RICS: 'property industry still not measuring CO2 emissions sufficiently globally'
A significant part of the real estate sector still does not measure CO2 emissions sufficiently. One of the main barriers is the lack or unfamiliarity of established standards, guidelines and tools. To take advantage of new and emerging technologies, industry standards and tools need to be further developed, the RICS states in the Sustainability Report 2022.
Collaboration, knowledge and data sharing across the industry will be crucial. This is according to global research among 4,000 property professionals. In Q2 2022, the RICS sought the views of thousands of professionals on crucial sustainability and climate issues. Collaboration can also help overcome the barrier of a lack of existing case studies and relevant demonstration projects focused on ESG, the report states. Collaboration across the industry is necessary to set and follow global professional standards. Guidelines and tools for measuring CO2 are an important piece of the puzzle, the survey finds. Respondents point to the high cost or low availability of low-carbon materials and skills shortages as a challenge. Further research, data and knowledge sharing among stakeholders can help address this issue.
The results show that there is definitely progress, especially in the commercial real estate sector. For instance, demand for sustainable buildings continues to rise globally, but the majority of global respondents report a modest increase in demand rather than a significant increase.
The growing demand for ESG-proof buildings is affecting both rents and prices. prices, with a significant proportion of respondents stating that non-green properties are getting a brown light discount.