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Janine Shea

So You Call This CSR? Or One of Its Many Other Names? - Forbes - 0 views

  • Sustainability, on the other hand, is the more widely term used in Europe and is also my more favored term. And it’s not my favorite one simply because I regularly take “mental vacations” and imagine myself nibbling Parisian croissants by the Seine. Rather, sustainability connotes that a company is truly incorporating social and environmental issues into its business model. CSR or CR tends to be a collection of programs that address social and environmental concerns. Sustainability, however, makes these issues a part of the company’s DNA.  And ultimately, that is what my profession is striving toward: making sustainability “business as usual.”
  •  
    Preferred term: Sustainability (vs. social responsibility, citizenship, etc.)
Janine Shea

Metrics for Responsible Property Investing: Developing and Maintaining a High Performan... - 0 views

  • To date, however, the industry has yet todevelop standards to evaluate ESG datathat compare to its traditional evaluation o portolio perormance.
  •   5 Responsible Property Investment [RPI] is anemerging investment strategy and disciplineconcerned with integrating environmental,social, and governance [ESG] data intoinvestment decision-making
  • Real estate investment plays a undamentalrole in determining how society usesresources, how the built environmentshapes social lie, how economic activitycan be sustainable over time. As an assetclass, real estate oers especially tangibledemonstrations o the importance o ESGanalysis in creating value or investors andsociety alike. We believe that a robustmetrics system can help shape the marketto better create sustainable outcomes or allstakeholders
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  •   6 Institutional real estate is in the midst o a major downturn
  • growing awareness among investorsthat environmental and social analysis canenhance their ability to assess building andportolio perormance over the long term.
  • Energyuseingreenbuildingis29to50 percent less than non-green counterparts. •Greenbuildingsuseanestimated40 percent less water. •Carbondioxideemissionsingreen buildings are reduced by 33 to 39percent. •Solidwasteattributabletogreenbuildings is reduced by 70 percent
  • In practice, these issues havebeen treated as vital by many investors – RPIoers a means to bring them together into acoherent ramework
  • SmartGrowth
  • SocialEquityandCommunity Development
  • UrbanRevitalization
  • size o the US commercial real estate marketat $5 trillion, with approximately $2.5 trillionin assets owned by institutional investors.
  • EnergyConservation
  • EnvironmentalProtection
  • WorkerWell-Being
  • HealthandSafety
  • LocalCitizenship
  • CorporateCitizenship
  • Figure 2: “Market standard” fund performance characteristics
  • The increased global and 2.2  Impacts o Sustainability on Institutional Real Estate Table 1: Sustainability Impacts on Real Estate social awareness about sustainability ingeneral has sharply impacted institutional realestate in several interrelated ways,
  • Global Reporting Initiativeand Principles or Responsible Investing
  • Ideally, a unied approach could also be takento visualizing, analyzing, and managing thedata obtained or individual metrics, buildingupon the action items mentioned aboveto create a dashboard or monitoring andimproving portolio perormance in the contexto RPI and investor and stakeholder interests.
  • The eld o RPI lacks a powerul, standardizedset o portolio-level metrics which isrecognized and used by investors andmanagers across the real estate industry,thereby dening and giving credibility to thepractice o RPI
  • CBRE Standardso Sustainability
  • we have developed a seto 26 quantitative metrics that can helpinvestors to nd, create and articulate valuethrough improving the economic, social, andenvironmental prole o their investments.
  • Thesemetrics were selected or their ability to allowreal estate proessionals to better addressrisks and identiy opportunities or long-termvalue creation.
  • Table 2: Proposed RPI Metrics
  • Measuring the walkscore or a property isa simple as putting in the address into thewalkscore calculator (www.walkscore.com)
  • the premiums suggesthigher rents, occupancy and general marketdemand or walkable properties.
  • By trackingthe ability o properties to create jobs andprovide services or underserved areas,investors can lower risks associated withregulation and community opposition as wellas setting an example o social sustainability
  • Buildings – even green buildings – oten lacka close connection to their surrounding areaand community. Developing CommunityEngagement plans on a site-by-site basisallows projects to be sensitive to the needso the citizens and areas in which they areconstructed
  • ensures that negative impacts and publicopposition to projects will be minimized.
  • These plans should also include provisionsor the public use o private space, which haswell-documented success in San Franciscoand other cities. Across a portolio, investingin projects that positively contribute to thecommunity in which they are anchoredcreates a positive image, minimizes, risk, andimproves social sustainability
  • Table 3: Portfolio Characterization
  • Several categories contain RPI metricswhich investment managers could directlytie to value either through their indication o decreased operating expenses or indirectlyaid in obtaining higher rents, lower vacancy orselling the property at a higher price. Othercategories do not link directly to asset value,rather allow the investor to property determinethe correct ESG measures which must bein place in order to achieve maximum RPIbenets
  • Prudent portolio managers will look toenter into portolio wide contracts orcommissioning, eciency, renewables, andother measures to improve perormance,and use RPI metrics to track the value o improvements portolio wide
  • Environmental metrics are perceived as havingmore direct links to value, however socialmetrics are seen as helpul in characterizingprogress on advancing the social agenda o the und, while maintaining nancial returns
  • Environmental metrics are more malleablethan social metrics—in other words, mostenvironmental metrics can be improved overtime across the portolio, whereas socialmetrics are oten determined at the point o acquisition, and remain static (walkability, CBDproperties, etc.)
  • To ensure ease o collection and interpretationo the additional data, systems should be putinto place to ensure the metrics are trackedat each property and easily aggregated to theportolio level.
  • Portolio managers, property managers,and stakeholders will be able to engage ina dialogue regarding value created acrossthe triple bottom line through responsibleinvestment practices
  • The scope o RPI is broad. It includes, orexample, “deep green” projects that ocuson poor communities or environmentallyragile areas, energy ecient buildings thatoer clear nancial advantages throughreduced operating costs, aordable housingprojects that draw upon local tax credits,and now carbon reduction projects thathedge risk and result in renewable energycerticates.
  • There are many useul sotware tools on themarket- rom EnergyStar Portolio Manager(mentioned previously) to proprietary systemssuch as Tririga (www.tririga.com). Tririgacombines portolio management tools withportal views or property managers, andacilities management unctionality. Thishelps to integrate goals and establishcommon metrics rom asset to asset
  • In a changing and volatileinvestment environment, there is a uniqueand urgent need to better understandthe benets o making a commitment toresponsible property investing. The potentialor improvements at the portolio level isgreat, with benets accruing to investors,the industry, and society as a whole, and thepotential or these considerations to improvethe industry as a whole is even greater.
  • •Long-termvaluecreationthrough increases in assessed value o property •Greatlyreducedoperatingcostsbydriving environmental metrics •Minimizationofriskinseveralkeyareas during acquisition •Improvedpublicimageandinvestor condence •Improvedrelationshipbetweeninvestors and asset managers •Increasedvisibilityandtransparency•Demonstrationofvaluesinpractice
  •   26  The benets o committing to RPI arepotentially signicant, but a lack o uniormmetrics which can be adopted industry-wide has hindered the potential impact o RPI on the real estate sector.
Janine Shea

Opinions differ on the future of sustainable investing | GreenBiz.com - 0 views

  • In an article titled "Relevance Achieved" in the fall 2012 issue of Green Money Journal, Amy Domini of Domini Social Investments commends sustainable investors for their successful campaign to pressure corporations into issuing sustainability reports. What was a rare occurrence 30 years ago is now practiced by more than 80 percent of companies, she writes.    As a result, regulators are now more willing to mandate that companies report on issues such as greenhouse gas (GHG) emissions and asset managers are increasingly considering environmental, social, and corporate governance (ESG) factors in their investment analysis. And academics are reporting more and more examples of outperformance by leading sustainable firms.  "As society sees the full cost of traditional business behavior," Domini concluded, "SRI (socially responsible investing) will be embraced as the single most important lever towards building a better world than the planet has ever seen." 
  • Contrasting the growth capitalism still dominant today with sustainable capitalism, Joe Keefe of Pax World writes, "The sustainable investment community's role is vital because the fundamental struggle is between a long-term perspective that fully integrates ESG factors into economic and investment decisions and our current paradigm which is increasingly organized around short-term trading gains as the primary driver of capital investment and economic growth regardless of consequences/externalities." 
Janine Shea

The Global Initiative for Sustainability Ratings (GISR) - 0 views

  • In this new initiative, Ceres and the Tellus Institute will partner on the Global Initiative for Sustainability Ratings (GISR) to seize an urgent opportunity to create a non-commercial, generally accepted sustainability ratings standard that meets the highest standards of technical excellence, independence and transparency.
  • The last decade has witnessed the rise of sustainability as a defining element of responsible business strategy and performance. In fact, companies like Nike, GE, Unilever, Novo Nordisk, Natura and dozens of others recognize sustainability as integral to their global competitiveness and long-term prosperity.
  • One need look no further than the BP oil spill, the collapse and taxpayer bailout of the US auto industry, and the Massey Energy mine explosion to understand why financial markets must develop better ways to assess sustainability performance.
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  • From a global perspective, the financial implications are enormous. A 2002 UNEP Finance Initiative study estimates that the cost of environmental damages of the 3,000 largest listed companies is valued at $2.15 trillion dollars and that more than 50% of company earnings are at risk owing to such damages.
Janine Shea

european smart cities - Why smart cites? - 0 views

  • cities in Europe face the challenge of combining competitiveness and sustainable urban development simultaneously.
  • This project, however, does not deal with the leading European metropolises but with medium-sized cities and their perspectives for development. Even though the vast majority of the urban population lives in such cities, the main focus of urban research tends to be on the ‘global’ metropolises. As a result, the challenges of medium-sized cities, which can be rather different, remain unexplored to a certain degree
  • Medium-sized cities, which have to cope with competition of the larger metropolises on corresponding issues, appear to be less well equipped in terms of critical mass, resources and organizing capacity.
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  • specific aims focused on shareholder interests
Janine Shea

Why scaling up sustainable urban growth is critical for the planet | GreenBiz.com - 0 views

    • Janine Shea
       
      Love this quote
  • “We cannot apply the same approach for both.”
  • As UTC’s Sisson put it, “When we see cities stepping up and making policies and strategies in support of energy efficiency, that is a clear signal to us.” He also pointed out that city visions can vary dramatically, so it’s important to understand their objectives.
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  • Like other transactional aspects of sustainability, most notably supply chain issues, getting the incentives right allows for greater transparency, better decision-making, and more “sustainable” sustainability solutions.
  • NGOs and civil society organizations can develop credible standards, decipher local issues, and create the environment that supports sustainable urban growth.
  • Business can deploy systems that address real social and environmental challenges — along with the partnership of government and civil society
  • Government policies can create income distribution, economic and social mobility, the right incentives for the private sector to invest, space for truly engaged discussion, and a commitment to longer-term sustainability strategies.
  • City-focused initiatives, lead by NGOs and the private sector, are drawing more attention to the clear opportunities, but the results are still lagging behind the pace of the growing challenges. While innovation is important for developing sustainability solutions, technologies and infrastructure systems that will help achieve sustainable growth already exist. Companies that provide infrastructure systems and components for energy, buildings, and transportation, must push fast-forward to deploy these technologies faster. They can start by collectively understanding the challenges and the role that each stakeholder sector can play in support of sustainable growth:
  • At BSR, we know that when business engages stakeholders proactively, the insights gained will lead to more informed decision-making, more valuable collaboration, and more inspired business models. The challenges are large, but the quiet and unstoppable megatrends are larger. The sooner meaningful engagement is at the forefront of the sustainable urban infrastructure agenda, the sooner we can hit fast-forward and have a chance at truly sustainable growth.
  • Per capita economic activity increases 10 percent with every 5-percentage-point increase in urban population.
  • Just like in corporations, setting goals and having a vision proves to be an essential start for cities that want to engage business. The WBCSD Urban Infrastructure Initiative (UII)
  • “Cities are looking at sustainability as their strategy,”
  • The global infrastructure and technology firm Siemens also entered the fray with its Green City Index, which ranks more than 120 global cities on a variety of environmental dimensions. Cities at the bottom have the greatest opportunities, and the ones at the top have the most lessons to offer
  • “I talk to cities about their strategy and goals just like I would with a company. City CSOs are making the same decisions as companies and have very similar challenges with internal engagement.
  • Matthew Lynch, the project lead, said one of the main success factors is the opportunity for direct and open dialogue. “The companies in the UII are engaging collaboratively with cities upstream in the planning process, demonstrating the value of the early involvement of business and showing how a multisector group of leading companies can help cities find integrated solutions to interconnected challenges,”
  • encourage the idea that it was business, not just individual companies working with cities.
  • The WBCSD expects that companies will use the landscape reports to refine their own approaches to working with these cities, targeting specific challenges and opportunities.
  • Kate Brass, GE Energy’s ecomagination program manager, said there’s a “need for better coordination and understanding among governments, industries, and NGOs so that cities holistically plan for and build the infrastructure of tomorrow rather than create an infrastructure of mismatched components and potentially stranded assets."
ccfath

Public housing looks for outside investors | Marketplace.org - 0 views

  • Thursday afternoon in Savannah, Ga., the head of the Department of Housing and Urban Development will unveil a pilot program meant to address poor maintenance conditions at public housing developments across the nation. HUD’s idea?  Let outside investors fix them up.
  • The problem: Like tens of thousands of other subsidized developments, Tobie Grant Manor falls under Section 9 of the federal housing act. Any money to fix it up has to come from the government, and HUD says it’s about $26 billion short.
  • That’s why HUD Secretary Shaun Donovan says shifting properties like Tobie Grant Manor from Section 9 to Section 8 gives more options.  
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  • Section 8 is different because it allows for private investors to front money for repairs and redevelopment. HUD then pays those developers back under a long-term contract. Donovan says the shift doesn’t cost taxpayers a penny extra.
  • In the first thirty days of the national pilot program, HUD has raised $650-million in private investments for housing authorities in 22 states.
  •  
    HUD looks to private investors for renovation and redevelopment of public housing projects.
Janine Shea

Convertible Equity, A Better Alternative To Convertible Debt? | TechCrunch - 0 views

  • TheFunded.com and the Founder Institute founder Adeo Ressi tells us that the Convertible Equity vehicle provides a fast, cheap and flexible way for angel investors to invest money in a startup, that converts to equity at the time of a future round. The point, he says, is to avoid time-consuming valuation negotiations and allowing a variable amount of capital to be raised.
  • Basically, Convertible Equity removes the repayment at maturity and interest provisions of Convertible Debt. Additionally, Convertible Equity is “equity” that may have a lower capital gains tax benefit for investors, since it is likely classified as “qualified small business stock”.
Janine Shea

Project for Public Spaces | Eleven Principles for Creating Great Community Places - 0 views

  • 11 key elements in transforming public spaces into vibrant community places,
  • identify the talents and assets within the community.
  • will help to create a sense of community ownership in the project that can be of great benefit to both the project sponsor and the community.
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  • Partners are critical to the future success and image of a public space improvement project.
  • They can be local institutions, museums, schools and others.
  • The vision needs to come out of each individual community.
  • The best spaces experiment with short term improvements that can be tested and refined over many years! Elements such as seating, outdoor cafes, public art, striping of crosswalks and pedestrian havens, community gardens
  • encountering obstacles, because no one in either the public or private sectors has the job or responsibility to “create places.”
  • Starting with small scale community-nurturing improvements can demonstrate the importance of “places” and help to overcome obstacles.
Janine Shea

Charitable remainder trusts | The University of Chicago Campaign: Inquiry and Impact - 0 views

  • If you use appreciated property to fund the trust, you avoid capital gains tax liability on the transaction, the beneficiary’s income may be taxed at ordinary and capital gains rates, and some income may be tax-free.
    • Janine Shea
       
      When is the beneficiary's income taxed at ordinary and capital gains rates VS. tax-free??!
  • the endowment may outperform other investment strategies over the long term
    • Janine Shea
       
      WHY OUTPERFORM??
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