MANAGEMENT / PLANNING
The United Nations Global Compact and the RICS has launched a paper , Advancing Responsible Business Practices in Land , Construction , Real Estate Use and Investment , which examines the sector ’ s impact on human rights , labour standards , the environment and anti-corruption .
The resource identifies critical issues facing the sector , examines three key real estate life cycle phases – development , use and recovery – and proposes actions for responsible business practices , illustrated by case studies from around the world .
Georg Kell , Executive Director of the
Land , Real Estate And Construction Sector Represents Up To 70 Percent Of Global Wealth
UN Global Compact , says : “ There is a tremendous opportunity for real estate to become a driving force for a more sustainable financial , economic , social and environmental system , through collaboration and collective action .”
The land , real estate and construction sector represents up to 70 percent of global wealth , contributes around one-tenth of the total global gross domestic product ( GDP ) each year and represents 7 percent of overall employment . It has a substantial impact on land development , resource use and waste generation and deals with issues related to human and labour rights in development and construction .
Sean Tompkins , Chief Executive Officer of RICS , speaking at the New York launch , says : “ Responsible action needs to become ‘ business as usual ’ within global real estate markets , driving prosperity , innovation and investment , and helping to secure vibrant and transparent markets , thriving economies , inclusive communities and a greener , healthier planet .”
Although many businesses in the sector have corporate sustainability strategies and
8 August 2015