“Buildings account for approximately a third of the world’s energy consumption and global greenhouse gas (GHG) emissions. As physical, regulatory and reputational ESG risks are being increasingly felt, real estate professionals, as the building owners and operators, are in a unique position to proactively address those risks. By doing so, they are not only mitigating risk, but also safeguarding and increasing the value of their assets in the long term.”

Tatiana Bosteels
Head of Responsible Property Investment, Hermes Investment Management

UNEP FI’s work on property investing is undertaken by the Property Working Group (PWG).

Aim of the Property Working Group

  • Drive innovation in Responsible Property Investment (RPI) by facilitating access to relevant information and best practice and collaboratively develop the necessary tools to enable property investors and professionals to systematically apply and integrate ESG criteria into investment and lending decisions.
  • Promote and encourage RPI by collecting and providing evidence to show how it can protect or increase financial performance throughout the lifecycle of buildings while simultaneously reducing detrimental environmental and social impacts.
  • Collaborate with policy-makers and the real estate investment community on developing and establishing the appropriate policy and regulatory frameworks for RPI practices to grow.


The PWG’s objective is to address the most imminent challenges in the field of sustainable real estate investment through the following focal areas and activities:

Aligning with the Paris Climate Agreement

Positive Impact and Financing the SDGs

  • Positive impact Initiative: The Positive Impact Initiative is promoting the idea that new lines of
    business and impact business models need to be developed and financed to meet the SDGs. To help property investors develop and implement an impact-based approach in their investments, an action-oriented Positive Impact Real Estate Investment Framework has been developed to help guide decisions at any stage of the property investment cycle.

Increasing Investment in Energy Efficiency

  • Energy Efficiency: Further promote enabling policies for energy efficiency investment and development of financing tools through participation in the Secretariat of the G20 Energy Efficiency Finance Task Group (EEFTG), and the Energy Efficiency Finance Platform –  a new platform for banks, insurers and investors worldwide.

Members of the Property Working Group

  • Allianz Real Estate (Allianz SE), Germany
  • Aviva Investors (Aviva plc), UK
  • Axa Real Estate Managers (Axa – Group Management Services), France
  • BentallGreenOak, USA & Canada
  • BNP Paribas Real Estate Investment Services (BNP Paribas Fortis), France
  • Caisse des Dépôts et Consignations, France
  • CBRE Global Investors, USA
  • City Development Limited, Singapore
  • Citibank, USA
  • Deutsche Bank, Germany & USA
  • F&C REIT Asset Management, UK
  • Hermes Investment Management, UK
  • Infrastructure Leasing & Financial Services, India
  • Investa Property Group, Australia
  • Japan Real Estate Asset Management Co, Ltd, Japan
  • La Française Group, France
  • LaSalle Investment Management, USA
  • Le Groupe QUARTUS, France
  • Lend Lease, Australia
  • M&G Real Estate, UK
  • Mitsubishi Corp.-UBS Realty Inc., Japan
  • Mitsubishi UFJ Trust & Banking Corporation, Japan
  • Nomura Real Estate Asset Management, Japan
  • The Link REIT, Hong Kong
  • Sumitomo Mitsui Trust Bank Limited
  • Thomas Lloyd, UK
  • Trillium Asset Management, UK & USA
  • UBS Global Real Estate (UBS AG), Switzerland


  • Anna Murray, Vice President, Sustainable Investing , BentallGreenOak (2018-2020)
  • Calvin Kwan, General Manager, Corporate Development & Strategy, Link REIT (2019-2021)

Advisory Group

  • Maria Atkinson, Director, XO
  • Michael Brooks, CEO of the Real Property Association of Canada (Canada)
  • Ryuichi Horie, Co-founder and CEO, CSR Design Green Investment Advisory (Japan)
  • Gary Pivo, Professor of Urban Planning and Professor of Natural Resources, The University of Arizona
  • Sarah Sayce, Professor of Sustainable Real Estate, Royal Agricultural University


One of the key elements for the development of our work on property investment is the active collaboration with market players with an expertise and deep interest in real estate investments.

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  • UNEP FI and PRI joint Webinar: Property investors’ perspective on Climate Change policy

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  • UNEP FI and PRI joint Webinar: “The Investors’ Perspective on the Nature and Need for Sustainable Property Metrics”

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  • Multi-stakeholder Workshop on Sustainablility Principles and Reporting for the Construction and Real Estate Sector in the Indian Context

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