Advisory firm PwC has published a handbook of ESG standards and guidelines for the real estate industry.
The 600-page publication covers all aspects of ESG as they affect the real estate business, including politics and regulation, ESG in management, investment, financing and valuation, and sustainable urban development.
Authors include, among others: Roger Baumann of Zurich Insurance Group; Jens Böhnlein, Commerz Real; and Martin Brühl, Union Investment Real Estate.
The firm explained that the real estate industry is particularly affected by the EU’s ESG taxonomy but until now there has not been a cohesive overview. However, the new guide, ESG and the Real Estate Industry – Practical Handbook for the Entire Real Estate and Investment Cycle fills that gap. Editors Thomas Veith, Christiane Conrads, both of PwC, and Professor Florian Hackelberg of HAWK University of Applied Sciences and Art, have assembled more than 40 authors from corporate practice, consulting, and academia to cover different aspects of ESG in property.
“We are very keen to see the internalisation of social and ecological consequential costs become standard in the real estate industry in the short term,” said co-editor Thomas Veith, partner and head of real assets at PwC.
“The challenge now for the real estate industry is to address the market failures that still exist today through effective ESG strategies,” added co-editor Christiane Conrads, head of the EMEA real estate ESG group at PwC.