The global real estate market makes up70 per cent of global wealth

23 January 2014 – Brief: The United Nations Global Compact and the Royal Institution of Chartered Surveyors will jointly develop a best practice toolkit for the real estate and construction sector in a move to improve responsible business practices.

“The collaboration marks the UN Global Compact’s first initiative to address corporate sustainability in a specific sector following the recent launch of its Post-2015 Business Engagement Architecture,” a joint media statement by the two organisations said.

“The land, real estate and construction sector represents approximately 70 per cent of global wealth. It contributes around one-tenth of total global GDP and represents seven per cent of overall employment.

“The sector has substantial sustainability impacts on land development, resource use and waste generation during both the construction and occupational phases.”

The collaboration will also tackle human and labor rights issues and corruption.

Three key objectives have been identified:

  • Identify key challenges and opportunities for the land, real estate and construction sector relating to the UN Global Compact’s issue areas of human rights, labour, environment and anti-corruption, as well as broader UN goals
  • Engage UN Global Compact participants from the land, real estate and construction sector, as well as real estate users and stakeholders, to capture existing best practices and scale up sustainability initiatives
  • Develop a best practice toolkit built on the Global Compact’s ten principles to help companies in the land, real estate and construction sector and its downstream users tackle these issues and harness significant sustainability opportunities.

Additional participants will include global law firm Latham & Watkins and Karlsruhe Institute of Technology, RICS’ industry-academia partnership university.

See more on the UN Global Compact and RICS

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