A lot of businesses and professionals struggle with building a sustainability program for their real estate portfolio. True enough, it’s no easy task. A lot of things come into play when building a full-blown program from the ground up. It requires thorough work across a span of different elements, such as technical, financial, and marketing.
We’ve rounded up all the things involved in building a successful sustainability program and created this thoughtful outline to help businesses and professionals set up and maximize their efforts.
- Build the foundation of the sustainability program.
Every successful project starts with a good foundation. Before getting started, there must be clarity on the project and the vision that the company wants to achieve. In this pre-implementation stage, the company, stakeholders, and team must come together and align with the purpose and goals of the program.
Some important things to do in the pre-project phase include:
- Building a good team – A good team serves as the backbone of the entire project. Companies should hire people who have a passion for the job and are empowered to implement the sustainability efforts expected from them.
- Aligning with members – Everyone in the company should understand the structure, goals, and purpose of the project. This helps build internal support and ensure that everyone is on the same page with regard to the sustainability project.
- Getting a data-based understanding of the project – Research can help the company set a benchmark of performance that the team can follow and stand by. Companies should build data on assets involved in the project.
- Setting goals – Everyone in the team should have a complete understanding of the project goals and work towards them.
- Staying on top of trends – As the industry changes and develops, so should the project’s plans and efforts. Stay on top of trends and adopt the latest technologies, data, and developments in the sustainability landscape to build a relevant and modern portfolio.
- Integrate sustainability from the beginning
Integrating sustainability before the project starts its gears will help ensure that everyone is aligned and working towards the common goal. This is the key to successful projects as it can help lead the team and set a performance baseline.
Integrating sustainability means that this concept should be the top of mind in every phase of the project — from construction all the way to development. Companies must adopt sustainable construction strategies, reuse, and redevelop resources to achieve sustainability in every aspect.
- Identify and maximize sustainability opportunities.
Sustainability opportunities to achieve low-cost, high-value successes exist and it’s the company’s job to find and maximize them. Sustainability leads should be working towards finding the plethora of options that can be utilized to improve environmental performance, reduce consumption, improve system efficiency, and reuse resources. As much as possible, opportunities for sustainable behaviors should be scoured and implemented to create a track record of success.
- Search for capital investment opportunities.
There is a myriad of financing opportunities for sustainable investments — sustainability leads just have to find them and identify the right financing solutions for their organization. Especially with the advent of technology, new “proptech” solutions are available to help programs achieve sustainability and efficiency. In projects like these, it’s important to assess the potential of all the financing opportunities available, from green loans to service performance contracts.
- Integrate sustainability beyond traditional operations.
Sustainability efforts should go beyond internal processes and operations. Companies should go above and beyond, accessing and engaging top suppliers, stakeholders, and third parties to drive the project forward. Understanding the value of sustainability across a broad range of operational transactions can go a long way in increasing the market uptake of the project and maximizing value.
- Track performance and improve procedures.
A sustainability project does not end after its implementation. It’s an ongoing process that requires innovation and improvement. Teams must make it a point to track performance, collect data, and create progress reports. This will help identify areas of improvement and drive progress to bring the project closer to achieving sustainability goals.
- Innovate.
Innovation should never be off the table when it comes to sustainability programs. A team’s job continues to evolve overtime, conducting new procedures and implementing strategies that will help expand the program and maximize new opportunities.
Some innovative improvements that sustainability teams should consider include:
- Pathway to achieve net zero
- On-site renewable energy opportunities
- Climate adaptation and resilience
- Health and well-being
- Embodied carbon and circular economy
- Social equity, community, and workforce development
- Biodiversity
The ability of sustainability teams to uncover opportunities, utilize technologies, and pave the way to improvement is key to a successful sustainability program. Although building it from the ground up is not an easy feat, adopting these tips can make a world of difference and help drive companies and their projects forward.
