The sustainability landscape is constantly evolving in response to our changing world. The shifts in the way we respond are influenced by a number of trends, many which are significant and relevant to the property sector.

 

While environmental changes will always drive our response, other factors can influence our approach. Increasing global regulations, market pressures and consumers are demanding action and accountability. Here, RDT Pacific Senior Sustainability Consultant, Cristina Larrea shares the top sustainability trends for 2024 and what this means for the property sector:

 

Adaptation and resilience strategies: While mitigation strategies to address climate change are still undeniably important, the physical effects are now evident and we are experiencing their potential for destruction. These effects are known as physical risks. As these risks increase, our focus switches from mitigation to the development of adaptation and resilience strategies. Adapting our built environment to the new normal means identifying and addressing risks earlier in the development lifecycle, during the planning stages. This may relate to location (e.g. flood or fire risks), extreme weather situations (e.g. high wind during storms), durability of materials, insulation and other practices to help withstand the long-term effects of climate change.

 

Integrating nature: Biodiversity and nature are increasingly important. It is critical we measure impacts and develop conservation and regeneration plans.  It can be challenging for companies to measure and disclose nature-related risks, as they have done with climate, but there is help at hand. To help integrate nature into decision-making, the Taskforce on Nature-related Financial Disclosures has released recommendations and guidance for reporting on nature impacts, which is gaining acceptance among investors, corporations and regulators.

 

Social sustainability: The social aspects of sustainability have far-reaching effects for people and business. Social sustainability addresses human wellbeing and responds to social and cultural development. It includes equity, health, wellbeing, culture and identity, and can encourage inclusion and trust. In the property sector, this means incorporating these topics as design criteria and investing in community engagement processes.

 

Supply chain due diligence: Proactively addressing the environmental and social impacts of the supply chain is crucial for risk management. The construction sector faces risks such as contamination controls, human rights, and modern slavery further down the supply chain. Identifying and controlling these risks can help suppliers adopt more responsible practices.

 

Carbon targets and scope 3 emissions: Scope 3 emissions refer to indirect emissions in a company’s value chain. Companies in the property sector are facing significant challenges in collecting data and being accountable as these emissions need to be considered in decarbonisation plans. Examples include energy consumption in leased assets, production and transportation of construction materials, and emissions associated with waste disposal. Starting with a Scope 3 materiality assessment for upstream and downstream emissions can determine which ones to include in an organisation’s carbon calculation.

 

Data collection and setting realistic targets: Accurate data collection remains a critical practice to inform decision-making and set realistic sustainability targets. Without meaningful and accurate data, the goal-setting process becomes more aspirational than tangible. The starting point for this is identifying and selecting performance metrics that encompass environmental issues and also social governance and economic indicators. Establishing a permanent monitoring process is essential to refine the data over time and determine actionable steps, to allow for the increasing demand for accountability from diverse stakeholders and prepare for future regulations.

 

RDT Pacific’s sustainability advisory services deliver better long-term outcomes for your projects, people and the environment.  As a project management partner of the New Zealand Green Building Council (NZGBC), RDT Pacific shares a commitment to promoting healthier, eco-friendly buildings that adhere to the highest sustainable design and construction standards that people are eager to be part of.