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Publications from the Property Work Programme.

Publications are listed by date published (most recent first).

PDF Property Working Group - Key Facts (360 KB | 1 pages)

What is PWG, what do we offer and why you should join

Published: 2016 | By: UNEPFI


PDF Sustainable Real Estate Investment (6.6 MB | 70 pages)

On 12th December 2015 history was made in Paris when 195 countries agreed to work together to substantially curb global warming by limiting it to a maximum of to 2°C, possibly 1.5°C, and phase out fossil fuels by the end of the 21st century.
More than ever before, governments all over the world are now constrained to find cost-effective ways to curb pollution, with every sector and every economic actor coming under close scrutiny. The buildings sector has one of the highest carbon footprints – it currently contributes to 30% of global annual greenhouse gas (GHG) emissions and consumes around 40% of the world’s energy. Following through on the commitments made in Paris means avoiding 77% in total CO2 emissions in the buildings sector by 2050 compared to today’s levels. At the same time, the sector’s mitigation potential is huge. Achieving this potential will be critical, but it requires massive investments to be made.
To support real estate investors with this work, the United Nations Environment Programme Finance Initiative and its global partners (IGCC, IIGCC, Ceres INCR, PRI and the RICS) have come together to create clear signposts for action for real estate stakeholders, regardless of size or existing level of sophistication of ESG and climate issues. These easy to understand and apply actions and accompanying framework distil all available material published over the last five years, reviewing and filtering those most relevant for each of the real estate stakeholders and the different steps in the investment process. The result is an easily accessible framework that leaves no excuse for real estate stakeholders to start taking action.
Download an interactive copy of the framework.
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Executive summary
Press release

Published: 2016 | By: UNEPFI, Ceres, IGCC, IIGCC, PRI, RICS


PDF Integrating Climate Risks in Real Estate (524 KB | 4 pages)

Real Estate Investor members of UNEP FI, CERES - INCR, IGCC, IIGCC, PRI and the RICS believe it is economically and practicably feasible for the real estate sector to play a significant role in limiting global temperature increase to 2°C. We support national greenhouse gas (GHG) reduction targets aligned with IPCC recommendations and policy frameworks which enable a smooth transition to a low carbon economy.
French version
Press release

Published: 2015 | By: UNEPFI, Ceres, IGCC, IIGCC, PRI, RICS


PDF Energy Efficiency – the first fuel for the EU Economy (2.7 MB | 127 pages)

The Energy Efficiency Financial Institutions Group (“EEFIG”) was established as a specialist expert working group by the European Commission and UNEP FI, in late 2013, as a result of the dialogue between Directorate-General for Energy and UNEP FI, as both institutions were engaging with financial institutions to determine how to overcome the well documented challenges inherent to obtaining long-term financing for energy efficiency.
Founders believe that the creation of EEFIG represents the first time such a dialogue and work platform has been established between the Commission and the financial sector on the topic of energy efficiency finance.
Executive Summary
Download the full report in other EU languages (zip file)

Published: 2015 | By: Energy Efficiency Financial Institutions Group


PDF Sustainability Metrics: Translation and Impact on Property Investment and Management (5.5 MB | 111 pages)

Led by the Property Working Group of UNEP FI and developed by the Centre for Real Estate at the Karlsruhe Institute of Technology (KIT), the report was brought about through the support of RICS, the Principles for Responsible Investment (PRI) and the Institutional Investors Group on Climate Change (IIGCC).
The report provides a framework for a corporate real estate sustainability management (CRESM) system for property investment and management organisations, and offers a pragmatic three level approach (corporate, portfolio and single building level) that aims to help the industry manage the complexity of sustainability metrics and to organize information flows more efficiently.
Japanese version
View the Executive Summary
View the Presentation
View the Press Release
View the Flyer
View the Event Page

Published: 2014 | By: UNEP FI


PDF Energy Efficiency – the first fuel for the EU Economy (Interim report) (1.5 MB | 50 pages)

The interim report of the group co-convened by the European Commission / Directorate-General for Energy Efficiency and UNEP FI focuses on the financing of energy efficiency in buildings in the European Union. The report is organized around the drivers of both supply and demand for financing of projects, the policy-led and market-led approaches and instruments to stimulate more investments in energy efficiency in buildings, as well as some interim recommendations to policy-makers. View the event page.

Published: 2014 | By: Energy Efficiency Financial Institutions Group


PDF Commercial Real Estate: Unlocking the energy efficiency retrofit investment opportunity (670 KB | 32 pages)

Energy efficiency retrofits have shown attractive returns on investment, even for short term investors. This is because such measures do not only generate direct cost savings, and they also are showing positive impacts on the overall value of buildings. However, despite evidence of the cost-effectiveness and robustness of the business case for such investments the vast majority of profitable retrofit opportunities remain untapped. This report outlines why and how asset owners and managers can generate profitable energy efficiency investment opportunities and proactively manage them even in cases where payback is uncertain. It provides a synthesis of essential information and practices from real estate leaders in the form of a seven step approach and includes examples of how investors can increase the value of their real estate assets through energy efficiency retrofits.
Japanese version
View the press release
View the event page
View the webinar

Published: 2014 | By: UNEP FI


PDF Responsible Property Investment – What the leaders are doing 2nd edition (3.9 MB | 46 pages)

The field of Responsible Property Investment (RPI) has gained increasing prominence and acceptance among real estate investors in both developed and developing countries over the past few years. This report looks at each stage of the investment process and highlights case studies of what some of the foremost property investment organisations around the world have been doing to apply RPI principles within their decision-making, thereby improving the environmental and social performance or governance of their property portfolios. This is the second edition of an RPI Best Practice report produced by the Property Working Group (PWG). Languages: Japanese

Published: 2012 | By: UNEP FI


PDF An Investors’ Perspective on Environmental Metrics for Property (668 KB | 12 pages)

This study argues that environmental property metrics users and suppliers must bridge the gap that separates them to successfully measure the environmental performance of property portfolios and related improvement activities.

Published: 2011 | By: UNEPFI


PDF Implementing responsible property investment strategies (1.4 MB | 16 pages)

The application of ESG issues to the design and implementation of property investment strategies is complex given the ever-changing kaleidoscope of interests and stakeholders involved at different stages of the life of a real estate asset. This brief Toolkit outlines a set of core issues that property investors may wish to consider when implementing a responsible property investment (RPI) strategy within their organization, focusing on how such process can help tie insight on ESG performance into property asset values and how such analysis may be incorporated in strategic asset allocation, stock selection and asset management. This is the fourth in a series of toolkits produced by the Property Working Group (PWG) coordinated by the United Nations Environment Programme Finance Initiative. Japanese version

Published: 2011 | By: UNEP FI


PDF Disclosing Responsible Property Investing Strategies and Performance (3.0 MB | 20 pages)

Transparency is a core value of responsible investment. Disclosing how property investors address environmental, social and governance (ESG) issues in their strategic decisions and day-to-day performance is key to implementing a responsible property investment (RPI). This brief toolkit outlines steps for responsible property investors to disclose their ESG strategies and performance. It looks specifically at how property investors can design and implement an ESG report that discloses:

  • Corporate governance and strategies on ESG-related issues
  • ESG performance against year-over-year benchmarks
  • Targets for future performance improvements
  • Case studies that reveal how ESG issues are engaged in practice

This is the third in a series of toolkits produced by the Property Working Group (PWG) coordinated by the United Nations Environment Programme Finance Initiative. The Toolkit series are produced in conjunction with the Responsible Property Investing Center, to support the dissemination of RPI in the global real estate industry.
Japanese version

Published: 2010 | By: UNEP FI


PDF Responsible Property Investing: Metrics for Performance Measurement (2.9 MB | 24 pages)

Responsible Property Investing covers a wide range of investment practices and styles that integrate environmental, social, and governance information into investment decision-making. Key to managing and monitoring progress on these issues are systems for measuring and benchmarking building and portfolio performance. The purpose of this toolkit is to provide interested investors and property fund and asset managers guidance on how to develop systems of metrics meant to measure RPI, how those metrics across property portfolios can be collected, and finally how information collected can be integrated into portfolio management. This is the second in a series of toolkits to be published by the Property Working Group (PWG) coordinated by the United Nations Environment Programme Finance Initiative. The Toolkit series is being produced in conjunction with the Responsible Property Investing Center, to support and encourage the development of RPI. Japanese version
Version française

Published: 2010 | By: UNEPFI


PDF Owner-Tenant Engagement in Responsible Property Investing (3.1 MB | 28 pages)

Successful Responsible Property Investment strategies often depend on owner-tenant cooperation. This report presents several stories from leading property organizations that are committed to sustainability and responsible investing on innovative ways to promote better cooperation between owners and tenants. Japanese version

Published: 2009 | By: UNEP FI


PDF Sustainable Investment in Real Estate - Your Fiduciary Duty (790 KB | 12 pages)

There is a growing body of evidence which supports the case for investment in sustainable real estate. This evidence suggests that real estate with sustainable characteristics can generate superior returns or at the very least ?future proof? your investment. This article concludes that it is the fiduciary duty of trustees and investors to understand and consider Sustainable Investment issues when looking at investing in real estate.

Published: 2009 | By: UNEP FI Property Working Group


PDF Article: The Death of Social Responsibility in Property Is Much Exaggerated (108 KB | 11 pages)

There is a view abroad that the current economic crisis means responsible property investment has become inviable and is currently being shunted down or off the corporate agenda. This brief paper reviews that contention and concludes that sustainability in property and responsible property investment practices generally remain just as important today and potentially more so than when the economy and financial markets were in better health.

Published: 2009 | By: UNEP FI Property Working Group


PDF Responsible Property Investing - Committing and Engaging (254 KB | 13 pages)

The purpose of this toolkit is to provide guidance for interested investors and property fund and asset managers on how to commit to Responsible Property Investing (RPI) as an investment strategy, how to put into place governance and management structures that integrate RPI into corporate culture and practice and how to engage with other stakeholders in developing the field. This brief toolkit is drawn from the experiences of various investors who have chosen to make RPI central to their business practice. We hope that the toolkit will help investors who are interested in RPI to develop the systems and processes to translate that interest into tangible results. Version française
Japanese version

Published: 2009 | By: UNEP-FI and RPIC


PDF UNEP FI / SBCI's Financial and Sustainablity Metrics Report (4.1 MB | 67 pages)

This report is an international review of sustainable building performance indicators and benchmarks. It brings together current thinking on defining and measuring sustainability in the context of the built environment and sets out concisely the key issues in this large and complex area.

Published: 2009 | By: UNEP FI / SBCI


PDF Article - Responsible Property Investment: Similar Aims, Different Manifestations (356 KB | 26 pages)

This article, presents the essential differences between Socially Responsible Investment (SRI) in asset classes and in direct property. As a practical note it should help investors apprehend why and how Socially Responsible Property Investment (SRPI) is uniquely different to other “regular” assets.

Published: 2009 | By: UNEP FI


PDF Responsible Property Investing – What the leaders are doing (2.3 MB | 93 pages)

This report of the UNEP FI Property Working aims to help those making investment decisions on existing commercial real estate portfolios to understand how environmental, social and governance (ESG) issues impact upon the current value and prospective investment performance of the assets they own and manage. It presents 10 strategies for responsible property investment, each demonstrated by a collection of case studies that explain the financial and environmental value of responsible property investment.
Japanese version

Published: 2008 | By: UNEP FI


PDF Building Responsible Property Portfolios (416 KB | 16 pages)

This report jointly developed by the UNEP FI Property Working Group and the Principles for Responsible Investment highlights international best practice examples of leading UNEP FI and PRI signatories on how to apply the Principles for Responsible Investment to property assets.
Japanese version
French version Report Contributors and Further Resources (PDF: 120 KB)

Published: 2008 | By: UNEPFI and UNPRI


PDF Responsible Property Investing: What the Leaders are Doing (975 KB | 16 pages)

This CEO Briefing summarises key market research carried out by the Property Working Group during 2006-2007. The collection of case studies presented in the Briefing identifies and highlights emerging opportunities that investors, asset managers and property managers can implement to improve the ESG performance of a property portfolio, without diluting financial return. PDF icon French Version (PDF: 645 KB)

Published: 2007 | By: UNEP FI



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