Responsible Property Investment

“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
Director Responsibility and Head of Responsible Property Investment, Hermes Real Estate

 

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.

Activities

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

  • Capacity building and dissemination of tools: Engage real estate investors on the Sustainable Real Estate Investment Framework through a series of events globally.
  • Managing physical and transition risks of climate change: working on developing guidelines towards a first set of climate-related property investor disclosures in alignment with the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-Related Financial Disclosures (TCFD).
  • Policy engagement: In collaboration with the Global Alliance on Buildings and Construction identify investment gaps in countries’ NDCs with regards a sustainable built environment and work on a roadmap for countries to finance their sustainable building commitments.
  • Energy Efficiency: Further promote enabling policies for energy efficiency investment through participation in the Secretariat of the G20 Energy Efficiency Finance Task Group.
  • Positive impact finance: Provide an open space through the Positive Impact Incubator in which banks, investors, clients and further stakeholders can come together to look at ways to open markets in relation to specific needs and impacts on the build environment. With several collaborating organisations, the PWG has issued an impact-based Real Estate Investment Framework.

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
  • Bentall Kennedy, USA & Canada
  • BNP Paribas Real Estate Investment Services (BNP Paribas Fortis), France
  • Caisse des Dépôts et Consignations, France
  • City Development Limited, Singapore
  • Citibank, USA
  • Colonial First State Global Asset Management (Commonwealth Bank of Australia), Australia
  • Deutsche Bank, Germany & USA
  • F&C REIT Asset Management, UK
  • Hermes Investment Management, UK
  • Inflection Point Capital Management (UK) Co., Ltd
  • 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
  • RobecoSAM, Switzerland
  • 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

Chairs

  • Tatiana Bosteels, Director – RPI & Sustainability, Hermes Investment Management (2014-2018)
  • Anna Murray, Vice President, Sustainability, Bentall Kennedy (2018-2020)

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)
  • David Lorenz, Professor for Property Valuation and Sustainability, Karlsruhe Institute of Technology (KIT)
  • 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

Collaboration

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.

Responsible Property Investment News

  • Guidance developed on an impact-based approach to finance for real estate investors and asset managers

    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 […]

  • 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 […]

  • 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 […]

  • 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 […]

Responsible Property Investment Events

  • 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.

  • 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 […]

  • Symposium – Promoting the Next Generation Sustainable Real Estate Finance

    In collaboration with partner organisations, UNEP FI will co-covene the symposium on “Positive Impact in Real Estate Sector” as part of its Asia Pacific Regional Round Table, to be held in Dec in Tokyo.

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

    22 November, 2016 | Tokyo, Japan On the heels of the historic Paris Climate Agreement to limit global average temperature rise to well below 2°C above pre-industrial levels, expectations  are growing for the building industry – which accounts for 40% of global energy consumption and 30% of global emissions – and for real estate investors to take ESG issues into […]

  • 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: Property investors’ perspective on Climate Change policy

    , Webinar | 17 November 2011, 10:00 – 11:00, CET The bulk of GHG emissions attributable to buildings emanate from the existing stock. To achieve energy saving and emissions reduction targets in the EU, US and elsewhere, a coherent set of polices is needed to drive responsible behaviors across key stakeholders and over the life-cycle […]

  • 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 […]

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

    Webinar | 4 November 2010, 9:30 – 10:30 AM CET Recent years have witnessed a proliferation of environmental labels, standards and metrics across the commercial property world. Critics have suggested that the property investors are increasingly becoming confused and off-put by the nearly 200 building labelling systems now in existence around the globe. While they […]

  • UNEP FI and PRI joint Webinar: “The Green Lease and Other Forms of Tenant Engagement in RPI”

    Webinar | 1 June 2010, 10:00 – 11:00 AM CET Following the release of the UNEP FI PWG report, Owner-Tenant Engagement in Responsible Property Investing, this webinar will cover the range of possibilities for tenant engagement. In particular, why is owner-tenant engagement key to implementing a successful RPI strategy? Why is collaboration instrumental to retrofitting […]

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

    18 November, 2009 | Mumbai, India Sustainability and its ever increasing demand across the stakeholder spectrum is changing the way the Construction and Real Estate sector conducts business. Sustainability and its reporting is witnessing an accelerated acceptance across geographies due to a realization that the practice of sustainability not only helps the environment but can […]

  • UNEP FI Global Round Table:
    Sustainability and global property portfolios ‘The Global Business of Responsible Property Investments’

    , Sustainability and global property portfolios Workshop 2223 October15.40-17.00 Property investing is a multi-trillion dollar worldwide industry that can have profound positive or negative effects on environmental, social and cultural goals. The built environment produces around 40 percent of the global greenhouse gas emissions; how should the trillions of dollars be invested so that the […]

  • Property Working Group In-person Strategic Meeting

    7-8 December 2006 | Paris, France The official launch of the Property Working Group (PWG) was kindly hosted by Caisse des dépôts et consignations, Co-Chair of the Working Group. Seventeen organisations were present, UNEP FI signatories and newcomers, to discuss strategies for the coming year and development of the Responsible Property Investment case studies project. […]

  • Greenbuild International Conference and Expo

    15 November, 2006 | Denver, Colorado The US Green Building Council hosted the Greenbuild International Conference and Expo in Denver, Colorado. The PWG’s Advisor, Dr Gary Pivo (Professor, University of Arizona), took part in a panel entitled “Global Responses to Climate Change.” Other panelists included representatives from the UNEP Sustainable Building and Construction Initiative (SBCI), […]

  • Property Work Stream Development – First Official Meeting

    29-30 Jun 2006 | London The two-day meeting was kindly hosted by Prudential plc, Co-Chair of the Property Work Stream. Participants presented their institution’s policies and activities relating to sustainability. The results of the member survey on responsible property investment best practice were discussed and the Work Stream’s focus, objectives and future projects were developed. […]

Responsible Property Investment Publications