The PIA consists of eight membership organisations which collectively represent the £1,662bn UK commercial property industry.
Principles have been drafted by the PIA to provide a clear direction towards achieving the best practice for everyone involved in the built environment.
The framework — which had an 18-month long consultation — is the result of an exploration of the issues affecting the whole sector, including climate change, social impact, health and wellbeing, diversity and inclusion, accountability and transparency, and data collection.
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“Now, more than ever, any business that does not recognise the crucial importance of behaving in a socially and environmentally responsible manner will not be sustainable over the long term,” said Bill Hughes, chair at the PIA and head of real assets at Legal & General Investment Management.
“Those involved with the built environment have a huge collective responsibility and opportunity to drive real change.
“This framework will support real estate market participants of all sizes in aligning their decisions with a high ESG [environmental, social and governance] standard and help them assess their businesses and progress.”