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Review paper

ECONOMIC ANALYSIS OF GREEN BUILDINGS CERTIFICATION SYSTEMS IN EMERGING ECONOMIES

By
Sherjon Sherjonov Orcid logo ,
Sherjon Sherjonov

Mamun university , Khiva , Uzbekistan

Ozodbek Nematov Orcid logo ,
Ozodbek Nematov

Jizzakh State Pedagogical University , Jizzakh , Uzbekistan

Gulchekhra Razzokova Orcid logo ,
Gulchekhra Razzokova

Tashkent University of Information Technology , Tashkent , Uzbekistan

Gaybullaev Otabek Orcid logo ,
Gaybullaev Otabek

Samarkand State Institute of Foreign Languages , Samarkand , Uzbekistan

Maftunaxon Yakubjonova Orcid logo ,
Maftunaxon Yakubjonova

Kokand State University , Toshkent , Uzbekistan

Dilafruz Karshiboyeva Orcid logo ,
Dilafruz Karshiboyeva

Gulistan State University , Guliston , Uzbekistan

Kamala Kodirova Orcid logo ,
Kamala Kodirova

Uzbek State University of World Languages , Tashkent , Uzbekistan

Dilfuza Abdullayeva Orcid logo
Dilfuza Abdullayeva

Uzbek National Pedagogical University , Tashkent , Uzbekistan

Abstract

The construction sector has embraced approaches toward sustainability by incorporating green certification frameworks such as IGBC, BREEAM, and LEED. However, the understanding of these systems poses a problem in terms of developing economies along with their economic feasibility within a cost-benefit analysis and ROI perspective over time. This study investigates in detail the economics of green certification systems and developing markets by assessing financial capital expenditures, operational capital expenditures, financial provisions, and lifecycle value. The study attempts to estimate the financial feasibility, both quantitative and qualitative, measuring total costs incurred in certification to stakeholders regarded as the fi under, tenants, and decision makers putting forward devising case studies and empirical evidence from selected countries. Other barriers identified culminated to existing legislations, green market structures, and availability of green technologies. Evidence indicates substantial barriers to green certification remain fixed costs; however, expenditures associated with energy, water, and maintenance in the long run offset initial costs substantially. The paper suggests that policy frameworks embedded within emerging markets need to align with policy guidelines aimed at certification schemes while also policy strategies meant to progressive adoption of sustainable building practices in these economies.

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This is an open access article distributed under the  Creative Commons Attribution Non-Commercial License (CC BY-NC) License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. 

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