Health and safety in the construction industry have come a long way in the last 100 years. Despite this, the fatal injury rate remains high, so improving it stays one of the industry's top goals with additional priorities such as focusing on environmental and governance issues.
The environmental agenda is focused on all industries, but a distinctive remark is that buildings and construction are responsible for 39% of carbon emissions globally, according to the World Green Building Council.
Effective ESG programs now underlie corporate risk management and strategic business imperatives. Additionally, stakeholders' expectations are also driving companies to develop and promote their ESG agenda, and this is no different in the real estate and construction sector.
Identifying what standards to follow, what to measure, and what metrics to collect is a challenge since there is no clarity and there are so many different entities in the ESG space that provide with complex frameworks. This is a known problem and a barrier that the industry needs to overcome.
So, what is the way to go? Setting goals, establishing what to measure, identifying metrics and ensuring that everything is done in a way that complies with the industry standards.
Understanding where your company is on the ESG maturity curve is a helpful and important step to further developing an ESG agenda.