Christophe Cuvillier, CEO of Unibail-Rodamco-Westfield, makes an impassioned call to action in EPRA’s latest environmental, social and governance (ESG) video: “The planet is literally burning. As corporates and industry, I think we have no choice today than to really accelerate our efforts in terms of ESG.”
A sense of urgency has taken root within governments and civil society, sparking companies to step-up efforts to support the transition to a low-carbon economy. The real estate market risks being left behind if companies do not respond to the environmental, social and economic sustainability issues that are being raised by stakeholders.
To support continued transparency in reporting, EPRA has welcomed important changes to the sBPR with the inclusion of 12 social and governance performance measures. Companies that report against these measures will undoubtedly be the most adaptable as reporting pressures and expectations increase.
Although many EPRA members have robust reporting measures in place, the industry has some way to go. The Awards report ‘Gaining Ground’ identifies key ‘quick wins’ to help companies interpret the new performance measures and promote best practice.
At the same time, the numbers behind each story are becoming increasingly important as companies translate words into tangible action.
This year, EPRA launched the ESG database, which collects public data covering 60 listed property companies across 28 different ESG metrics. The database is the most complete library of ESG performance data for the European listed real estate sector. We hope it will boost action by allowing companies to compare performance over time and drive down consumption year-on-year.
We have no doubt that robust ESG reporting offers a significant opportunity for companies to add value to their businesses through increased transparency. EPRA’s sBPR provides the most material framework for real estate companies to showcase improvements in their ESG performance.