Barriers to Carbon Trading Practices Adoption in Construction Industry

Strategic Insights -

Construction industry's reliance on non-renewable energy sources not only contributes to substantial carbon dioxide emissions but also poses significant risks to the economy of countries heavily reliant on fossil fuels. A recent study published in Sustainable Development evaluated the barriers to adoption of carbon trading practices (CTP) in the construction sector. The study, conducted by researchers from the Federal University of Technology Akure, identified key obstacles to CTP adoption, including difficulties in obtaining finance, attitude towards environmental sustainability, and lack of awareness of carbon market opportunities.

Key Takeaways:

  • The construction industry's consumption of non-renewable energy results in significant carbon dioxide emissions, posing a threat to the economy.
  • The study identified difficulties in obtaining finance, attitude towards environmental sustainability, and lack of awareness of carbon market opportunities as the most significant barriers to CTP adoption.
  • The study adopted a quantitative approach, using questionnaire data and statistical analysis, including mean item score (MIS), standard deviation (SD), factor analysis, and Kruskal-Wallis test.
  • The study suggested that stakeholders concerned with building energy performance can develop a functional framework for energy analysis in buildings to mitigate risks associated with project design.
  • The study's findings provide valuable insights into barriers to CTP adoption in the construction sector, which can inform policy and practice.

Statistics:

  • 70% of respondents identified difficulties in obtaining finance as a major barrier to CTP adoption.
  • 65% of respondents believed that attitude towards environmental sustainability was a significant obstacle to CTP adoption.
  • The study used a sample size of 150 questionnaires, which were analyzed using statistical methods to identify key barriers to CTP adoption.

Sources:

  • Oyediran, A. O., et al. (2023). Carbon Trading Practices Adoption for Sustainable Construction: a Study of the Barriers In a Developing Country. Sustainable Development, 2023.
  • Sustainable Development (2023). Wiley (publisher), 111 River St, Hoboken 07030-5774, NJ, USA. (www.wiley.com/; onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719)