At the recent annual conference of Ceres, a forum of investors to discuss environmental issues, I moderated a nice panel on how institutional investors (can) integrate sustainability into their real estate decisions. The line-up was pretty amazing, with Laurie Weir of CalPERS, Jennifer Young of the Townsend Group, Mike Ibarra of Landon Butler & Co (responsible for the MEPT fund), and Darryl Neate of Ofxord Properties (OMERS). Here's the full slide deck, very interesting to see the different views:
This report is the first result of a research program on existing incentives and conditions for the financing of sustainable real estate. This project is part of the program Energo Fiego, which has been initiated by the Market Financiers Group of the Dutch Green Building Council (DGBC) and is conducted in partnership with the Holland Financial Centre, Utrecht Sustainability Institute and GRESB. The Dutch Green Building Council (DGBC) acts as secretary of the Group.
The importance of sustainability in the built environment is increasing, and the main Dutch property financing firms recognize this importance. In 2011, the financiers expressed the intention to contribute to the road to a sustainable built environment through a covenant, and the financiers are now members of the Market Financiers Group of the DGBC.
Through this partnership, the financiers explore the opportunities for integration of sustainability requirements into financing of new developments, redevelopments, or refinancing of commercial real estate. Through rigorous research, the aim is to make sustainability an implied condition in financing new construction, redevelopment or refinance real estate.
The member of the Market Financiers Group are:
• ABN Amro Real Estate
• ING Real Estate Finance
• FGH Bank
• NIBC
• Syntrus Achmea Real Estate & Finance
This report has been authored by Piet Eichholtz and Nils Kok of GRESB & Maastricht University.
The Performance of Pension Funds Investments in Real Estatenilskok
Real estate is the most significant alternative asset class for pension funds, representing more than five percent of total holdings, on average. This presentation employs a previously unexplored database to examine the investments of some 880 pension funds in direct real estate and real estate investment trusts (REITs) over the 1990-2009 period. Regarding allocation choice, we document that larger pension funds are more likely to invest in real estate internally, have lower costs, and higher net returns. Smaller funds are more likely to invest in direct real estate through external managers and fund-of-funds, but largely ignore REITs. The additional investment layers significantly increase their costs and disproportionally reduce returns. Moreover, U.S. pension funds’ investment costs are twice as high as those of their foreign peers, and both gross and net performance are lower. The underperformance of U.S. pension funds in real estate investments is most striking in the last two years of the sample period, which may be due to opportunistic investment behavior pre-crisis.
This slidedeck contains an overview of the 2012 GRESB Report, and presentations on sustainability in commercial real estate, by Philips, ProLogis, CBRE Global Investors and Corio.
Presentation by the Institute for the Built Environment at Colorado State University.
GBCIs recently acquired Global Real Estate Sustainability Benchmark is industry-driven organization committed to assessing the sustainability performance of real estate portfolios around the globe. While LEED is the measure of an assets performance, GRESB is the measure of a real estate company/portfolios performance. GRESB is a response to large investors who continue to call for more robust sustainability analytics, a desire founded in research that continues to tie sustainability to higher returns and performance. Explore the aspects of GRESB reporting and the relevancy to those in property management, development, design, construction, and investment.
Verantwoord Beleggen Nederlandse Pensioenfondsen: 2017 Dutch GRESB EventGRESB
In de pensioensector wordt steeds meer aandacht gegeven aan het thema verantwoord beleggen en is zelfs onderdeel van de eigen Code Pensioenfondsen. Het aantal pensioenfondsen dat zich sterk maakt voor verantwoord beleggen, vanuit zowel een financieel als maatschappelijk oogpunt, neemt toe. Naast financiële kengetallen wordt gestuurd op zogenaamde ESG-indicatoren (Environmental, Social en Governance).
Universiteit Maastricht, GRESB en Finance Ideas hebben de handen ineengeslagen om de integratie van ESG in het beleggingsproces van pensioenfondsen te onderzoeken. De resultaten van het onderzoek worden tijdens het seminar kort uiteengezet en vormen de aftrap voor een actieve dialoog hoe ver integratie van ESG in vastgoedportefeuilles kan gaan.
Uit academisch onderzoek blijkt dat duurzaam vastgoed meer waard is in vergelijking met niet duurzaam vastgoed. Toch is het integreren van ESG-indicatoren in het vastgoed beleggingsproces nog geen gemeengoed binnen de Nederlandse pensioensector. Het doel van de paneldiscussie is om te laten zien hoe actieve samenwerking en kennisdeling kan leiden tot meer duurzame vastgoedbeleggingen.
Programma
14:30 - Registratie
15:00 - Opening en welkom door Dick Gort, CEO, a.s.r. vastgoed vermogensbeheer
15:10 - Onderzoekresultaten Verantwoord Beleggen Nederlandse Pensioenfondsen door Piet Eichholtz, Professor of Finance and Real Estate, Maastricht University
15:30 - GRESB update door Sander Paul van Tongeren, Managing Director, GRESB
Moderator:
Piet Eichholtz
Panelleden:
André Snellen, Chairman, Pensioenfonds Detailhandel
Patrick Kanters, Managing Director Global Real Estate & Infrastructure, APG Asset Management
Roger Otten, Investment Manager, Philips Pensioenfonds
16:55 - Afsluiting door Dick Gort
The Relationship between Sustainability Performance and Financial PerformanceSocial Finance
At the Canadian Responsible Investment Conference, June 20, 2011, Dr. Olaf Weber gave a presentation on the relationship between sustainable development performance and financial performance, including EBITDA margin, credit risks, option pricing and rules of thumb valuation.
This document discusses how to demonstrate the financial value of green buildings. It reviews studies showing that green buildings can command higher rents and sales prices, and have lower risks. However, owners and lenders often do not recognize this value. The document proposes several strategies to address this, such as standardizing green building data and performance metrics to reduce perceived risks. It also notes opportunities for increasing the value of existing building retrofits through programs that finance upgrades or guarantee energy savings. The overall conclusion is that demonstrating the operational cost savings and risk reductions of green buildings through data can help owners and lenders recognize their higher market value.
This document outlines the agenda for GRESB's 2020 EMEA Real Estate Results Event. The event will include discussions on GRESB results and trends, panels on collecting asset-level ESG data and the role of technology, and a presentation on the EU's new sustainability disclosure regulation for financial market participants. There will also be discussions on next steps for GRESB, including improving data quality, benchmarking performance outcomes, and increasing industry collaboration to address issues like measuring the impact of COVID-19 on buildings. The event aims to provide insights for real estate industry leaders on sustainability trends and regulatory requirements.
This report is the first result of a research program on existing incentives and conditions for the financing of sustainable real estate. This project is part of the program Energo Fiego, which has been initiated by the Market Financiers Group of the Dutch Green Building Council (DGBC) and is conducted in partnership with the Holland Financial Centre, Utrecht Sustainability Institute and GRESB. The Dutch Green Building Council (DGBC) acts as secretary of the Group.
The importance of sustainability in the built environment is increasing, and the main Dutch property financing firms recognize this importance. In 2011, the financiers expressed the intention to contribute to the road to a sustainable built environment through a covenant, and the financiers are now members of the Market Financiers Group of the DGBC.
Through this partnership, the financiers explore the opportunities for integration of sustainability requirements into financing of new developments, redevelopments, or refinancing of commercial real estate. Through rigorous research, the aim is to make sustainability an implied condition in financing new construction, redevelopment or refinance real estate.
The member of the Market Financiers Group are:
• ABN Amro Real Estate
• ING Real Estate Finance
• FGH Bank
• NIBC
• Syntrus Achmea Real Estate & Finance
This report has been authored by Piet Eichholtz and Nils Kok of GRESB & Maastricht University.
The Performance of Pension Funds Investments in Real Estatenilskok
Real estate is the most significant alternative asset class for pension funds, representing more than five percent of total holdings, on average. This presentation employs a previously unexplored database to examine the investments of some 880 pension funds in direct real estate and real estate investment trusts (REITs) over the 1990-2009 period. Regarding allocation choice, we document that larger pension funds are more likely to invest in real estate internally, have lower costs, and higher net returns. Smaller funds are more likely to invest in direct real estate through external managers and fund-of-funds, but largely ignore REITs. The additional investment layers significantly increase their costs and disproportionally reduce returns. Moreover, U.S. pension funds’ investment costs are twice as high as those of their foreign peers, and both gross and net performance are lower. The underperformance of U.S. pension funds in real estate investments is most striking in the last two years of the sample period, which may be due to opportunistic investment behavior pre-crisis.
This slidedeck contains an overview of the 2012 GRESB Report, and presentations on sustainability in commercial real estate, by Philips, ProLogis, CBRE Global Investors and Corio.
Presentation by the Institute for the Built Environment at Colorado State University.
GBCIs recently acquired Global Real Estate Sustainability Benchmark is industry-driven organization committed to assessing the sustainability performance of real estate portfolios around the globe. While LEED is the measure of an assets performance, GRESB is the measure of a real estate company/portfolios performance. GRESB is a response to large investors who continue to call for more robust sustainability analytics, a desire founded in research that continues to tie sustainability to higher returns and performance. Explore the aspects of GRESB reporting and the relevancy to those in property management, development, design, construction, and investment.
Verantwoord Beleggen Nederlandse Pensioenfondsen: 2017 Dutch GRESB EventGRESB
In de pensioensector wordt steeds meer aandacht gegeven aan het thema verantwoord beleggen en is zelfs onderdeel van de eigen Code Pensioenfondsen. Het aantal pensioenfondsen dat zich sterk maakt voor verantwoord beleggen, vanuit zowel een financieel als maatschappelijk oogpunt, neemt toe. Naast financiële kengetallen wordt gestuurd op zogenaamde ESG-indicatoren (Environmental, Social en Governance).
Universiteit Maastricht, GRESB en Finance Ideas hebben de handen ineengeslagen om de integratie van ESG in het beleggingsproces van pensioenfondsen te onderzoeken. De resultaten van het onderzoek worden tijdens het seminar kort uiteengezet en vormen de aftrap voor een actieve dialoog hoe ver integratie van ESG in vastgoedportefeuilles kan gaan.
Uit academisch onderzoek blijkt dat duurzaam vastgoed meer waard is in vergelijking met niet duurzaam vastgoed. Toch is het integreren van ESG-indicatoren in het vastgoed beleggingsproces nog geen gemeengoed binnen de Nederlandse pensioensector. Het doel van de paneldiscussie is om te laten zien hoe actieve samenwerking en kennisdeling kan leiden tot meer duurzame vastgoedbeleggingen.
Programma
14:30 - Registratie
15:00 - Opening en welkom door Dick Gort, CEO, a.s.r. vastgoed vermogensbeheer
15:10 - Onderzoekresultaten Verantwoord Beleggen Nederlandse Pensioenfondsen door Piet Eichholtz, Professor of Finance and Real Estate, Maastricht University
15:30 - GRESB update door Sander Paul van Tongeren, Managing Director, GRESB
Moderator:
Piet Eichholtz
Panelleden:
André Snellen, Chairman, Pensioenfonds Detailhandel
Patrick Kanters, Managing Director Global Real Estate & Infrastructure, APG Asset Management
Roger Otten, Investment Manager, Philips Pensioenfonds
16:55 - Afsluiting door Dick Gort
The Relationship between Sustainability Performance and Financial PerformanceSocial Finance
At the Canadian Responsible Investment Conference, June 20, 2011, Dr. Olaf Weber gave a presentation on the relationship between sustainable development performance and financial performance, including EBITDA margin, credit risks, option pricing and rules of thumb valuation.
This document discusses how to demonstrate the financial value of green buildings. It reviews studies showing that green buildings can command higher rents and sales prices, and have lower risks. However, owners and lenders often do not recognize this value. The document proposes several strategies to address this, such as standardizing green building data and performance metrics to reduce perceived risks. It also notes opportunities for increasing the value of existing building retrofits through programs that finance upgrades or guarantee energy savings. The overall conclusion is that demonstrating the operational cost savings and risk reductions of green buildings through data can help owners and lenders recognize their higher market value.
This document outlines the agenda for GRESB's 2020 EMEA Real Estate Results Event. The event will include discussions on GRESB results and trends, panels on collecting asset-level ESG data and the role of technology, and a presentation on the EU's new sustainability disclosure regulation for financial market participants. There will also be discussions on next steps for GRESB, including improving data quality, benchmarking performance outcomes, and increasing industry collaboration to address issues like measuring the impact of COVID-19 on buildings. The event aims to provide insights for real estate industry leaders on sustainability trends and regulatory requirements.
This document summarizes a webinar on powering ESG ambitions through data. It discusses how ESG reporting is challenging due to different standards and data sources, but that a targeted data strategy can help. It recommends starting with cataloging ESG data, selecting key stakeholder dimensions, targeting a maturity level, building a data sandbox, and creating a community of practice to embark on an ESG journey through data. The webinar emphasizes that ESG is both urgent and important given regulatory demands, consumer expectations, and how financial markets are increasingly considering ESG metrics.
Carbon Footprint in Real Estate and InfrastructureGRESB
On February 23rd we learned about the carbon footprint of the real estate and infrastructure industries, with a focus on operational and embodied carbon.
Analytics from the 2021 GRESB Assessment were presented and we discussed where the industry is now and where we have to go.
This webinar was hosted in partnership with GRESB Partner Envint, and is supported by Industry Partner APREA, a not-for-profit industry association that is a passport to property investment opportunities in AsiaPac.
Barclays ESG_Brochure_US_18_small Sustainable Investing and bond returns NOV ...Andrew Bellak
1) The document presents the findings of a study by Barclays Research into the relationship between environmental, social, and governance (ESG) factors and corporate bond portfolio performance.
2) The study found that applying a positive tilt to ESG factors resulted in a small but steady performance advantage for corporate bond portfolios, with no evidence of negative performance impact. The positive effect was strongest for governance factors.
3) The study contributes new evidence that ESG investing need not negatively impact bondholder returns and can be successfully applied to credit markets in addition to equity markets.
Environmental and Social Due Diligence ESG AssessmentsRSM GC
RSM GC Advisory Services is a leading provider of sustainability and ESG services, having completed over 500 projects globally. They offer a range of services including ESG assessments, sustainability reporting and certifications, carbon credit projects, energy audits and advisory. Their team has extensive experience across sectors and geographies. Implementing sound ESG practices provides benefits such as cost savings, risk management, and improved access to capital and markets. RSM GC aims to help clients adopt sustainable business strategies and manage ESG risks and opportunities.
What You Need to Know about Small Drinking Water Systems: Barnesnado-web
This presentation was delivered at NADO's 2018 Annual Training Conference, held in Charlotte, NC on October 13-16. For more information, visit: https://www.nado.org/events/2018-annual-training-conference/
Responsible investment & governance annual report_2010Nordea Bank
1) The document discusses Nordea's focus on responsible investment and governance. It emphasizes managing environmental, social, and governance (ESG) risks and opportunities.
2) Nordea has identified five major global megatrends that will shape business in the coming years: changing demographics, climate change, water scarcity, shortage of human capital, and increased focus on corporate governance.
3) Nordea engages with companies to improve their management of ESG issues and integrates ESG factors into the selection and monitoring of investment funds and managers.
The document discusses emerging issues around environmental, social, and governance (ESG) reporting and standards. It provides an overview of key frameworks for ESG reporting like the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and Global Reporting Initiative (GRI). It also outlines recent developments that aim to establish a comprehensive global system for ESG reporting, including the International Sustainability Standards Board (ISSB) and European Union's Corporate Sustainability Reporting Directive. The accounting profession has an important role to play in the implementation of ESG standards and providing assurance on ESG reports.
ERM partnered with a range of leading experts and institutions in June 2019 to bring the latest ESG and sustainability information to the Asian markets. Partners in this tour included, the Stock Exchange of Thailand (SET); Hong Kong Stock Exchange (HKEX); Bloomberg; Citi; Robeco; The Economist; and CDP.
Connecticut Green Bank Stakeholder Webinar Quarter 4 FY17RudySturkCGB
Connecticut Green Bank Stakeholder Webinar Quarter 4 FY17 (presented Aug. 8, 2017) featuring CEO and President Bryan Garcia. A video of the presentation is also available on ctgreenbank.com.
BNP Paribas Asset Management takes corporate sustainability into account in its investment decisions through a comprehensive approach that includes:
1) Integrating environmental, social and governance (ESG) factors into investment analysis and decisions across all strategies.
2) Conducting in-depth ESG research on over 11,500 companies, including quantitative scoring and qualitative analysis of material sustainability issues.
3) Engaging with companies through voting and stewardship to encourage sustainable practices and better ESG performance over the long term.
4) Taking a forward-looking perspective by monitoring portfolio alignment with global sustainability goals and climate scenarios.
The document provides an overview of key statistics and results from GRESB 2020. Participation in GRESB increased by 22% worldwide and 24% in Europe, with over 1,200 participants representing $4.8 trillion in assets. The 2020 assessment included changes such as removing some indicators, reweighting components, adding new indicators on health/well-being and grievance mechanisms, and led to net ESG improvements. Going forward, GRESB aims to strengthen governance, increase industry collaboration, define performance metrics, and integrate climate risk and resilience into future assessments.
The document provides guidance for companies listed on Nasdaq Nordic exchanges on reporting environmental, social and governance (ESG) metrics. It recommends a set of 11 ESG metrics that are most material for investors based on their prevalence in reporting frameworks, potential to impact company performance, and practicality for companies to report. The suggested metrics cover topics like greenhouse gas emissions, energy use, water and waste management, diversity and pay equity, and business ethics. Companies are encouraged to publicly report on these metrics and engage with stakeholders to improve access to capital, profitability, risk management and reputation. Overall the guidance aims to help companies meet growing investor demand for ESG data and contribute to sustainable development.
Richard Habrukowich - leadership energy & environmenal designkuwaitinsulation
Sustainability involves balancing environmental, social and economic needs for current and future generations. LEED is a green building certification program run by USBGC that has four certification levels. The 2011 Green Building Smart Market Report found that the top 10 countries for LEED registrations and certifications were led by the United States. Two new Middle Eastern hospitals, the Cleveland Clinic Abu Dhabi and Arzanah Medical Complex, are pursuing LEED Gold certification for their sustainable features like recycled water use and solar energy that reduce annual energy costs by over 40-50%. Sustainable Return on Investment (SROI) is an analysis that assigns monetary value to environmental and social impacts not captured by traditional financial analysis to better understand project trade-offs
This document summarizes an energy efficiency program between Origin Energy and Low Carbon Australia that provides on-bill financing for commercial and industrial customers to implement energy efficiency projects. The program offers end-to-end project support including audits, financing from Low Carbon Australia, repayment through utility bills, and guaranteed energy savings. It aims to make energy efficiency investments more accessible and reduce risks for customers. Initial results found that on-bill financing with guaranteed savings addressed key barriers to energy efficiency adoption.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Energy Efficiency and Household Behavior: The Rebound Effect in the Residenti...nilskok
This document summarizes a study that examines the rebound effect for residential heating in the Netherlands. The study uses a large panel dataset containing actual gas consumption and predicted consumption based on dwelling characteristics for over 500,000 dwellings from 2008-2011. It finds an average rebound effect of 27% for homeowners and 41% for tenants, meaning improved efficiency leads to increased heating consumption that offsets about a quarter to over a third of expected energy savings. The rebound effect is found to vary based on household income and wealth, with higher income households exhibiting a larger rebound.
Commercial Building Electricity Consumption: The Role of Structure Quality, M...nilskok
This document summarizes a study on carbon emissions from the commercial building sector in the United States. It finds that 74% of US electricity is used in the real estate sector, with 40% generated from coal and 29% from natural gas. The study examines factors that influence electricity consumption in commercial buildings, including construction characteristics, tenant behavior/incentives, human capital, and macroeconomic conditions. Regression analysis of a large dataset finds relationships between electricity use and building age, quality, lease terms, occupancy rates, climate, and management practices. Younger, higher-quality buildings and those with incentives for tenants to conserve energy use less electricity. The findings suggest electricity consumption from commercial buildings will significantly increase in coming decades, making this an
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
The Value of Green Labels in the California Housing Marketnilskok
The residential sector accounts for 33 percent of electricity consumption in the U.S., with a total expenditure of $166 billion in 2010. Increasing the energy efficiency of the durable housing stock can thus provide significant cost savings for consumers. One promising trend is the rise of homes labeled by a third party as “green” or energy efficient. The modeled energy consumption of such homes is substantially lower as compared to conventional homes of the same vintage. This paper provides the first systematic evidence on the effects of providing information about the energy efficiency and “sustainability” of structures in affecting consumer choice. We conduct a hedonic pricing analysis of all single-family home sales in California over the time period 2007 to 2012, documenting that homes labeled with Energy Star, LEED or Greenpoint Rated, transact for a premium of nine percent relative to otherwise comparable, non-labeled homes. Given the large size of this effect, we explore its robustness and examine a number of different hypotheses, focusing on recovering heterogeneous effects. The results show that both environmental ideology and local climatic conditions play a role in explaining the variation in the green premium across geographies.
Studies have repeatedly shown that green buildings out perform their peers with respect to rent, sale price, and other financial performance metrics. Investors have taken notice, and they are looking for the tools and information needed to guide investments in green. This expert panel will introduce cutting-edge research and new tools to help understand the financial performance of green buildings as individual assets and as part of real estate investment trusts and mortgage-based securities. This exceptional group will provide state-of-the-art insights into the present and future of green building finance.
This document summarizes a webinar on powering ESG ambitions through data. It discusses how ESG reporting is challenging due to different standards and data sources, but that a targeted data strategy can help. It recommends starting with cataloging ESG data, selecting key stakeholder dimensions, targeting a maturity level, building a data sandbox, and creating a community of practice to embark on an ESG journey through data. The webinar emphasizes that ESG is both urgent and important given regulatory demands, consumer expectations, and how financial markets are increasingly considering ESG metrics.
Carbon Footprint in Real Estate and InfrastructureGRESB
On February 23rd we learned about the carbon footprint of the real estate and infrastructure industries, with a focus on operational and embodied carbon.
Analytics from the 2021 GRESB Assessment were presented and we discussed where the industry is now and where we have to go.
This webinar was hosted in partnership with GRESB Partner Envint, and is supported by Industry Partner APREA, a not-for-profit industry association that is a passport to property investment opportunities in AsiaPac.
Barclays ESG_Brochure_US_18_small Sustainable Investing and bond returns NOV ...Andrew Bellak
1) The document presents the findings of a study by Barclays Research into the relationship between environmental, social, and governance (ESG) factors and corporate bond portfolio performance.
2) The study found that applying a positive tilt to ESG factors resulted in a small but steady performance advantage for corporate bond portfolios, with no evidence of negative performance impact. The positive effect was strongest for governance factors.
3) The study contributes new evidence that ESG investing need not negatively impact bondholder returns and can be successfully applied to credit markets in addition to equity markets.
Environmental and Social Due Diligence ESG AssessmentsRSM GC
RSM GC Advisory Services is a leading provider of sustainability and ESG services, having completed over 500 projects globally. They offer a range of services including ESG assessments, sustainability reporting and certifications, carbon credit projects, energy audits and advisory. Their team has extensive experience across sectors and geographies. Implementing sound ESG practices provides benefits such as cost savings, risk management, and improved access to capital and markets. RSM GC aims to help clients adopt sustainable business strategies and manage ESG risks and opportunities.
What You Need to Know about Small Drinking Water Systems: Barnesnado-web
This presentation was delivered at NADO's 2018 Annual Training Conference, held in Charlotte, NC on October 13-16. For more information, visit: https://www.nado.org/events/2018-annual-training-conference/
Responsible investment & governance annual report_2010Nordea Bank
1) The document discusses Nordea's focus on responsible investment and governance. It emphasizes managing environmental, social, and governance (ESG) risks and opportunities.
2) Nordea has identified five major global megatrends that will shape business in the coming years: changing demographics, climate change, water scarcity, shortage of human capital, and increased focus on corporate governance.
3) Nordea engages with companies to improve their management of ESG issues and integrates ESG factors into the selection and monitoring of investment funds and managers.
The document discusses emerging issues around environmental, social, and governance (ESG) reporting and standards. It provides an overview of key frameworks for ESG reporting like the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and Global Reporting Initiative (GRI). It also outlines recent developments that aim to establish a comprehensive global system for ESG reporting, including the International Sustainability Standards Board (ISSB) and European Union's Corporate Sustainability Reporting Directive. The accounting profession has an important role to play in the implementation of ESG standards and providing assurance on ESG reports.
ERM partnered with a range of leading experts and institutions in June 2019 to bring the latest ESG and sustainability information to the Asian markets. Partners in this tour included, the Stock Exchange of Thailand (SET); Hong Kong Stock Exchange (HKEX); Bloomberg; Citi; Robeco; The Economist; and CDP.
Connecticut Green Bank Stakeholder Webinar Quarter 4 FY17RudySturkCGB
Connecticut Green Bank Stakeholder Webinar Quarter 4 FY17 (presented Aug. 8, 2017) featuring CEO and President Bryan Garcia. A video of the presentation is also available on ctgreenbank.com.
BNP Paribas Asset Management takes corporate sustainability into account in its investment decisions through a comprehensive approach that includes:
1) Integrating environmental, social and governance (ESG) factors into investment analysis and decisions across all strategies.
2) Conducting in-depth ESG research on over 11,500 companies, including quantitative scoring and qualitative analysis of material sustainability issues.
3) Engaging with companies through voting and stewardship to encourage sustainable practices and better ESG performance over the long term.
4) Taking a forward-looking perspective by monitoring portfolio alignment with global sustainability goals and climate scenarios.
The document provides an overview of key statistics and results from GRESB 2020. Participation in GRESB increased by 22% worldwide and 24% in Europe, with over 1,200 participants representing $4.8 trillion in assets. The 2020 assessment included changes such as removing some indicators, reweighting components, adding new indicators on health/well-being and grievance mechanisms, and led to net ESG improvements. Going forward, GRESB aims to strengthen governance, increase industry collaboration, define performance metrics, and integrate climate risk and resilience into future assessments.
The document provides guidance for companies listed on Nasdaq Nordic exchanges on reporting environmental, social and governance (ESG) metrics. It recommends a set of 11 ESG metrics that are most material for investors based on their prevalence in reporting frameworks, potential to impact company performance, and practicality for companies to report. The suggested metrics cover topics like greenhouse gas emissions, energy use, water and waste management, diversity and pay equity, and business ethics. Companies are encouraged to publicly report on these metrics and engage with stakeholders to improve access to capital, profitability, risk management and reputation. Overall the guidance aims to help companies meet growing investor demand for ESG data and contribute to sustainable development.
Richard Habrukowich - leadership energy & environmenal designkuwaitinsulation
Sustainability involves balancing environmental, social and economic needs for current and future generations. LEED is a green building certification program run by USBGC that has four certification levels. The 2011 Green Building Smart Market Report found that the top 10 countries for LEED registrations and certifications were led by the United States. Two new Middle Eastern hospitals, the Cleveland Clinic Abu Dhabi and Arzanah Medical Complex, are pursuing LEED Gold certification for their sustainable features like recycled water use and solar energy that reduce annual energy costs by over 40-50%. Sustainable Return on Investment (SROI) is an analysis that assigns monetary value to environmental and social impacts not captured by traditional financial analysis to better understand project trade-offs
This document summarizes an energy efficiency program between Origin Energy and Low Carbon Australia that provides on-bill financing for commercial and industrial customers to implement energy efficiency projects. The program offers end-to-end project support including audits, financing from Low Carbon Australia, repayment through utility bills, and guaranteed energy savings. It aims to make energy efficiency investments more accessible and reduce risks for customers. Initial results found that on-bill financing with guaranteed savings addressed key barriers to energy efficiency adoption.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Energy Efficiency and Household Behavior: The Rebound Effect in the Residenti...nilskok
This document summarizes a study that examines the rebound effect for residential heating in the Netherlands. The study uses a large panel dataset containing actual gas consumption and predicted consumption based on dwelling characteristics for over 500,000 dwellings from 2008-2011. It finds an average rebound effect of 27% for homeowners and 41% for tenants, meaning improved efficiency leads to increased heating consumption that offsets about a quarter to over a third of expected energy savings. The rebound effect is found to vary based on household income and wealth, with higher income households exhibiting a larger rebound.
Commercial Building Electricity Consumption: The Role of Structure Quality, M...nilskok
This document summarizes a study on carbon emissions from the commercial building sector in the United States. It finds that 74% of US electricity is used in the real estate sector, with 40% generated from coal and 29% from natural gas. The study examines factors that influence electricity consumption in commercial buildings, including construction characteristics, tenant behavior/incentives, human capital, and macroeconomic conditions. Regression analysis of a large dataset finds relationships between electricity use and building age, quality, lease terms, occupancy rates, climate, and management practices. Younger, higher-quality buildings and those with incentives for tenants to conserve energy use less electricity. The findings suggest electricity consumption from commercial buildings will significantly increase in coming decades, making this an
Environmental Performance and the Cost of Capital: Evidence from REIT Bonds ...nilskok
The real estate sector is responsible for a significant greenhouse gas externality, which has prompted interest from policy makers, as well as the emergence of voluntary disclosure standards. As opposed to general concerns about the potentially negative impact of “sustainability” programs and initiatives on corporate financial performance, energy efficiency measures may lead to significant returns in the real estate sector. This paper investigates the relation between real estate sustainability and the cost of the debt. Using a sample of REITs, we investigate both corporate-level debt, as well as commercial mortgages to finance individual buildings. The results show that the degree to which REITs invest in efficient buildings is positively related to the quality of their credit ratings, and it is also associated with a significantly lower spread. The relation persists at the level of individual buildings and their mortgages: environmentally-certified buildings are financed at significantly lower spread, varying between 30 and 60 basis points, depending on the specification.
The Value of Green Labels in the California Housing Marketnilskok
The residential sector accounts for 33 percent of electricity consumption in the U.S., with a total expenditure of $166 billion in 2010. Increasing the energy efficiency of the durable housing stock can thus provide significant cost savings for consumers. One promising trend is the rise of homes labeled by a third party as “green” or energy efficient. The modeled energy consumption of such homes is substantially lower as compared to conventional homes of the same vintage. This paper provides the first systematic evidence on the effects of providing information about the energy efficiency and “sustainability” of structures in affecting consumer choice. We conduct a hedonic pricing analysis of all single-family home sales in California over the time period 2007 to 2012, documenting that homes labeled with Energy Star, LEED or Greenpoint Rated, transact for a premium of nine percent relative to otherwise comparable, non-labeled homes. Given the large size of this effect, we explore its robustness and examine a number of different hypotheses, focusing on recovering heterogeneous effects. The results show that both environmental ideology and local climatic conditions play a role in explaining the variation in the green premium across geographies.
Studies have repeatedly shown that green buildings out perform their peers with respect to rent, sale price, and other financial performance metrics. Investors have taken notice, and they are looking for the tools and information needed to guide investments in green. This expert panel will introduce cutting-edge research and new tools to help understand the financial performance of green buildings as individual assets and as part of real estate investment trusts and mortgage-based securities. This exceptional group will provide state-of-the-art insights into the present and future of green building finance.
This document summarizes research on the economic impacts of green building certification. The research analyzes data on over 28,000 office buildings, including 3,000 with Energy Star or LEED certification. The key findings are:
1) Green-certified buildings have 2-6% higher rents, 6-8% higher effective rents, and 11-13% higher sale prices compared to similar conventional buildings.
2) The rental and value premiums are directly related to characteristics measured by LEED and Energy Star like energy efficiency. Higher LEED certification scores and greater energy cost savings correspond to larger premiums.
3) During the 2007-2009 economic downturn, green-certified buildings experienced smaller declines
Jantzi Rea Lpac Cdn Comm Re Sustainability Performance Report 17 Feb10jj_di
This document provides an assessment of the environmental, social, and governance performance of major Canadian commercial real estate companies. It finds that while companies are demonstrating strong social performance, environmental performance is lagging, particularly regarding operations and supply chain management. Sustainability governance is also limited, with room for improvement in areas like reporting, transparency, and public policy engagement. Overall the sector is not yet on par with international best practices. The report provides recommendations to leverage sustainability drivers like green building and help close these performance gaps.
This document discusses sustainability in real estate. It notes that successful real estate leaders must address occupier needs like efficient space use and lower energy costs. Sustainability in real estate is driven by factors like resource scarcity, cost increases, government incentives, and market expectations. Surveys found most property owners and managers consider sustainability during acquisitions and believe there is a value difference between sustainable and non-sustainable buildings. Implementing sustainability can provide cost savings, revenue increases, and higher valuations. Guidelines recommend making sustainability an integral part of business through a triple bottom line approach. Financial performance of sustainability measures can be evaluated using metrics like annual savings, project costs, ROI, IRR, and NPV.
Presentation by Vittorio Lusvarghi, chair of the Professional Accountants in Business Committee Sustainability Task Force, at the Institute of Cost Accountants of India's National Cost Convention, New Delhi, India, March 2012.
Vestas is a leading wind turbine manufacturer that has installed over 40,000 wind turbines worldwide, accounting for one-third of all turbines. A single Vestas V90 3.0 MW turbine can become carbon neutral after only 7 months of energy production and saves 130,000 tons of CO2 over its lifetime. Wind power consumes very little water, using an average of only 1,000 litres of water per megawatt-hour of energy produced, making it more sustainable than other sources of energy.
Our recent survey of 200 mid-market businesses examines the extent to which sustainability issues are integrated into a company's DNA, embedded in its business model and reported on as such. Our report, 'Sustainable Businesses- Navigating towards a more sustainable future', examines these issues. This report is an insightful background into the sustainability challenges faced by businesses today.
The document discusses Interface's experience engaging employees on sustainability. It provides examples of approaches that have been effective, such as showing visible leadership from the CEO, giving sustainability status in the company, and targeting communications to specific employee groups. It also discusses making people accountable, investing in employee training, and allowing employees to develop innovative sustainability solutions. The overall message is that an authentic and targeted approach that empowers employees can help embed sustainability within a business.
Embedding Sustainability: From rules to reasons and consciousnessPaul Gibbons
How do you embed sustainability in businesses? A presentation on linking the best behavioral change methods to sustainability to bring about the required transformation in mindsets, attitudes and actions.
From Paul Gibbons, Chairman and Founder, Future Considerations
and Mark Wade, Future Considerations Director, and former Sustainability Director at Shell
This document discusses translating sustainability into action plans for rural areas through a case project called "Garden of Metropolises". It argues that re-regionalization through local renewable energy and food production can help revitalize rural areas by reducing transportation needs, empowering citizens, and lowering dependence on global volatility. While regionalization does not guarantee sustainability, the document claims it provides a better path by fostering local entrepreneurship, rural-urban partnerships, and minimizing resource usage through short supply chains.
Vestas aims to address sustainability challenges like climate change and resource scarcity through their approach of producing renewable energy products from wind turbines. They focus on reducing environmental impacts throughout the lifecycle of their turbines from manufacturing to operation. By the end of 2008, all of Vestas' production sites were ISO 14001 certified and their wind turbines are 80% recyclable with no water or CO2 emissions during operation, helping to reduce pressure on natural resources.
The document discusses integrating corporate social responsibility and mission-driven leadership into business strategies and operations. It argues that ethical leadership can build trust, inspire employees, attract talent, and shift companies to prioritize sustainability. The document provides frameworks for aligning policies, processes, and tasks with a company's mission through knowledge management, internal audits, and removing barriers to mission-focused work. It references resources from Ceres on their roadmap for sustainability reporting and performance standards.
2017 GRESB Real Estate Results - North AmericaGRESB
2017 GRESB Real Estate Results presentation for Europe, presented on 19 September in New York, hosted by J.P. Morgan Asset Management
CBRE: Slide 29
GRESB Health & Well-being: Slide 39
S&P Dow Jones Indices: Slide 53
This document discusses green buildings and their role in addressing climate change. It notes that buildings account for 40% of global energy emissions and that green buildings can help reduce this footprint through efficient design and construction. It then provides an overview of green building certification systems like LEED and BREEAM, and explains how these systems evaluate various sustainability factors. Finally, it outlines the financial and environmental benefits associated with green buildings.
This report summarizes Brookfield Office Properties' corporate social responsibility initiatives to reduce environmental impact and promote sustainability. It provides details on Brookfield's commitments to principles like energy efficiency, green building standards (LEED, Green Star), and reducing carbon emissions. Specific properties mentioned achieved various certifications for their sustainability and energy performance. Brookfield has expanded programs for alternative transportation and electric vehicle charging. The report demonstrates Brookfield's global leadership in sustainability through initiatives to lower environmental impact at its properties worldwide.
Presentation at Citi-SGX-REITAS REITs Sponsors ForumKeppelCorporation
Keppel Capital is an integrated asset management platform within the Keppel Group. It has over S$42 billion in assets under management across real estate, infrastructure, data centers, and alternative assets. Keppel Capital leverages the strengths of its parent company Keppel Corporation, including development, engineering, and operating capabilities, to provide sustainable urbanization solutions globally with a local execution approach. It is committed to environmental stewardship, responsible business practices, and uplifting communities as part of its sustainability strategy.
BNIM presented their qualifications and approach for designing the new LPL Financial campus. Their team has extensive experience with sustainable and high-performance buildings, including numerous LEED Platinum and net-zero projects. BNIM uses an integrated design process involving all stakeholders to establish goals and priorities. Their approach includes gathering input through surveys, interviews and workshops to understand user needs, benchmarking other successful workplaces, and refining the program and massing concepts through an iterative design process.
This document provides an introduction to green building and green building rating systems. It discusses fundamental concepts of green building design and sustainability such as optimizing energy efficiency, conserving natural resources, and providing healthier indoor spaces. It also describes various green building rating systems including LEED, GRIHA, IGBC, and their components and benefits. Key organizations that promote green building in India like TERI, BEE, USGBC and GBCI are explained. Finally, an assignment is given to students to conduct a case study on a LEED and GRIHA certified building with details on rating, location, design features, materials, water and waste management.
GRESB assesses and benchmarks the environmental, social, and governance (ESG) performance of real asset investments, providing standardized data to capital markets. It represents over $4 trillion in real asset value through the participation of over 100 investor members and the assessment of hundreds of assets and funds. GRESB helps investors integrate ESG factors into investment decisions and engage with general partners and asset managers.
For more information contact: emailus@marcusevans.com
Dr. James Gifford, who is the PRI Executive Director gave his presentation titled "Bridging the Gaps: ESG Integration Across the Whole Pension Portfolio" at the European Pensions & Investments Summit on 16, May 2012.
Join the 2015 Summit along with leading regional pension investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today.
For more information contact: emailus@marcusevans.com
This document provides an ESG report from ADF Asset Management for the year 2020. It discusses ADF's approach to ESG integration, including establishing ESG principles and policies. The report is organized into three sections - "The Net Zero Transition", "Our People", and "Ethics and Governance Matter". For the Net Zero Transition, ADF discusses reducing carbon emissions, using sustainable materials, and preparing for the transition to a net zero economy. For Our People, ADF focuses on diversity and inclusion, employee development and health and safety. For Ethics and Governance, ADF emphasizes its commitment to strong governance, ethics and transparency.
Keppel Capital's Presentation Slides for REITs Symposium in SingaporeKeppelCorporation
This document provides an overview of Keppel Capital's real estate investment trust (REIT) and business trust offerings. It summarizes Keppel Capital's four REITs and one business trust: Keppel REIT is a diversified Pan-Asian commercial REIT with assets in Singapore, Australia, South Korea, and soon in Sydney. Keppel DC REIT is the first pure-play data center REIT listed in Asia. Keppel Pacific Oak US REIT owns office assets in key US technology markets. Keppel Infrastructure Trust has a portfolio of infrastructure assets in Singapore and overseas. The document highlights the ESG commitments and performance of the trusts and provides key financial details for the first quarter of
Sustainable Finance Industry Guide
This industry guide provides information about sustainable finance in the built environment in Australia. It is designed to support investor understanding of Australia’s world-class rating tools and standards, and how these can be applied to direct more capital towards sustainable finance for our built environment. Included are insights that reflect lessons learnt when using a rating scheme to establish an investment framework, conduct
due diligence or report on an issuance.
February 24, 2021
The second in a series of 3 webinars on ESG and the 2021 GRESB Real Estate Assessment.
This instalment looks at establishing the GRESB Performance Component and how to measure what matters. Ethan Gilbert, ESG Program Manager from Prologis, GRESB leader in LatAm in 2020, talks about initiatives undertaken at Prologis.
This event was supported by AMPIP, the Mexican Association of Industrial Parks, SUMe Sustentabilidad para México A.C., EDGE, an innovation of IFC, Green Building Council Costa Rica, Green Building Council Peru, Green Group Sustainability Consulting, Ambito Arquitectura y Sostenibilidad, Colombia Green Building Council, El Salvador Green Building Council, Green Building Council Brasil, and Green Building Council Chile.
New Home Construction Green Ratings Systemswtdurkin
This document compares the LEED and Green Point Rated systems for rating "green" construction of new single family homes. Both systems award points across various categories like energy efficiency, water conservation, and indoor air quality. They differ in scope, with LEED applying to various building types and GPR focused on residential. GPR may award more points for elements like PV systems due to California's electricity costs and solar radiation levels. Examples from renovating a historic building to LEED Platinum standards show both systems evaluate insulation levels and HVAC systems, though LEED requirements were more complex to research.
Everyone wants to have "green buildings" that are good for the environment, community, occupants, and owner. But most organizations have a wide range of existing building vintages, limited funding, and the effort to green-up their facilities can be daunting.
This presentation outlines how developing a “Portfolio Strategy” for your organization can help you to coordinate various sustainability efforts and focus on the areas of most value to your organization. Integrating sustainability with your normal capital planning and facilities management activities is the best way to ensure steady and progressive accomplishment of your sustainability objectives.
This document provides an agenda and speaker information for a conference on smart energy on October 10, 2016. The agenda includes talks on building trust, smart buildings, smart networks, smart energy management, smart cities, energy optimization, and smart data. Speakers are listed from various organizations including Saint-Gobain, Legal & General Property, Trilliant, Verco, C40 Cities Climate Leadership Group, and EY. The document also includes brief summaries of some of the speaker presentations, focusing on topics like smart metering, smart benchmarking, smart energy management strategies, and overcoming barriers to energy efficiency financing.
The SEC has proposed new rules to standardize and enhance climate-related disclosures for public companies. Key elements of the proposal include:
- Requiring governance, strategy, risk management, and targets disclosures around climate-related issues.
- Mandating financial statement metrics on the impact of severe weather events and the transition to a lower-carbon economy if such impacts exceed 1% of the relevant line item.
- Specifying greenhouse gas emissions disclosure of Scope 1, 2 and material Scope 3 emissions over time, starting with limited assurance and progressing to reasonable assurance.
- Placing most climate disclosures in a new section before the Management Discussion and Analysis rather than within the financial statements themselves. A
The document presents Climate Neutral Investments Ltd., a company that provides a climate neutral investing approach. It discusses socially responsible investing and outlines Climate Neutral's concept of researching portfolio carbon emissions and offsetting them through purchasing carbon credits from certified emission reduction projects. The company aims to neutralize the greenhouse gas emissions of investment portfolios while achieving traditional financial returns and positive social and environmental impacts.
Turner Construction has been a leader in sustainable construction since 1998. In 2004, Turner created a multi-faceted green building program with goals such as requiring all new offices be LEED certified, doubling the number of LEED Accredited Professionals on staff, and implementing a construction waste recycling program. By 2006, Turner had more than doubled the number of green projects from 85 to 195, increased LEED certified projects to 34 and registered projects to 65, and expanded LEED Accredited Professionals on staff to over 250. Turner continues to raise standards by requiring a LEED Accredited Professional on every green project, LEED training for subcontractors, and designing future offices to be LEED certified while measuring and reducing
Similar to Sustainability in Real Estate Investments - CERES conference 2013, San Francisco (20)
GRESB Infrastructure Release - London Sept 7, 2015nilskok
Infrastructure is a growing priority globally due to the need for standardized and harmonized systems to improve efficiency and quality. Measuring and benchmarking infrastructure performance will lead to better environmental, social, and governance outcomes. Joining GRESB Infrastructure can help pioneer a global standard for infrastructure and facilitate its role as a long-term asset class through commitments of capital, data, and benchmarking of enterprise, portfolio, and asset-level infrastructure performance over time.
La pandemia de COVID-19 ha tenido un impacto significativo en la economía mundial. Muchos países experimentaron fuertes caídas en el PIB y aumentos en el desempleo en 2020. A medida que se implementan las vacunas, se espera que la actividad económica se recupere en 2021 aunque el panorama sigue siendo incierto.
Maastricht University’s Green Building Adoption Index is the first study to quantify the relevance of green building practices in the commercial real estate market. Based on EPA Energy Star and USGBC LEED statistical data from 2005 through 2013 the study examines more than 34,000 buildings totaling more than 3.5 billion square feet in the top 30 U.S. markets. The resulting evidence shows that green has become mainstream in the majority of U.S. cities.
This webinar provides an overview of the 2014 GRESB Survey, the Survey Portal, and the submission process.
This slidedeck is also available as a webinar: http://vimeo.com/92213288
The document summarizes the results of the 2013 GRESB survey. It finds that overall energy consumption decreased 4.8% from 2011-2012. Dutch participants outperformed European averages, with a 3% reduction in energy consumption. The Netherlands had high rates of sustainability monitoring and policies, explaining their larger impact. However, there remains potential for increased stakeholder engagement in the Netherlands.
The document summarizes a webinar about the 2013 GRESB survey. It discusses what's new at GRESB, the 2013 timeline, how to use the respondent portal to complete the survey, the scoring methodology, and survey results. Participants can measure their sustainability performance against peers, benchmark performance, and use results to improve sustainability. GRESB collects and analyzes data to evaluate sustainability best practices in real estate.
A Primer On: Finance, Sustainability, and Buildingsnilskok
This presentation provides an overview of academic evidence on the "economics of green building," including research studies in the US and Europe, covering commercial as well as residential real estate. The slides also cover the implications of energy efficiency for REITs and their investors, with insight into the Global Real Estate Sustainability Benchmark (GRESB).
Portfolio Greenness and the Financial Performance of REITsnilskok
There is an increasing body of evidence on the financial performance of “green” commercial properties, but not much is known about the implications of investments in such buildings for property companies. This paper investigates the effects of the energy efficiency and sustainability of commercial properties on the operating and stock performance of a sample of US REITs, providing insight into the net benefits of “green” buildings. We match data on LEED and Energy Star certified buildings with detailed information on REIT portfolios and calculate the share of “green” properties for each REIT over the 2000-2011 period. In order to control for the endogeneity between environmental and financial performance, we use two instrumental variables – locational greenness and local environmental government policies. We estimate a two-stage regression model and document that the greenness of REITs is positively related to three measures of operating performance – return on assets, return on equity and the ratio of funds from operations to total revenue. We also document that there is no significant relationship between the greenness of property portfolios and abnormal stock returns, suggesting that stock prices already reflect the higher cash flows deriving from investments in more efficient properties. However, REITs with a higher fraction of “green” properties display lower market betas, which may be related to their reduced exposure to shocks in energy prices and environmental legislation.
Presentation on "energy literacy" of private consumers.
Paper abstract: with the residential sector accounting for some one-fifth of global energy consumption -- resulting from the requirements to heat, cool, and light residential dwellings -- energy efficiency in private dwellings has again gained interest in recent years. In this paper, we examine the importance of awareness and behavior of households with respect to their residential energy use. Using a detailed survey across 1,721 households, we measure the extent to which consumers are aware of their energy consumption and whether they have taken measures to reduce their energy bill. Our results show that “energy literacy” among respondents is low: just 56 percent of the respondents are aware of their monthly charges for energy consumption, and 60 percent appropriately evaluate investment decisions in energy efficient equipment. We document that energy literacy, consumer ideology and attitude towards energy conservation have a direct effect on behavior regarding heating and cooling of the home. The impact of the moderating factor, measured by thermostat settings, ultimately results in strong variation in the energy consumption of private consumers.
This slideshow was presented during the session "The Economics of Green Retrofits," with Nils Kok, Norm Miller and Peter Morris, at Greenbuild 2012, Toronto.
The Diffusion of Energy Efficiency in Buildingnilskok
This document summarizes research on the diffusion of energy efficiency in commercial buildings. It finds that:
1) Energy efficient technology, as measured by Energy Star and LEED certifications, has diffused rapidly in commercial buildings, reaching 30% and 11% of office space respectively.
2) The timing and growth of adoption varies significantly across markets, correlating with factors like income, energy prices, and property market conditions.
3) Dynamic regression models show adoption is higher in areas with stronger economic fundamentals like higher incomes and sound property markets. This suggests underperforming real estate markets may lag in energy efficiency.
1) The document analyzes how economic geography, jobs, and regulations impact urban land prices in the San Francisco Bay Area using a unique dataset of over 7,000 land transactions.
2) It finds that factors like proximity to jobs, topography, demographics, and restrictive land use regulations significantly influence land values and their variation within metropolitan areas.
3) Restrictive regulations, in particular, are shown to substantially increase land prices, and both economic geography and regulation directly impact single-family home prices through their effect on the cost of land.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
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3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
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The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
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Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
20. Multi-Employer Property Trust (MEPT)
§ $5.65 billion open-end commingled core real estate fund
§ 7.64% gross return since inception. Benchmark 7.01%
§ Portfolio of 136 assets (333 buildings) in 30 US markets
§ 357 pension plan investors across the U.S.
§ Leader in Responsible Property Investing (RPI)
§ 100% Union Labor for all construction
§ Leadership in LEED and EPA Energy Star Programs
§ Ranked as #1 diversified-asset fund in US by the Global
Real Estate Sustainability Benchmark (GRESB)
22. RPI Performance Impact on MEPT
Enhances portfolio income and stability
§ Superior asset operations and workplace environment retains tenants
§ Operating costs lowered by up to 30% in green buildings
§ Tax credits and reduced zoning/permitting costs
§ Higher revenue + Lower costs = Increased property income
Increases long term property values
§ Highly skilled construction labor results in better buildings
§ Investors and tenants willing to pay a premium for sustainable assets
Reduces risk for MEPT investors
§ Emerging corporate and governmental environmental policies and mandates
§ Transparent governance and reporting protects investors and trustees
§ Quarterly mark-to-market process ensure accurate asset values
23. Environmental Benchmarking Programs
US Green Building Council LEED : Leadership in Energy and
Environmental Design (LEED) is a points-based certification system for
existing buildings, tenant improvement work and new construction.
§ Currently 49 buildings representing $3.2 billion are LEED
Certified
ENERGY STAR: A joint program of the U.S. Environmental Protection
Agency (EPA) and the U.S. Department of Energy that promotes energy
efficiency to reduce greenhouse gas emissions.
§ Currently 84 buildings representing $3.2 billion are in Energy
Star
24. Responsible Contractor Policy
§ MEPT maintains a Responsible Contractor Policy
§ All work be performed by contractors signatory to a collective
bargaining agreement
§ New construction, renovation or rehabilitation, and tenant
improvements
§ Require that janitorial services be provided by signatory
contractors
25. Economic Impact Benchmarking
Econometric Modeling Methodology
Period “Green” Job Hours based on Total
Project Investment
Estimated Economic Impact
2009 5.6 million $1.1 billion
2010 2.0 million $401.6 million
2011 8.0 million $1.6 billion
2012 YTD 5.4 million $1.1 billion
TIs 1.0 million $196.7 million
Total (‘09-’12) 22.0 million $4.3 billion
Period Job Hours based on Total Project
Investment
Economic Impact
Since MEPT’s
Inception 85.0 million $17.9 billion
26. ESG Benchmarking of MEPT
§ UNPRI – MEPT is signatory to United Nations Principles
of Responsible Investment
§ MEPT scored in first quartile of global asset owners
§ GRESB – Global Real Estate Sustainability Benchmark
survey – 443 respondents with $1 trillion in real estate
§ MEPT ranked #1 diversified fund in the US
§ Energy Star Partner of the Year - Bentall Kennedy
recipient 4 years in a row
TRUSTEEINVESTOR RELATIONS INVESTMENT ADVISOR
27. Sustainability in Real Estate Investments
CERES Conference
CERES
Sustainability in Real Estate
Investments
Laurie Weir
Senior Portfolio Manager
Investment Office
CalPERS
Towards Sustainable Investment
UNEP FI Property Working Group
May 1, 2013
28. Sustainability in Real Estate Investments
CERES Conference
Why sustainable investment?
“Sustainable Investment in its simplest form is the
ability to continue, and for a long-term investor like
CalPERS with long-term liabilities, it’s at the heart of
what we do.”
12
29. Sustainability in Real Estate Investments
CERES Conference
Financial Capital
Includes equity, debt, public
and private investments
Physical Capital
Includes use of natural
resources and buildings
Human Capital
Includes labor practices
Long-term value creation
13
At the heart of sustainability
30. Sustainability in Real Estate Investments
CERES Conference
CalPERS putting principles into practice
• Environmental
– 2004 to 2009: Exceeded 20 percent energy reduction goal in
core portfolio over five-year period
– 2012: CalPERS and Core Managers join ULI Greenprint and
begin participation in its Carbon Index Report
– Most portfolio assets that are new construction are built to
LEED certification standards
14
Real Estate – ESG Integration
31. Sustainability in Real Estate Investments
CERES Conference
CalPERS putting principles into practice
• Social
– Established revised Responsible Contractor Policy and new
Neutrality Trial Responsible Contractor Policy
• Governance
– Alignment of Interests: investment contract documentation
that aligns external managers with CalPERS
– Upcoming Manager Expectations: develop a set of
expectations for internal (staff) and external managers for
ESG integration
15
Real Estate – ESG Integration
32. Sustainability in Real Estate Investments
CERES Conference
CalPERS putting principles into practice
• United Nationals Environment Programme Property Working Group
– Property investors from around the globe
– Advisory Group of experts
– Responsible Property Investment
• 30 case studies
• CalPERS Responsible Contractor Policy
– Upcoming projects
• Energy Efficiency Retrofit Finance
• Valuation
16
• Real Estate – ESG integration
50. The Townsend Group
■ The
Townsend
Group
became
a
signatory
to
the
Principles
for
Responsible
Investment
(PRI)
on
April
13,
2010
and
are
in
acDve
conversaDons
with
the
Global
Real
Estate
Sustainability
Benchmark
(GRESB)
to
collaborate
on
best
pracDces
for
measuring
the
impact
of
sustainability
on
real
estate.
■ The
Townsend
Group
integrates
an
analysis
of
ESG
issues
into
its
due
diligence
efforts
through
quarterly
monitoring
of
investment
posiDons
and
ongoing
dialogue
with
investment
managers
acDve
in
the
space.
■ ESG
acDvists
include
asset
owners
(and
many
Townsend
clients),
investment
managers
and
professional
service
partners.
• Townsend
esDmates
that
it
monitors
over
15
separate
vehicles
with
over
90
investment
posiDons
in
urban/revitalizaDon
focused
investments.
• Townsend
monitors
3
investment
posiDons
in
2
pure
“Green”
funds
and
sits
on
the
Advisory
CommiSee
of
one
Green
fund.
• Raising
awareness
has
led
to
increased
acDvity
in
this
space
since
2010,
as
denoted
by
the
number
of
signatories
to
the
UN
PRI
and
growing
parDcipaDon
in
GRESB.
34
Townsend
ESG
Overview
&
ObjecBves
UN
PRI
Signatories
(2010)
UN
PRI
Signatories
(2011)
UN
PRI
Signatories
(2013)
Asset
owners
210
241
268
Investment
managers
438
527
736
Professional
service
partners
161
152
184
Total
809
920
1188
51. The Townsend Group
■ Fiduciary
ObligaDon
• Townsend
is
not
responsible
for
making
investment
decisions
solely
based
on
ESG
iniDaDves
at
the
porolio,
investment
and/or
property
level.
However,
Townsend
believes
it
becomes
a
beSer
fiduciary
by
expanding
due
diligence
efforts
to
include
ESG
consideraDons.
■ Limited
Performance
History
• Analyzing
past
performance
remains
a
crucial
part
of
Townsend’s
underwriDng
process.
There
are
fewer
realized
exits
in
ESG
assets
and
limited
data
supporDng
the
performance
of
ESG
properDes.
Benchmarking
and
consistency
in
reporDng
pracDces
will
be
crucial
to
understanding
the
cost/benefit
analysis
for
incorporaDng
sustainability
at
the
property
level.
■ Uncontrollable
Elements
• Clients
– Client
preferences,
specific
porolio
needs
and
market
opportunity
will
conDnue
to
guide
real
estate
investment
strategies.
• Managers
– Clients
and
Consultants
will
not
directly
influence
ESG
adaptaDon
at
the
property
level,
as
discreDon
generally
lies
with
the
real
estate
managers.
• Property
Owners
– Fund
managers
may
outsource
property
management
services,
thus
limiDng
involvement
in
the
decision-‐making
process.
• Tenants
– End
users
are
not
contractually
obligated
to
adhere
to
ESG
principles,
making
it
difficult
to
control.
35
ESG
Overview
-‐
Challenges
to
Consider
52. The Townsend Group
■ Townsend
clients
are
amongst
the
signatories
to
the
UN
PRI
and
members
to
GRESB.
A
sample
list
is
below.
• Allianz
Global
Investors
France
France
• Amundi
(formerly
Crédit
Agricole
Asset
Management
Group)
France
• ATP
-‐
The
Danish
Labour
Market
Supplementary
Pension
Denmark
• CalPERS
USA
• CalSTRS
USA
• Canada
Pension
Plan
Investment
Board
Canada
• ConnecDcut
ReDrement
Plans
and
Trust
Funds
(CRPTF)
USA
• Crédit
Agricole
Assurances
France
• Government
Pension
Fund
of
Thailand
Thailand
• Hermes
Pensions
Management
UK
• Illinois
State
Board
of
Investments
USA
• Korea
NaDonal
Pension
Service
(NPS)
South
Korea
• Los
Angeles
County
Employees
ReDrement
AssociaDon
(LACERA)
USA
• New
York
City
Employees
ReDrement
System
USA
• SEIU
Pension
Plans
Master
Trust
USA
• Strathclyde
Pension
Fund
UK
• Teachers'
ReDrement
System
of
the
City
of
New
York
USA
• United
NaDons
Joint
Staff
Pension
Fund
InternaDonal
36
Examples
–
InsBtuBonal
Focus
53. The Townsend Group
■ Several
investment
managers
are
signatories
to
the
UN
PRI
and/or
report
to
GRESB,
a
sample
of
which
is
below.
• AEW
Europe
France
• BlackRock
USA
• CBRE
Investors
USA
• MulD-‐Employer
Property
Trust
USA
• Deutsche
Asset
Management
Germany
• DEXUS
Property
Group
Australia
• Hamilton
Lane
USA
• Henderson
Global
Investors
UK
• JPMorgan
Asset
Management
USA
• Kennedy
Associates
Real
Estate
Counsel,
LP
USA
• LaSalle
Investment
Management
UK
• Legg
Mason
Asset
Management
Australia
Limited
Australia
• Lend
Lease
Investment
Management
Australia
• Longview
Partners
UK
• PrudenDal
Real
Estate
Investors
USA
• Principal
Global
Investors
USA
• Schroders
UK
• Standard
Life
Investments
UK
• Stratus
Brazil
37
Examples
–
Investment
Manager
Focus
54. The Townsend Group
Sample
Ques3ons
from
Request
For
Proposal
(Winter
2013)
■ Please
describe
your
resources
relevant
to
analyzing
ESG
issues,
risks
and
opportuniDes
in
real
assets.
Please
idenDfy
any
individuals
dedicated
to
this
area
within
your
firm.
■ If
ESG
responsibiliDes
are
spread
across
the
investment
team,
discuss
your
process
for
ensuring
adequate
experDse.
Please
list
any
third-‐party
resources
you
use
to
provide
ESG
analysis
and
research.
■ What
is
your
expected
allocaDon
to
“sustainable”
funds?
What
areas
are
of
parDcular
interest?
■ Please
explain
how
you
idenDfy
suitable
sustainable/ESG-‐focused
investments.
38
UN
PRI
Overview
–
Sample
Townsend
Client
Request
for
Proposal
Property
Infrastructure
Restricted
Some
controversy,
mixed
environmental
impacts.
Investment
may
depend
on
specific
impact
and/
or
management
N/A
Not
currently
willing
to
participate
in
GRESB
• Gas
fired
power
generation
• Gas
pipelines,
distribution
• Nuclear
power
generation/
storage
• Desalination
plants
• Tidal
barrages
• Seaports
and
ferries
• Military
establishments
• Hydro
• Dams
Excluded
N/A
Not
currently
willing
to
participate
in
GRESB.
High
carbon
energy
• Coal
fired
power
generation
• Oil
pipelines
and
refineries
High
carbon
transport
• Motorways
&
service
stations
• Roads
&
road
bridges
• Airports
&
traffic
control
55. The Townsend Group
Sample
Investment
Mandate
(Fall
2010)
The
Manager
will
act
in
the
best
long-‐term
interests
of
its
beneficiaries
and
believes
that
environmental,
social,
and
corporate
governance
(“ESG”)
issues
may
affect
the
performance
of
investment
porolios.
As
one
part
of
its
responsible
investment
strategy,
the
Manager
has
signed
the
Principles
for
Responsible
Investment
("PRI").
This
is
an
industry
focused
iniDaDve
that
promotes
long
term
responsible
investment
and
share
ownership,
and
the
integraDon
of
material
ESG
issues
into
investment
analysis.
• The
Manager
intends
to
remain
an
acDve
and
engaged
member
of
the
PRI,
and
meet
its
ongoing
membership
commitments.
• The
Manager
is
willing
to
make
available
to
the
Client
on
request
a
copy
of
each
assessment
quesDonnaire
that
it
submits
to
the
PRI,
as
well
as
the
PRI's
analysis
of
its
relaDve
performance.
The
Client
may
also
request
copies
of
the
voDng
and
engagement
work
undertaken
within
the
context
of
the
PRI.
• The
Manager
will
noDfy
all
clients
if
its
intenDon
to
remain
engaged
with
PRI
changes,
for
example
if
the
PRI
materially
changes
in
a
way
it
does
not
support
and
will
fully
explain
to
clients
its
raDonale
for
withdrawing.
• The
Manager
will
report
to
the
Client
on
an
annual
basis
on
its
responsible
investment
acDviDes
and
included
therein
will
be
comments
on
such
acDviDes
which
(a)
specifically
relate
to
the
porolio
that
is
managed
on
the
Client’s
behalf
and
(b)
generally
relate
to
all
of
the
above.
This
will
be
delivered
to
the
Client
in
an
electronic
format
as
specified
by
the
Client,
within
at
least
25
Business
Days
from
the
year
end.
39
UN
PRI
Overview
–
Sample
Townsend
Client
Mandate
56. Panel
• Nils Kok, UC Berkeley/Maastricht & GRESB
• Mike Ibarra, Landon Butler & Co (MEPT)
• Laurie Weir, CalPERS
• Darryl Neate, Oxford Properties (OMERS)
• Jennifer Young, Townsend Group
40