The Property Council has launched a world-first in social sustainability with the new Collective Social Impact Framework which is set to allow the property industry to measure its social impact.
The Framework will allow member organisations to voluntarily report on the actions and projects they are currently undertaking. By reporting against the Framework, which has been mapped against and linked to current industry standards and other leading practices, members can help understand how they can deepen their ESG commitments.
“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 our 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.”
The UNSDGs, WELL, GRESB, Green Star, and other industry standards have been used to map the Framework, allowing participating organisations to use their current social sustainability reporting under these standards for input into the Framework.
While participation in the Framework is voluntary, those that do so will be able to publicise their social sustainability projects, present instances of exemplary practise, and gain from benchmarking ideas for ongoing development.
The information that participating organisations contribute will not be rated publicly, with only aggregated and de-identified data to be made available.
Property Council Sustainable Policy Manager Tim Wheeler said the report was framed by the work members are doing in the space.
“The property sector is home to Australia’s largest workforce and has far-reaching and elaborate supply chains,” he said.
“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.”
The Framework builds upon the foundations of the report, A Common Language of Social Sustainability published by the Property Council in 2020.