The Property Council has launched what it claims to be the first social sustainability framework in the world, with the Collective Social Impact Framework that will allow member organisations to voluntarily report on the actions and projects they are currently undertaking and understand how to deepen ESG commitments.
The framework has been mapped against current industry standards and leading practices, including the 17 United Nations Sustainable Development Goals, WELL Building Standard, Global Real Estate Sustainability Benchmark, Green Star, and the 2020 report “A Common Language of Social Sustainability”. This allows participating organisations to utilise their current social sustainability reporting under new standards.
While participation is voluntary, participants will be able to gain recognition for exemplary practice, and benchmarking for ongoing development.
Participant information will not be rated publicly, with only aggregated and de-identified data to be made available.
“The Collective Social Impact Framework is a first step to help Australian property companies assess and measure their social impact,” Ro Coroneos, head of responsible sourcing at Lendlease and chair of the Property Council’s national social sustainability roundtable said.
“Given the increasing link between ESG initiatives and capital attraction, having a consolidated reference source for social sustainability initiatives will enable organisations to disclose their positive impact credentials more effectively.”
Tim Wheeler, Property Council sustainable policy manager, said the report was framed by the work members are doing in the space.
“Given the scale of its impact, socially, economically, and environmentally, the property industry is in a unique position to improve people’s lives.
“The Property Council and our members are determined to lead the conversation about delivering positive change through social sustainability which is why we have developed the Collective Social Impact Framework.”