The Royal Institute of Chartered Surveyors has launched their sustainability report for 2024, reporting the state of sustainability in the real estate sector
The RICS 2024 sustainability report shows that commitment to green building practices has been, what the report calls “lacking”, over the past 12 months.
The report also investigates barriers to adoption of sustainable practices, with high costs being cited as a particularly stubborn barrier.
Lack of incentive for sustainable practices
The report suggests that another large barrier is a lack of government incentives or policy, with 31% of respondents agreeing this is a main barrier to widespread adoption of sustainable practices in the industry.
Other factors cited as barriers are high initial costs of green building practices and high costs of sustainable materials.
Still, 22% of respondents stated that they measure biodiversity on all their projects, and a further 31% measure it in 50% of their projects. These figures are some of the highest in the world.
The RICS 2024 sustainability report recommends further action
RICS president, Tina Paillet, said: “Last year, I described the RICS Sustainability Report as a wake-up call to our industry, pointing out that our progress on sustainability was lagging behind what is required.
“Despite that, I expressed confidence that the 2050 net-zero target was still within reach, if we pursued it wholeheartedly. This year’s report, however, suggests that the level of commitment necessary to meet these goals is still lacking, presenting a mixed but underwhelming picture overall.
“Credible policy interventions are essential, and regulation remains a significant factor driving green real estate investment and shaping construction practices. RICS will continue to champion effective regulation and the adoption of common standards across jurisdictions to simplify processes, ensure a level playing field, and ultimately drive meaningful progress on climate goals.”
Senior public affairs & policy officer, Robert Toomey, said: “RICS continues to publish relevant standards related to sustainability and decarbonisation, for both our members and the wider industry.
“As such it’s positive to see the publication of the ‘Net Zero Carbon Building Standard’, which utilises our Whole Life Carbon Assessment Standard, as well as the recent launch of the Residential Retrofit Standard in October.
“However, while there have been some successes, such as increases to biodiversity measurement; overall, we are seeing a stagnation across the sector.
“The environment that our industry operates in is set to become more uncertain, with increased global political instability and continuing economic challenges. Nevertheless, a greater resolve is needed by business, government and industry to ensure these challenges are met”.
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