The United Nations Global Compact and RICS on Thursday issued a call to organisations in the land, construction and real estate sector, and those working with them, to take a leading role in global efforts to drive responsible and sustainable business practices.
According to a press release issued by RICS, ‘Advancing Responsible Business Practices in Land, Construction, and Real Estate Use and Investment’ has been launched in New York which examines the sector’s impact in relation to the UN Global Compact’s four focus areas of human rights, labour standards, the environment and anti-corruption.
The resource identifies some of the most critical issues facing the sector, and breaks down the three key real estate life cycle phases, i.e. Development, Use, and Recovery, and proposes the corresponding actions to embed responsible business practices, illustrated by good practice case studies from around the world.
“There is a tremendous opportunity for real estate to become a driving force for a more sustainable financial, economic, social and environmental system, through collaboration and collective action,” said Georg Kell, Executive Director of the UN Global Compact.
Speaking at the launch, Sean Tompkins, Chief Executive Officer of RICS, said, “ Responsible action needs to become ‘business as usual’ within global real estate markets, driving prosperity, innovation and investment, and helping to secure vibrant and transparent markets, thriving economies, inclusive communities and a greener, healthier plane,”.
The release said although many businesses in the sector have corporate sustainability strategies and policies in place, the challenge for many is to translate those policies into actions that are practical, achievable and repeatable, across organisational and geographic boundaries.
The resource aims to guide a broad cross-section of organisations with their decision-making throughout the real estate life cycle: from commissioning, planning, design and construction, through operation, refurbishment and ultimately disposal.
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