The threat of climate change is becoming more and more apparent and its effects are felt across all industries and sectors. The real estate industry, in particular, needs to pay more attention to climate change and start taking proactive steps to address the challenges of climate change in cities and create a cooperative ecosystem for climate resilience.
Below is a framework that can serve as a guide for governments, the private sector, civic organizations, research institutions, and individuals to help build a climate-resilient city.
- Elevate resilience as a goal for all sectors and stakeholders.
To combat the effects of climate change, all relevant sectors must come together and share the common goal of improving a city’s climate resilience. While everyone has their own crucial roles to play, being aligned in terms of the goals of the project can help everyone work towards the desired results.
- Work across space, time, and organizations.
Working to build a city’s resilience requires collaboration and cooperation. Though the participating parties will have their own business goals and agendas, it’s important for each party to see beyond their own organizations and instead put things in a broad perspective.
- Leverage opportunities to enhance livability.
The goals of climate resiliency don’t only involve improving infrastructure and reducing damage to property. It also involves the bigger goal of ensuring the safety of the community and improving their quality of life.
- Provide transparency through data and knowledge sharing.
Data is a crucial source of information that can help stakeholders make informed and wise decisions on the next steps to take. Working hand in hand with other organizations, the parties must make it a point to share information and practice transparency throughout the project.
- Strive for equity, access, and inclusion.
A city is made up of different people and different social classes. Stakeholders must know and understand that their action plans should encapsulate everyone and meet the entire community’s needs. People should be given a voice to share their needs and aspirations — only then can a city truly thrive.
- Spur united action through a common narrative.
Although data is a valuable source of information for decision-making, stakeholders should not discount the community and their opinions, needs, and values. As much as possible, the public should be educated, informed, and given an opportunity to contribute to the project.
- Nurture a culture of collaboration.
Collaboration between the stakeholders is the lifeblood of the entire project. A collaborative and supportive environment must be nurtured to encourage everyone to contribute to the common goal and integrate their creative knowledge, expertise, and resources into the project.
- Embody flexibility in approaches and solutions.
Building a climate-resilient city is not an easy feat. Not all efforts will turn out to be beneficial. Hence, every solution and approach should be adaptable and flexible enough to meet different needs and overcome challenges.
- Motivate the market, spur innovation.
A vibrant real estate market can be a powerful source of change and innovation. It motivates stakeholders to respond to consumer and market demands, driving them to come up with improved solutions to achieve resilience.
- Normalize green finance to fund projects.
Climate resilience projects should be funded by green finance systems that promote environmentally-sensitive choices. Only projects that are truly green can contribute and improve climate resiliency.
The effort to build resiliency and combat the challenges of climate change can only be successful through joint effort and collaboration. The sectors and stakeholders involved can create real change that nurtures the community through adopting the right principles that consider the needs, values, and voices of the project and the people.
