With the Australian construction industry forecast to boom by an average annual rate of 3.4 per cent between 2020-2030, as revealed by a recent global forecast by Oxford Economics, sustainable development has never been more important.
As the sector grows, the risk of increased pollution and waste must be addressed.
Currently, construction accounts for around 40 per cent of the world’s global greenhouse gas emissions.
The report does identify an encouraging growth in environmental, social and governance (ESG)-related capital for infrastructure, which grew by 28 per cent in 2020.
Further, the Australian Government 2023-24 Federal Budget delivers a genuine review of Australia’s $120 billion infrastructure pipeline.
The Albanese Government will develop a comprehensive National Urban Policy to address urban challenges facing our major cities, including climate impact and decarbonisation.
Donna Groves, Managing Director of consultancy Comacon, said the construction industry was entering a period of great change.
Groves said: “There are exciting opportunities to transform our practices and move towards sustainable development.
“Australia is well positioned to become a global leader in sustainable development as our industry booms.
“My team and our clients are taking the necessary steps to ensure sustainable practices exist on the job site and in the office”.
Prioritising sustainability has never been more important with the Australian construction industry set to be a key driver of economic growth and recovery from Covid-19.
