Abstract
Sustainability is no longer a new concept. However, applying, measuring and reporting on the sustainability initiative is still a somewhat confused and subjective issue. There is a huge variety of sustainability guidelines and green building schemes of differing natures, meanings and wordings. Despite this, there is no one guideline providing a crossreference between corporate social responsibility and green building performance to help the commercial property market completely incorporate sustainability into their activities. Therefore, this paper intends to link sustainability, real estate environmental, social, and governance (ESG) and sustainable building in order to help companies internalise this concept in all areas of their operations aligning it with their strategic planning. From desk-based research, this proposal examines and compares key aspects of the main schemes in existence, which are currently evolving in the definition, assessment and report of sustainability at the corporate and built environment level. This approach provides key information to help professionals get a better understanding of the specific changes which sustainability brings about in their corporate process, strategies, investment decisions, daily business operations as well as their property management. The insights presented here can support real estate companies to develop comprehensive communication flows and tools for the measurement and disclosure of sustainability data.
Highlights
Many commercial property investors, owners and corporate tenants are coming to recognize the importance of including environmental, social, and governance (ESG) risks into their decision-making processes (Reed et al, 2009; Deloitte, 2014; S&P Dow Jones Indices LLC, 2019; RICS, 2015)
There is a huge variety of sustainability definitions that change over time and between countries (Warren-Myers, 2012; RICS, 2013)
This paper presents the following structure according to the research methodology: Section one classifies and groups the main existing corporate sustainability guidelines and green building certification schemes that are currently evolving in the sector worldwide
Summary
Many commercial property investors, owners and corporate tenants are coming to recognize the importance of including environmental, social, and governance (ESG) risks into their decision-making processes (Reed et al, 2009; Deloitte, 2014; S&P Dow Jones Indices LLC, 2019; RICS, 2015). This study was developed from desk-based research that uses international standards, sustainability guidelines, green rating bodies as well as the gap in connecting the triple bottom line to the commercial property industry This analysis is of particular interest to professionals that are actively involved in the decisionmaking process in the main property business activities, such as the board of directors and managers. –– Business dimension: This includes schemes and guidelines that help companies and organizations to establish CSR processes, measure their performance, manage shifts forward in operations more sustainably and report the impacts to their stakeholders These documents are used to enable a sustainable financial market by improving the credibility of the corporate information on sustainability for investors and others stakeholders. CSR international standards: This includes documents that provide guidance, references and Key performance indicators (KPIs) to help businesses and organizations put corporate CSR principles into effect, monitoring their performance and driving the due diligence process
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