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HONG KONG, June 24, 2015 /PRNewswire/ -- The United Nations Global Compact and RICS (Royal Institution of Chartered Surveyors) today 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.
"Advancing Responsible Business Practices in Land, Construction, Real Estate Use and Investment", has been launched in New York today and 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.
The land, real estate and construction sector represents up to 70 per cent of global wealth, contributes around one tenth of the total global gross domestic product (GDP) each year and represents 7 per cent of overall employment. The sector also has a substantial impact on land development, resource use and waste generation. There are also issues related to human and labour rights during development and construction.
"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 planet," added Sean Tompkins, Chief Executive Officer of RICS, speaking at the New York launch today.
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.
"Advancing Responsible Business Practices in Land, Construction, Real Estate Use and Investment", 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.
The resource is the result of a two-year collaboration between the UN Global Compact and RICS, a global professional body representing more than 100,000 members in 146 countries. It is a product of extensive dialogue with diverse stakeholders in the sector (see page 103 of the resource).
This is one of the UN Global Compact's first initiatives to promote responsible business that focuses exclusively on one specific economic sector.
Added Sean Tompkins: "The land, real estate and construction sector has an enormous impact on global economies, the environment and people's lives. With this resource we want to show businesses how to operate responsibly and sustainably, generating substantial social, environmental and reputational value and long term financial success in the process."
To download a free copy of 'Advancing Responsible Business Practices in Land, Construction, Real Estate Use and Investment', go to www.unglobalcompact.org or www.rics.org/responsiblebusiness. Please also find an index of case studies from around the world contained in the resource.
About the UN Global Compact:
Since its inception in 2000, the United Nations Global Compact has called on companies everywhere to voluntarily align their operations and strategies with its human rights, labour, environment and anti-corruption principles, and to take action in support of wider UN goals. By doing so, business can help work towards the vision of a sustainable and inclusive global economy that delivers lasting benefits to people, communities and markets. www.unglobalcompact.org
Additional contributions to the resource came from:
The Centre for Real Estate at the Karlsruhe Institute of Technology (KIT) and a Steering Group of sector-related representatives from Global Compact participant organisations and wider civil society. In addition, the resource was shaped via in-person workshops and online consultation with a dedicated group of RICS members and numerous other stakeholders across the globe.
About RICS
Confidence through Professional Standards
RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards -- bringing confidence to the markets we serve.
We accredit 118,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.
We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.
With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.
About RICS Asia
RICS Asia supports a network of over 20,000 individual professionals across the Asia region with an objective to help develop the land, property and construction markets in these countries, by introducing professional standards, best practice education and training. We promote RICS and our members as the natural advisors on all property matters. We also ensure that services and career development opportunities are provided to members.
RICS Asia region serves local member associations locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China, Hong Kong SAR, Taiwan and South Korea. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
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