The buildings and construction sector accounts for nearly 40 percent of total energy-related CO2 emissions and 36 percent of final energy use worldwide.Global building floor area is expected to double by 2050, driving energy demand and related GHG emissions for construction. Yet the building sector offers the largest cost-effective GHG mitigation potential, with net cost savings and economic gains possible through implementation of existing technologies, policies and building designs. 


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:

Property Sector Response to the COVID-19 Crisis and Recovery

  • Publication of a thought leadership bulletin summarising present efforts and strategic thinking from UNEP FI’s Property Working Group members on responding to the coronavirus pandemic and recovery through an ESG integration lens.

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 European Commission Energy Efficiency Financial Institutions Group (EEFIG), and the Energy Efficiency Financing 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
  • Bank J. Safra Sarasin AG, Switzerland
  • BentallGreenOak, USA & Canada
  • BMO Real Estate Partners Asset Management, UK
  • BNP Paribas Real Estate Investment Services (BNP Paribas Fortis), France
  • Caisse des Dépôts et Consignations, France
  • CBRE Global Investors, USA
  • CDP Immobiliare Srl, Italy
  • City Development Limited, Singapore
  • Citibank, USA
  • Deutsche Bank/DWS, Germany & USA
  • Federated Hermes, UK
  • Investa Property Group, Australia
  • Japan Real Estate Asset Management Co, Ltd, Japan
  • La Française Group, France
  • LaSalle Investment Management, USA
  • Le Groupe QUARTUS, France
  • Lendlease, Australia
  • Link REIT, Hong Kong
  • M&G Real Estate, UK
  • Mitsubishi Corp.-UBS Realty Inc., Japan
  • Mitsubishi UFJ Trust & Banking Corporation, Japan
  • Nomura Real Estate Asset Management, Japan
  • Nordea Life and Pension, Norway
  • Orix Asset Management Corporation, Japan
  • Sumitomo Mitsui Trust Bank Limited, Japan
  • Thomas Lloyd, UK
  • Trillium Asset Management, UK & USA
  • UBS Global Real Estate (UBS AG), Switzerland
  • Zurich Insurance Company, Switzerland


  • Anna Murray, Managing Director, Global Head of ESG, BentallGreenOak (2021-2023)
  • Calvin Kwan, General Manager, Corporate Development & Strategy, Link REIT (2019-2021)

Advisory Group

  • Maria Atkinson, Director, XO (Australia)
  • 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 (US)
  • Sarah Sayce, Part-time Professor, University of Reading (UK)


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.

6 May 2020

Property sector perspectives on ESG, COVID‑19, and managing crises

The UNEP FI Property Working Group (PWG) convened virtually for two discussion forums to share information on how institutions are managing the public health and economic crisis from COVID-19, and thoughts on how institutions need to plan and operate for a post-crisis recovery. There is strong consensus that institutions with deeply ingrained approaches to integrating…

18 December 2017

Nomura Real Estate Asset Management becomes 11th member of UNEP FI’s Japan Group

Nomura Real Estate Asset Management Co., Ltd. (NOREAM) has recently joined UNEP FI, becoming the 11th member of the Japan Group. President & CEO Ambe Norio said, “While seeking the sustainable improvement of mid- and long-term performance, acting with fiduciary responsibility, and increasing ESG investment, our company manages a number of funds including the Nomura…

24 January 2017

CDL becomes first UNEP FI member in Singapore

  UNEP FI is very pleased to welcome its first Singapore-based member, City Developments Limited (CDL), one of Singapore’s largest companies by market capitalization. CDL is an international real estate and hotel conglomerate, with a track record of over 50 years in real estate development, investment and management. As one of Singapore’s largest commercial landlords, CDL…

29 November 2016

Japan Sustainable Building Consortium: The 3​rd​ Symposium on Paris Agreement and ESG in Real Estate Investments

The 3rd Symposium on the Paris Agreement and ESG in Real Estate Investments was hosted by the Institute for Building Environment and Energy Conservation (IBEC) and jointly-hosted by Japan Sustainable Building Consortium (JSBC), UNEP FI and Principles for Responsible Investment (PRI). Nearly 200 experts who engage in construction, real estate and asset management industries participated…

9 October 2019 | Tokyo, Japan

ESG Real Estate Investment Japan Seminar

UNEP Finance Initiative together with the Japanese Principles for Financial Action (PFA), a Japan nation-wide sustainable finance forum, held a seminar on ESG investments in real estate. Taking the opportunity of the visit to Japan by the UNEP FI’s Property Working Group Co-Chair Anna Murray, Vice President, Sustainable Investing, BentallGreenOak, the Working Group members in…

28 February 2019 | BrightTALK webinar

Webinar: Positive Impact Real Estate Investment Framework

UNEP FI has recently published its Positive Impact Real Estate Investment Framework, part of a suite of resources to address the SDG financing gap and shift financing practices so that environmental, social and economic impacts are fully considered, intended and measured in investment activities. This webinar will provide an overview of the Framework, and include presentations from practitioners using an impact-based approach in their investment strategies and acquisition and management.

10 July 2018

Webinar: Positive Impact – Real Estate Investment Framework

The UNEP Finance Initiative (UNEP FI) and collaborators (RICS, PRI, Global Investor Coalition) is developing an impact-based investment framework for real estate to address the SDG financing gap. UNEP FI’s Property Working Group has issued a discussion paper which introduces a positive impact investment framework and requests feedback on the opportunities and challenges in investing…

Managing Climate, Environment, Social and Governance in Real Estate

A follow up framework for action to the 2015 Paris Climate Agreement 8 February 2016 | London, UK Six of the world’s largest investor networks have come together to create a concise, actionable framework for Real Estate investors to help make sense of existing ESG guidance and provide a follow up framework for action to…

UNEP FI and PRI joint Webinar: “Implementing Responsible Property Investment Strategies”

, Webinar | 24 February 2011, 15:00 – 16:00, CET Physical impacts of climate change pose substantial risks to future property values whilst rising energy prices are increasing building occupation costs and influencing choice. In the face of these and other such emerging challenges adopting responsible property investment approaches by integrating application of ESG issues…

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Changing Course: Real Estate – TCFD pilot project report and investor guide to scenario-based climate risk assessment in Real Estate Portfolios

Twelve institutional investors from eight countries, convened by UNEP FI and supported by Carbon Delta, have worked throughout 2018–2019 to analyse, evaluate, and test, state-of-the- art methodologies to enable 1.5°C, 2°C, and 3°C scenario-based analysis of their direct property investment portfolios in line with the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures…

Global ESG Real Estate Investment Survey Results

In late 2018, a global survey was conducted to better understand how the attitudes, strategies, and practices of real estate investors, and fund and asset managers are incorporating Environmental, Social and Governance (ESG) criteria, and the degree to which they may need to strengthen their commitments so that their portfolios are aligned with the objectives of the Paris Agreement. More than…

Positive Impact Real Estate Investment Framework

The UNEP FI Property Working Group, in collaboration with RICS, PRI, and members of the Global Investor Coalition on Climate Change, have produced a practical, action-oriented framework to accelerate a new financing paradigm for the delivery of the global SDGs. The 25 leading institutional investors and asset managers of the UNEP FI Property Working Group…

Fiduciary Duty in the 21st Century – South Africa Roadmap

The PRI, The Generation Foundation and UNEP FI have launched a series of roadmaps as part of the Fiduciary Duty in the 21st Century initiative. The publications are the culmination of extensive consultation with regulators, investors, policy makers and attorneys across the countries. They make a series of recommendations to enable the market-wide adoption of…

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