The PIA sets out framework to advance businesses' practices in real estate sector

The Property Industry Alliance (PIA) has published a framework which aims to advance the social, environmental and economic benefits of responsible business practices across the real estate sector.

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.

“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.”

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