We tuned in last week to PropTech collectives Climate Resilience in Real Estate Webinar.
The webinar was hosted by Parul Bansal, founder of Radical Cities and Maria Andonovsky, Director of Operational Excellence at BentallGreenOak.
The main focus of the discussion was centred around the impact that the climate can have on profitability, sociability and longevity within the built environment and the importance and growing need to create safer, healthier cities.
Richard Thomas, Co-Founder of The Foresight Studio and Puninda Thind, Sustainability consultant at The Delphi Group discussed that we now need to think beyond the scope of just physical structures.
We need to start thinking about communities and the importance of social cohesion. Improving the relationships between sectors, sharing initiatives and urban regeneration.
As Puninda noted, the Real Estate industry are responsible for 1/3rd of the worlds Greenhouse emissions. A huge responsibility and pressure to change is on the industry.
But where they have really seen pressure, is from investors, who now see climate as a big risk to investments and their long-term value- making climate resiliency more important than ever.
Assessing how Real Estate owners are managing their risks is now under the microscope, and this is driving a push on becoming more sustainable.
Richard and Puninda discussed the topic of where technology plays a role in supporting sustainability.
There is a need for data driven insights with a particular focus on local climate risk data.
What is tricky, is ensuring that data is accurate and also readily available to us.
Puninda noted that a good starting point would be tracking the energy use in our buildings and referred to Four Twenty Seven, inc who map out climate risks and allow investors to use their tool to asses long-term decisions.
A perhaps slightly uplifting outcome of COVID19 is that as Puninda mentioned, it has accelerated the importance and awareness of creating sustainable cities. Space and quality of life is more important than ever in the current climate and as a result more RE owners are making changes and thinking sustainably.
There is no doubt that Climate resiliency is increasingly becoming one of the most important factors for Real estate owners and investors, its just a matter of figuring the best practice for controlling and improving it.