Engaging a Consultant to Expand your ESG Footprint
In its 2023 research paper, Turning ESG Intention into Action, CREW Network found that 1 in 3 commercial real estate (CRE) professionals know very little or nothing about ESG, while a little more than half stating they knew enough to get by.1
The term ESG is often discussed, but few know how to begin a conversation or benefit from taking professional advice on the subject. Why should we be talking about ESG?
Environmental, Social, and Governance (ESG) refers to three broad categories containing multiple topics that are generally used to assess, track, and measure the sustainability of a business and its operations. The 2023 CREW Network research paper focused into the Social piece, sharing how embracing initiatives like mentorship programs and pay transparency can yield significant advantages in the industry. Here we touch on a few sustainability issues within Environmental that are worth paying attention to.
An uncertain and constantly changing regulatory landscape together with increasing requests for B2B (business-to-business) supply chain tracking warrants expertise from environmental consultants. The most common ESG advice and services offered by consultants within the CRE sector over the past year have been focused on:2
Green building certifications (LEED and BREEAM)
Energy efficiency and decarbonization
Climate risk assessment and resilience planning
ESG reporting and disclosure
Sustainable finance and green bonds
Sustainable supply chain management
Building life cycle assessments
There are many other Environmental topics beyond the above list, but an initial inquiry and conversation is always a good first step.
After engaging a consultant or two, you may want to consider the following before choosing one to work with:
Have they worked on sustainability in this industry? For competitors?
Do they have their own sustainability plan? Annual ESG/Sustainability report?
Do they have expertise that aligns with our sustainability needs?
Though the initial dive into ESG and sustainability can feel daunting, reach out to an environmental consultant when it is time to develop your sustainability plan or turn the plan into action. There is not a bad place to initiate your ESG journey.
[1] Turning ESG Intention into Action (2023) | CREW Network
[2] ESG In Commercial Real Estate: Trends And Opportunities
Kaitlin Thell Ouverson, PE
Kaitlin is a civil engineer at Geosyntec Consultants where she works on brownfield redevelopment projects and environmental solutions.
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McKenzie Pearson, EIT
McKenzie is a graduate student in Environmental Engineering at the University of Minnesota and an environmental engineering intern at Geosyntec Consultants.
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