technologies in the construction sector, as well as

the benefits of implementing and using environmental

investments. The expert online survey was attended by 45

experts, employees of construction companies operating in the

[

16].

Researchers believe that any investment, regardless of the

investment object, can be characterized as having certain

environmental impact and an environmental effect, since any

production process has always the impact on the environment.

This environmental effect is the essence of the environmental

performance of investments in the field of material production.

It causes changes in environmental parameters and affects both

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2020, Volume 8, Issue 4, Pages: 1369-1375

housing construction market.

Table 1: Prioritization of key drivers of demand for investment

in environmental technologies in the construction sector

Subsector of

Results

Based on the expert survey, the key drivers of supply and

demand for investments in environmental technologies in

housing construction were determined. All drivers were ranked

from one point (priority significance) to 21 points (the lowest

significance) taking into account their importance for enhancing

the inflow of investment in environmental technologies in the

relevant construction sector (to compare, the commercial and

residential sector were considered) (Tables 1-3). Regarding the

demand for investments in environmental technologies in

housing construction, the main factor here is the individual

solvency and its priorities and preferences, the ease of

investment in terms of financial and nonfinancial transaction

costs, the need for flexible, custom-made, specialized financial

products, and the need for financial support for such investments

No. Key driver

construction (rank)

Commercial Housing

Standardization

Clear business plan for energy

efficiency

The effective forced regulatory

system

Awareness of decision-making

leaders

Accessibility of specially designed

financial products

Transaction costs and simplicity

Quality of legislation regarding the

terms and scope of renovations

Stability of regulatory

policy/legislation

(Table 1).

Therefore, it is necessary to change the behavior of

homeowners in terms of their expenditures through the

implementation of simple, attractive, specially designed retail

offers with a low-interest rate for financing energy-efficient

environmental projects for various income groups of the

population. In contrast to commercial construction, residential

construction is distinguished by more important demand for

specially designed products capable of renovation. And only in

this sector, the cost of energy resources was very significant as a

stimulus for the demand for investment in construction. As for

the drivers of investment supply in commercial and housing

construction, according to experts, they are very similar in many

ways and, consequently, there is a very high level of consistency

between the commercial and private housing sectors (Table 2).

Thus, standardization, the stability of the regulatory framework,

transaction costs, risk assessment, the overall risk-return ratio,

the price of energy resources, the development of financing

mechanisms, and the accessibility of information about expected

effects are crucial factors for stimulating supply in both

segments. The relational base and standardization are the

priority drivers but there is the high significance of reduced

transaction costs and a developed financing mechanism. Based

Technical support and consulting 12

Tax support

Argument base (social benefits

and costs)

Individual solvency (of the owner) 8

Awareness, communication, and

marketing

Measurement, reporting,

verification, quality control

Price of energy resources

17 Mandatory energy efficiency audit 16

Accessibility of information about

similar projects

Definition and general

19 understanding of the savings

on energy costs

20 Personal priorities

Communication between market

on the previous analysis,

summary Table reflecting

agents

Note: composed based on an expert survey

prioritization of the key drivers of supply and demand for

investment in environmental technologies in the construction

sector was composed taking into account the first 10 factors

According to experts, green building, especially its

residential sector can have a beneficial effect (and is already

showing such an effect in advanced economies) on all

(Table 3). As can be seen from Table 3, for the housing

construction sector, the key drivers differ significantly from

those for the commercial construction segment. This once again

confirms the need for an individual approach when planning and

implementing economic policies for investment in

environmental technologies in construction. Nevertheless, a

strong and effective regulatory system is a priority driver of

demand, which unites all segments of the construction market.

components

sustainable

development.

However,

environmental housing construction in Russia is still at the stage

of waiting for growth and immature development (represented

by single objects in different regions of the country). The

immaturity of the ecoconstruction market is also evident in the

lack of common opinion concerning the kind of real estate,

whose construction is most profitable using environmental

technologies. Experts consider residential real estate to be the

most promising in this sense, especially the construction of

private houses and cottages since the end-consumers of such

objects are more aware of contemporary energy-efficient

technologies. The proposals of experts on the implementation of

environmental technologies in the construction sector, in

general, are shown in Table 5.

Discussion

Summing up the previous results, experts determine the

types of benefits that will appear when investing in

environmental technologies in housing construction, at both the

micro- and macro levels (Table 4).

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2020, Volume 8, Issue 4, Pages: 1369-1375

sector that there is a large undiscovered long-term, the cost-

effective potential for improving the environment and saving

energy. Estimations show that from EUR 60 bln to EUR 100 bln

should be invested annually in housing construction and

renovation in the EU to achieve the goals of environmental

friendliness and energy efficiency. So far, the corresponding

investments amount to less than half of these needs and are five

times lower than the necessary level [22].

Table 2: Prioritization of key drivers of supply of investments in

environmental technologies in the construction sector

Subsector of construction

No. Key driver

(rank)

Commercial Housing

Standardization

Stability of legislation

Increased confidence of investor

and changes in risk perception

Transaction costs and simplicity 1

Measurement, reporting,

verification, and quality control

Table 3: Prioritization of key drivers of supply and demand for

investment in environmental technologies in the construction

sector (top 10 factors)

Commercial construction

Housing construction

(owner-occupied housing)

1. Individual solvency (of the

owner)

Owner's approach to risk

assessment

1. Tax support

2. Standardization

Risk-return targeted indicators

A clear business plan for

implementing environmental

technologies for energy

efficiency

Reliability of information about

similar projects

Price of energy resources

Individual solvency (of the

owner)

Definition and general

understanding of the savings

on energy costs

Financial management

Funding mechanism

Supply of financial resources

within the framework of

environmental investments

Argument base (social benefits

and costs)

3. Accessibility of specially 2. Transaction costs and

designed financial products simplicity

4. A clear business plan for 3. Personal priorities

implementing environmental 4. Tax support

technologies for energy

efficiency

5. Transaction costs and

simplicity

5. Accessibility of specially

designed financial products

6. Awareness, communication,

and marketing

6. The effective forced

regulatory system

7. Awareness,

7. Price of energy resources

8. The effective forced

regulatory system

communication, and

marketing

8. Individual solvency (of

the owner)

9. A clear business plan for

implementing environmental

technologies for energy

efficiency

9. Stability of regulatory

policy/legislation

10. Awareness of decision-

making leaders

10. Technical support and

consulting

The capital market condition

Tax support

Communication between market

agents

Awareness, communication, and

marketing

Technical support and consulting21

1. Standardization

2. Transaction costs and

simplicity

3. Personal priorities

4. Tax support

1. Transaction costs and

simplicity

2. Standardization

3. Stability of legislation

4. Increased investor confidence

5. Accessibility of specially and risk perception

designed financial products 5. Homeowner's approach to

Note: composed based on an expert survey

6. Awareness,

communication, and

marketing

7. Price of energy resources indicators

8. The effective forced

regulatory system

9. A clear business plan for 9. Stability of regulatory

implementing environmental policy/legislation

technologies for energy

efficiency

10. Technical support and

consulting

risk assessment

6. Funding mechanism

7. Risk-return targeted

In the context of the above, it is necessary to consider the

experience of EU countries on investing in environmental

technologies in the construction sector. Green building in the EU

represents a developed market, and in the coming years, a

progressive trend is predicted to attract new companies to this

industry sector. On average, in Europe, a third of construction

projects is carried out following the principles of permanence,

and all international expert agencies recognize the EU's

leadership in implementing environmental technologies in the

construction of all types of structures, including residential ones.

This is facilitated by more than a decade of the practice of pan-

European initiatives supporting environmental construction, and

the continuous improvement of the relevant regulatory

framework in the EU, as well as its enhanced implementation in

the participating countries. European research on reducing

greenhouse gas emissions shows that it is in the construction

8. Individual solvency (of the

owner)

10. Definition and a general

understanding of the savings on

energy costs

Note: composed based on an expert survey

Besides, while the European industry is a world leader in

environmental friendliness and energy efficiency, the increased

scope of investments in this area will enhance its global

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2020, Volume 8, Issue 4, Pages: 1369-1375

competitiveness, protect against energy price volatility, and

ensure further reduction of costs in all economic sectors.

Table 4: Effects of implementing and using investments in

environmental technologies in housing construction

construction cannot be achieved only by market forces. They

must be complemented by public funds,

a pragmatic,

predictable, long-term and supportive regulatory environment,

and a fundamental change in the behavior of actors in different

types of construction. These factors will be necessary to ensure

that the use of environmental technologies in construction will

increase at least three times by 2025 compared to 2015 [25].

No.

Effects

Economic

Characterization

Increasing the efficiency



benefits of the of the construction company's

investor

business activities through the use of

ecofriendly technologies and

advanced equipment;

Table 5: Recommendations for improving policies to encourage

investment in green construction



Reducing resource and

energy intensity;

To policy developers

To market actors

Existing legislation in the field

of construction must be fully

implementable, coordinated, and managers) with a clear

Providing key decision-

makers (owners and



Improving the company's

competitiveness and market value

Environmental

effect



Reducing pollution;

Minimizing economic

consistently applied

business case that will

increase their awareness

of the benefits of

environmental

technologies and support

them with evidence

damage to the environment;



Restoring ecological

balance and reproducing ecosystem

balance;



Changing practices in the

resource use

Future directions in the

regulation of the construction

sector should ensure coordinated environmental data for

and consistent forced and

permissive measures to improve

the environmental friendliness

of buildings

Simplifying the process

of getting correct

Social effect



Increasing life expectancy

of the population;



Reducing the incidence

decision-makers

rate of the population;



Improving living

conditions;



Improving the

population’s standard of living;

High-quality solutions and low Improving processes and



Changing in general

transaction costs can be

implemented using easily

accessible data and standard

procedures

standards for marking and

certifying environmental

technologies in

traditional practices in housing

construction

Political effect



Increasing the use of

construction

international environmentally-

oriented contracts, conventions, and

agreements for the full and effective

use of all contemporary tools and

approaches in the field of

Reporting, accounting and

procurement procedures should each element of the green

facilitate rather than hinder building investment

appropriate investments in green process

construction

Developing standards for

environmental activities and nature

management

Note: composed based on an expert survey

Full-scale improvements in the Ensuring the leverage

environmental friendliness of

residential buildings can occur

only under conditions of

coordinated stimulation of

drivers of investment demand

and supply in this segment

effect in the financing of

environmental

technologies in the

housing sector through

optimal use of investment

funds

Researchers note that residential buildings account for the

largest share of European final energy consumption (40%) and

represent the greatest potential for achieving energy-saving

goals because 75% of existing buildings in the EU were built

during periods of lack of energy-efficient technologies [23].

Residential buildings are long-term assets and, as practice

shows, remain in operation for at least 50 years. Accordingly,

Note: composed based on an expert survey

5-90% of buildings will remain in operation until 2050. With a

In this regard, at the end of 2013, a special expert working

group was established jointly by the EU and the UN called the

Energy Efficiency Financial Institutions Group (EEFIG) [1].

The task of this organization is to find ways to overcome well-

known challenges in the EU on the way to long-term and large-

scale financing of environmental and energy-efficient projects

and to strengthen the attraction of investment in sustainable

development. Today, more than 120 active members have joined

this organization. They represent public and private financial

structures, various industries, investment groups, research and

low level of the demolition of buildings (0.1% per year), a low

level of renovation (1.2% per year), and the transition to almost

zero energy consumption of newly constructed buildings (1%

per year), the effectiveness of solving the energy problem in the

European construction complex is in great doubt and is mainly

related to reconstruction and environmental investment in the

existing housing stock in the form of renovation projects and

retrofitting [24]. However, according to European researchers,

the growth of investment in environmental technologies in

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2020, Volume 8, Issue 4, Pages: 1369-1375

innovation companies, small and medium-sized enterprises,

public expert organizations, the International Energy Agency

Competing interests

The authors declare that there is no conflict of interest that

would prejudice the impartiality of this scientific work.

(IEA), the European Commission, and the UN Environment

Program Finance Initiative (UNEP FI).

To make EEFIG's approach and recommendations towards

increasing investment in environmental technologies in

construction more practical, the construction sector was

segmented into three parts: commercial buildings, state-owned

buildings, and private residential buildings. The first type

includes shopping centers, offices, restaurants, hotels, hospitals,

warehouse and garage buildings, stores, etc. The second type

includes buildings directly occupied by the central, regional, or

local government or its authorized bodies. This segment also

includes government-owned buildings, such as social housing,

schools, and universities. In the EU, they make up about 12% of

the total stock of buildings. The third type includes residential

buildings, multifamily, combined buildings, and single-family

houses. Both private and public buildings are additionally

divided into rental housing and owner-occupied housing. The

EEFIG advocates the priority of increasing the demand for

environmental investments in each segment of the construction

sector. In turn, it will boost the supply of finance for

environmental construction projects.

Authors’ contribution

All authors of this study have a complete contribution for

data collection, data analyses and manuscript writing

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