The Property Industry Alliance has revealed its best-practices framework as it commits to supporting an accountable real estate industry.
The framework aims to guide the real estate sector by identifying social, environmental and economic best practices.
It explores issues across the sector including climate change, health, wellbeing, diversity, inclusion and data collection.
Bill Hughes, chair of the Property Industry Alliance and head of real assets at Legal & General, said: “Now more than ever, any business that does not recognise the crucial importance of behaving in a socially and environmentally responsible manner will not be sustainable over the long term.
“Those involved with the built environment have a huge collective responsibility and opportunity to drive real change. While many in our sector are making significant strides forward and having a really positive impact with their ESG policies, there remains a lot of debate and a lack of clear direction as to what best practice looks like, particularly for those who are less well resourced, which leads to fragmented efforts.
“This framework will support real estate market participants of all sizes in aligning their decisions with a high ESG standard and help them assess their businesses and progress.”
The Property Industry Alliance is made up of eight organisations: the Association of Real Estate Funds; the British Council for Offices; the British Property Federation; Commercial Real Estate Finance Council Europe; the Investment Property Forum; Revo; RICS; and the Urban Land Institute.