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Getting to (Net) Zero

In June of this year, the UK became the first major economy in the world to pass laws requiring net zero greenhouse gas emissions by 2050.

‘Zero carbon’ is an ambitious challenge and one that we at EVORA Global is well-poised at untangling.  

So what do we mean by ‘zero carbon’?

Though there are two important contributors of carbon emissions in a building – embodied carbon and operational carbon – the focus of this article is on operational carbon. An operational zero carbon building is one that generates or purchases enough renewable energy to offset emissions from all energy consumption in the building over a year.


Does your project have a zero carbon goal in mind but is stymied with uncertainty of where to begin? Consider the following strategies:

Go all-electric

Going all-electric is a key to unlock zero carbon buildings – it enables the installation or purchase of renewable energy to offset the building’s total energy use.But what are the common barriers inhibiting this paradigm shift from conventional gas-fired heating to electric heat pumps?  The legacy of gas-fired heating has, in part, been enabled due to historically low natural gas prices compared to electricity.  Further, many facility management teams have inherited training to maintain conventional gas heating systems.  As a result, it has been a challenging transition for facility managers to learn to maintain newer electric heat pump systems.  

Yet times are changing.  In contrast to trends seen in previous decades, the World Bank forecasts that natural gas prices from 2020 to 2030 will steadily increase [1].  Moreover, the UK government predicts wholesale electricity prices flattening in the next decade, likely due to the concurrent greening of the electricity grid and the falling levelised cost of renewable energy [2]. Hence, an all-electric building does not solely unlock the potential for achieving zero carbon – it also minimises financial risks by reducing reliance on ever fluctuating fossil fuel commodities. 

Furthermore, legislative drivers like the UK gas heating ban for new homes by 2025 are further facilitating maturity of the electric heat pump market and improving contractor familiarity with electric heating technologies.

Deep retrofits and passive design strategies

Zero carbon buildings will require retrofits deeper than “simple lightbulb savings” and operational quick wins.

The deep retrofits required will ultimately need to include improvements to the building fabric, defined as everything that separates the interior from the exterior of the building.  To meet operational zero carbon goals, it will be necessary to consider high performance window glazing and installation of external or internal insulation to reduce heat loss through the building fabric.  A tighter building fabric will not only help reduce heat loss in the building – the overall size (capacity) of the required HVAC systems will also be smaller, garnering additional energy savings and carbon reductions. For tenants, a tighter building fabric also results in a more thermally comfortable space to work in.

As mentioned previously, HVAC systems with gas-fired heating should be retrofitted with efficient electric heat pump systems. One replacement option is a variable refrigerant flow (VRF) system that can provide heating and cooling. A VRF system is highly efficient and, with proper controls installed, can even provide simultaneous heating and cooling to different spaces. For example, if a perimeter space (say, an office receiving solar gain from the windows) requires cooling and an interior space (say, desk cubicles where the sun does not reach) requires heating, it is possible for a VRF system to capture and redirect the heat from the perimeter space to the interior space.

Additionally, lighting retrofits should extend beyond installing energy efficient LED lighting. It is recommended that spaces maximise natural daylighting opportunities by installing controls to dim or shut off artificial lighting where there is enough natural light in the space. Studies have shown that providing indoor access to daylight can improve tenant satisfaction and productivity, while also conferring health and wellbeing benefits by aligning occupant circadian rhythms with the natural day and night schedule.

Clean, renewable energy

With a highly energy efficient building in hand, the remaining carbon emissions associated with operations should be offset by carbon-free renewable energy.

Although achieving zero carbon can be achieved using either on-site or off-site renewables, it is encouraged to prioritise on-site renewable generation. 

On-site generation brings many benefits. In addition to alleviating pressure on the national grid, on-site generation also benefits tenants by providing resilience against power cuts to ensure business operations continue to run as usual.

If on-site renewable generation is not possible at the building, or is insufficient to offset the building’s operational carbon emissions, then purchasing off-site renewable energy should be considered. Power Purchase Agreements (PPAs) allow for the purchase of electricity directly from a renewable energy generator. For landlords, this provides a path to zero carbon without incurring large capital expenditures.

Zero carbon is set to be the gold standard for sustainable real estate. The EVORA Global team of experts are ready to discuss strategies to get your project on the path to zero!


[1] http://pubdocs.worldbank.org/en/598821555973008624/CMO-April-2019-Forecasts.pdf

[2] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/802478/Annex-m-price-growth-assumption_16-May-2019.ods

Climate Resilience: Why we should care

Climate Resilience has been the buzzword in the market for some time, but what does it mean and why should you care?

Climate Resilience is ‘the capacity of companies and funds to survive and thrive in the face of social and environmental shocks and stressors’ [GRESB]. By shocks, we mean short term acute events like fires and floods. Stressors are the longer-term chronic vulnerabilities such as increasing heat days and precipitation levels.


Why should we care?

The need to disclose climate resilience is not going to go away. Momentum is building globally for companies to identify, manage and disclose their climate risks and opportunities.

Investor demand

You only need to open a paper, watch the news or even look on the streets to see that climate action is gaining momentum. The public and society as a whole are becoming more literate and conscientious about the issue and this, in turn, is influencing the investment community.

As the effects of climate change on economic activity become more significant, there is increasing demand from investors, trustees and other fiduciaries for consistent, comparable, actionable information in company reports. Investors increasingly expect Boards and Executives to actively assess and respond to climate risks.

In May 2017, a shareholder resolution at Exxon Mobil called on management to produce a report detailing the implications of a 2 degree scenario and received 62% support[1]. This, along with similar results at other oil and gas companies’ AGMs, signals that the majority of investors in the world’s biggest fossil fuel producers see value in having this information. This is likely to extend to the real estate sector as the climate change agenda continues to gather momentum.

Physical risk

35% of REIT properties globally are geographically exposed to climate hazards, including inland flooding (17%), typhoons or hurricanes (12%), and coastal flooding and sea-level rise (6%)[2]. Investment managers and investors for directly held assets currently use insurance as their primary means of protection against extreme weather and climate events. However, insurance will cover damages from catastrophic events; it will not cover higher capital expenditure and operational costs and loss in value from a reduction in the asset’s liquidity.

Litigation risk

A pattern is emerging of activist shareholders filing resolutions against corporations, particularly major energy companies, demanding increased transparency surround climate change risks and company policy [Norton Rose]. For example, in Australia in 2018, 23 year old Mark McVeigh filed legal action against Retail Employees Superannuation Pty Ltd (REST), seeking information regarding what the trustees know about the impact climate change will have on its investments and what they are doing in response to this knowledge.

Fiduciary responsibility

A fiduciary duty is a requirement that informs investment and management practice in a similar manner to aspects such as costs and investment returns. A failure to take account of ESG issues could be seen as a breach of their fiduciary duties. Fiduciaries, therefore, need to show they have identified and assessed the risks to companies and to their portfolios.

Increasing disclosure on climate resilience

The driving force behind more effective disclosure in climate resilience is the TCFD – the Taskforce on Climate-related Financial Disclosure. TCFD is a global voluntary disclosure framework launched in mid-June 2017 to allow organizations to identify the climate risks and opportunities they expect to face, and ultimately to disclose the financial impact of these in their annual reports. As of May 2019, 648 organizations have shown formal support for the TCFD, including 118 asset management organizations.

TCFD is a global voluntary disclosure framework launched in mid-June 2017 to allow organizations to identify the climate risks and opportunities they expect to face, and ultimately to disclose the financial impact of these in their annual reports

Stockland an Australian Securities Exchange (ASX) 50 organization and Australia’s largest diversified property group, has been an early adopter of disclosure in alignment with the TCFD framework. Stockland has been identifying risks and opportunities relating to the impact of climate change for over a decade. The business response to these is guided by a Climate Change Adaptation Plan which is regularly reviewed, and a detailed Climate Adaptation Strategy, as well as business unit sustainability strategies. Whilst Stockland did not disclose the actual or potential financial impact of their identified climate risk and opportunities (which is of specific interest to investors), in February 2018, the organization lodged “Stockland’s Climate-related Financial Disclosures” on the ASX as part of their half-year reporting suite. This made Stockland the first Australian property company to disclose its climate risks and opportunities to the ASX in accordance with the Task Force recommendations.

In 2018 GRESB launched the Resilience Module within which the Climate Resilience Indicators are aligned to the four pillars of the TCFD framework, namely Governance, Risk Management, Strategy and Performance Metrics and Targets. The Resilience Module was unscored in 2019 but is expected to be integrated into the wider GRESB framework in 2020.

What next?

It is now widely considered industry best practice that organizations should consider climate change in the context of their strategic and operational risk management. As a first step, organizations should conduct a gap analysis against the TCFD reporting framework with a view to identifying and addressing the gaps across the Governance, Risk Management, Strategy and Performance Metrics and Targets pillars.

If you’d like to learn more, please do contact one of our experts.


This article was originally published on GRESB Insights

[1] 2 degrees of separation: Transition risk for oil & gas in a low carbon world – Carbon Tracker; UN PRI [page 11]

[2] http://427mt.com/wp-content/uploads/2018/10/ClimateRiskRealEstateBottomLine_427GeoPhy_Oct2018-4.pdf

EVORA Global announced as headline partner on Estates Gazette new Sustainability Programme

EVORA is pleased to be working in collaboration with the Estates Gazette and other industry leaders to share knowledge and key learnings about sustainability with the real estate industry.

Find out more here.

  • Read the article “How real estate is mobilised to face a real and present danger” by Chris Bennett here.
  • Listen to the podcast “Hope or fear? How the built environment needs to approach the climate change” featuring Ed Gabbitas here.
  • Listen to the podcast “Property and the climate crisis: how should real estate respond?” featuring Matthew Brundle here.

There has never been a better time to be talking about climate change and the broader sustainability agenda and Estates Gazette are ideally placed to inform the industry as a whole. Working with the Better Buildings Partnership, Hammerson and Drees & Sommer, we aim to share our wide knowledge of the industry and sustainability with the EG audience. 

Real estate is one of the biggest contributors to global warming, representing around 40% of global carbon emissions, which means it is also an industry that has the biggest opportunity to make a difference.

“We are fortunate to work with many clients who already have sustainability high up on their agenda, but we recognise the wider real estate industry still needs guidance and support. With the sustainability agenda ever evolving and climate change and net zero at the forefront of everyone’s mind, we believe it’s the ideal time to share our knowledge and expertise with a wider audience. By partnering with the Estates Gazette provides the perfect platform to share our learnings and  support the industry to rise to the challenge and tackle this issue head on.”

Chris Bennett, MD, EVORA Global

The new programme coincides with the launch of the Climate Change Commitment by the Better Buildings Partnership (BBP), which has been signed by 23 of the UK’s leading commercial property owners.

The Commitment highlights the need for buildings to be net zero carbon by 2050 and commits signatories to publicly publish their own pathways to achieving this by the end of 2020. Read the full BBP press release here.

If you would like more information about how EVORA Global can support your business in achieving its climate goals, please do contact us.

EVORA delivers £373k savings in first year of M&T module

Our SIERA Monitoring & Targeting (M&T) module had its first birthday earlier this year, so we decided to take the time to reflect back on all it has achieved in its first year.

Since the module’s release in February 2018, EVORA has begun driving energy efficiency at 51 assets across eleven clients via SIERA Energy M&T programmes. In the first twelve months, these programmes saved 4.1 million kilowatt hours of energy, equating to a cost saving of £373,00 and preventing 1,862 tonnes of carbon emissions.

The backstory

As our Managing Director Chris Bennett explains:

“We had sought an Energy Monitoring and Targeting platform to meet our specific requirements, but we struggled to identify a system that provided both the functional capability and practical approach we needed as energy consultants. Having developed our own sustainability management software, SIERA, it seemed a natural progression to develop our own M&T platform. The end product has given us the optimal tool to support in delivering energy efficiency in buildings and has gained widespread approval by the industry. At the same time, we now have an integrated sustainability and energy management platform, where one set of data both helps optimise energy efficiency, whilst feeding into external reporting requirements such as GRESB”.

Following a combined product development effort between our Consultancy and Software Development teams during 2017, EVORA began its first Monitoring & Targeting programmes in February 2018. We have since produced M&T reports in 3 languages, at a portfolio which now comprises 51 buildings; totalling approximately 6.7 million square feet. 11 clients across 6 countries are now optimising their buildings with the support of smart meter data and our expert consultants.

EVORA Global M&T statistics

How does it work?

Developed as a module within our holistic environmental data management software SIERA, M&T integrates directly with providers to pull smart meter data from the source and automatically acquire it on a real-time basis. This allows our expert consultants to feedback quickly on trends and anomalies, and to work with the site team to rectify issues and enhance performance, thereby maximising energy and cost savings.

EVORA Global M&T process
EVORA Monitoring and Targeting process

Successes

We have already seen significant improvements at a number of buildings. By deploying M&T programmes for AEW, EVORA have been able to reduce electricity consumption by 144,419 kWh at one of their largest assets in just 10 months, representing 18% of total electricity consumption and equating to savings of 41TCO2e of carbon emissions and £16k on utility costs.

Success has not only been seen on the site level; via a set of targeted M&T programmes EVORA has helped drive efficiency across whole portfolios. Working with JLL on a series of UK DWS multi-let assets, M&T programme has contributed to an approximate 8% energy saving; totalling a costsaving of £58,000.

Building Manager Emma Swan said, “EVORA’s Monitoring & Targeting Programme is working really well at 60 Queen Victoria Street, and we have already identified several improvements within the current plant setup that will help us further drive down electricity consumption and increase our overall sustainability credentials within the building. The monthly call helps to focus our attention on what changes can be easily made and the SIERA platform allows us to monitor consumption in realtime.”.

Across the clients involved in the Monitoring & Targeting programme over the first year, a total of 4.1 million kWh of energy has been saved, equating to 1,862 tonnes of CO2 and approximately £373k saving of utility costs. We’re extremely proud of the service we have been able to provide and the impact we have been able to have. We will continue to strive to improve and enhance the module to further drive efficiencies.

To find out more about M&T, contact us and one of our expert consultants will be happy to help.


Biodiversity: enhancing the built environment

EVORA support many of our real estate clients to develop sustainability strategies and management systems.  The overriding objective of approaches developed is to establish plans that help our clients understand their impacts, manage risks and, perhaps most importantly, drive performance improvement.  Often, and unsurprisingly we focus on energy, carbon, water and waste.

However, there are wider opportunities. Biodiversity can often be pushed down the agenda.  Real estate owners can develop programmes designed to positively contribute to biodiversity.  As you will see in the rest of my blog, I consider this to be very important.

So what is Biodiversity?

Biodiversity, in simple terms, means the variety of life, in all its forms and at all levels. This ranges from genes to species to ecosystems – everything that collectively forms the biological diversity on Earth.

In short, biodiversity is a good thing.  It is essential in maintaining a healthy environment and therefore, has an impact on our quality of life.

The decline of biodiversity has serious consequences and its protection and enhancement is essential if we are to achieve a sustainable future. We depend on biodiversity for food, health, natural resources and a range of ecosystem services such as air and water purification, soil fertility and plant pollination. Maintaining biodiversity is also crucial to the development and discovery of new medicines.

The variety of life, in all its forms and at all levels. This ranges from genes to species to ecosystems – everything that collectively forms the biological diversity on Earth.

Increasing urbanisation is contributing to the decline of biodiversity due to the loss and division of natural habitats. Providing opportunities for biodiversity in our built environment is one way that it can be protected and enhanced.

Development schemes can utilise a number of approaches including Biodiversity Net Gain (BNG) – a quantitative, stepwise methodology that aims to enhance biodiversity after development. However, we are increasingly being asked for advice on how Biodiversity can be implemented into strategies, by clients who manage standing investment funds.

Several BNG principles are valuable for application to existing real estate assets, notably: to achieve the best outcomes for biodiversity, to optimise sustainability and to be transparent.


Biodiversity in action

Implementation of approaches to support these aims will result in greener, more biodiverse assets that not only offer homes for wildlife but can also provide wider benefits for people, such as improved air quality and health and wellbeing. It also gives asset managers positive news stories to tell and helps to create great places for people to live and work.

[click_to_tweet tweet=”Biodiversity will result in greener assets that not only offer homes for wildlife but can also provide wider benefits for people, such as improved air quality and health and wellbeing.” quote=”Biodiversity will result in greener assets that not only offer homes for wildlife but can also provide wider benefits for people, such as improved air quality and health and wellbeing.”]

So, in simple terms, what can be done?

Real Estate Organisations can raise the profile of biodiversity within the workplace by:

  • Assessing the material risks and opportunities associated with biodiversity across portfolios;
  • Ensuring staff have understood these risks and opportunities;
  • Raise awareness amongst suppliers;
  • Implementing practical approaches – suitable for assets in question. If you are struggling to contextualise, think;
    – Green walls
    – Beehives
    – Indoor and outdoor planting regimes
    – Although many more opportunities exist
  • Report publicly on organisational performance with regards to biodiversity.

Organisations, wishing to progress further can:

  • Develop site-specific Biodiversity Strategies or Action Plans for managed assets, with the aim of achieving enhancements for selected species and/or habitats identified in the Local, Regional or National Biodiversity Action Plan;
  • Incorporate specific biodiversity objectives within asset management plans;
  • Collect biodiversity data e.g. number of plant types considered pollinators;
  • Where handing over the asset to new owners, work to “pass on” commitment to biodiversity at the asset, potentially through a handover manual;
  • Report to local authorities and, where necessary, other bodies, based on the data collected.

Finally, we positively encourage the reporting of progress, through new or existing routes – highlighting positive steps such as:

  • Measures taken to collect biodiversity information;
  • Key Performance Indicators, such as % of assets with Biodiversity Management Plan, % of direct employees with biodiversity awareness training;
  • Records of sightings of endangered/rare/protected species;
  • Reporting on habitats under threat;
  • An account of how and where operations have led to the achievement of targets in Biodiversity Action Plans;
  • Case studies to highlight what has been learnt from biodiversity mitigation and enhancement.

In short, Sustainability is not just about energy, water, waste – Biodiversity often presents an opportunity to progress significant improvements.

For more information, please don’t hesitate to get in touch.

EVORA Insights: GRESB and Data Quality

Interview with Ragnar Martens, Director IT and Analytics

With GRESB submissions now over for another year, many of us in the industry can breathe a (small) sigh of relief.

EVORA Associate Director, Nick Hogg, took some time to talk with Ragnar Martens, Director IT and Analytics at GRESB about GRESB and data quality.

With ESG influencing ever more investment decisions, it’s more important than ever that stakeholders can continue to rely on the ESG benchmarks they engage with. Listen to Ragnar’s insights on why he thinks it’s incumbent upon participants and data partners to work together to define the standards for reporting and how this could be achieved.

You can watch the full video here:

EVORA is a recognised leader in the provision of ESG strategy and professional sustainability services to the real estate investment industry across Europe.

Contact us today to discuss your sustainability needs.

EVORA Supports Moorfield to Produce its Latest CSR Report

EVORA has supported Moorfield on development and delivery of its sustainability programme for a number of years now. This is the third year we have assisted in the production of their Corporate Social Responsibility report.

Moorfield has done well over the past 12 months achieving like-for-like energy reductions of 13%, carbon reductions of 38% and increases in recycling rates to 61%. These are achievements to be celebrated and the annual CSR report is a great tool for communicating progress.

Moorfield also recognises that the response to ESG drivers must be flexible and evolve to address emerging challenges, new technologies and changing stakeholder interests. This is demonstrated by the report which covers a diverse range of aspects including green building certification; labour management; gender equality; health, wellbeing and sustainable procurement all the way through to how the company is tackling single-use plastics. The report allows all stakeholders to better understand where risks and opportunities lie and how the company is becoming more resilient to ESG risks year-on-year.

Paul Sutcliffe, Director at EVORA, states “The Moorfield Group has made significant progress with their sustainability strategy and the outcomes stated in the latest CSR report deserve recognition. It has been a true team effort, involving the Moorfield team together with its partner property managers and Project teams. EVORA is delighted to be continually involved.”

You can read the report here.

EVORA Insights: The future of GRESB and the real estate industry

Interview with Roxana Isaiu, Director Real Estate, GRESB

With GRESB submissions now over for another year, many of us in the industry can breathe a (small) sigh of relief.

EVORA Director and co-founder, Ed Gabbitas, took some time out to speak with Roxana Isaiu, Director Real Estate, GRESB to chat about the future of GRESB and what the real estate industry should be focussing on.

Listen to Roxana’s insights on what the big issues are for the industry, why a shift towards performance is going to be essential and whether GRESB should be leading the industry or just capturing what’s already been done.

You can watch the full video here:

EVORA is a recognised leader in the provision of ESG strategy and professional sustainability services to the real estate investment industry across Europe.

Contact us today to discuss your sustainability needs.

Net Zero carbon emissions by 2050: a Green Revolution

Bold Ambition? UK to Legislate 2050 Net-Zero carbon target.

Last night, Theresa May, in one of her final acts as UK Prime Minister, pledged to take on board recommendations from the Committee on Climate Change to establish a legally binding net-zero target by 2050.

The approach, proposed today (Wednesday 12 June 2019), would see the UK become the first member of the G7 group of countries to legislate for net zero emissions.

This is a bold commitment. It is a (in our view exciting) response to increased public awareness of environmental issues and the dangers faced from a ‘climate emergency’.

This follows parliament’s declaration of a climate change emergency back at the start of May and Theresa May’s determination to leave a positive legacy after she steps down from the role of Prime Minister.

Whilst this is an exciting step, there is a lot to do and 2050 is just over 30 years away.  The strategy and the means to deliver on this target is yet to be determined. Key questions include:

  • How will it be financed?
  • What technologies will be given priority?
  • And what will the role be of international carbon credits? Net Zero plans will allow the offsetting of emissions.  Control is needed to prevent and avoid loopholes

Some of the negative press about the plan focuses on cost. The Treasury has indicated that is will cost £1 trillion. However, this misses the point. Calculations don’t, for example, consider the uplift in the green economy for example. And in even simpler terms, the long term costs of not doing anything are far greater.

This is just the beginning of this new phase of tackling climate change, it isn’t a silver bullet and there is much detail to agree for an effective strategy to be set in place. Time will tell, but for now, I am going to be positive.

It really does feel like we are turning the corner.

Social Value Part 2: Five Key Challenges for Social Value in Real Estate

In 2015, the United Nations set as part of their Sustainable Development Goals (SDG) 11—[to] “Make cities inclusive, safe, resilient, and sustainable”[1].

When talking about resilient cities, most of us probably think of our physical environment, rising sea levels and thermal comfort. However, the built environment can be a great enabler of community growth and strengthening social resources.

UN Sustainable Development Goals logo  United Nations Sustainable Development Goals Goal 11

Source: United Nations Sustainable Development Goals, 2019
[SDG guidelines for use]


Social Value strategies are as important for the built environment as they are for businesses in achieving SDG 11. In this article, we discuss the five key challenges of implementing Social Value in real estate.

  1. Determining a strategy focus – A valid ‘one size fits all’ approach is non-existent in Social Value. Although there is a consensus on the wide range of factors contributing to Social Value, what may be in or out of scope at organisation or asset level should be subject to an intelligent and tailored vetting process. Focus can be determined by aligning the values of your organisation and the socio-economic needs of the area for the strategy in question.
  2. Temporality– The design phase of our built environment projects has so much scope for influencing Social Value outcomes, that this might cause clients focusing on Social Value in constructed assets to feel restricted. Whilst physical factors can be used to influence the way building users work, play and feel, there are many aspects of building management which can influence the same Social Value outcomes. Start by scoping in which outcomes you can and can’t influence, this will also help to focus on what means the most to your building’s users.
  3. Measuring outcomes – Measurement is the most commonly questioned aspect of Social Value. The response can vary largely depending on what your Social Value strategy prioritises. Whilst qualitative approaches to recording Social Value are useful in capturing full social impact, it is important to use Social Return on Investment (SROI) [ED1] to calculate numerical evidence to validate outcomes against[2]. There are a number of SROI calculation tools available to facilitate this. Research carefully which one is right for your organisation.
  4. Social Value Across Borders – Interest in Social Value is quickly becoming a concern of organisations and investors operating both inside and outside of the U.K. It’s encouraging to see businesses taking an interest in creating socio-economic benefit to society. Their interest is a testament that pursuing Social Value brings wider benefits on an organisational level. SROI requires each action to be allocated a value[3]. In the U.K, we benefit from a wealth of existing research and valuation banks. These values have been thoroughly researched, tried and tested based on regional and national socio-economic research. The next challenge is to look closer at making SROI calculation accessible through similar research outside of the U.K.
  5. Balancing commerciality with social impact – The built environment is a largely for-profit industry[4]; therefore the commercial aspect of Social Value will always be important. The key thing for clients to remember when communicating their Social Value to investors will be that the figure next to the £ sign represents value to society. Value to the investor is predominantly delivered through improvements to the assets commercial profile. The rapid development of resources to support Social Value in industries and nations further afield is active proof of its benefits.

EVORA is now supporting our clients to develop and deliver Social Value programmes.  You can read more about this topic in our blog in the article ‘What is Social Value?‘ Alternatively, please don’t hesitate to get in touch if you would like to discuss Social Value in more detail.


[1] United Nations. 2015. Sustainable development goals – United Nations. [online] United Nations Sustainable Development
[2] Watson, K. & Whitley. T, 2016. Applying Social Return on Investment (SROI) to the built environment, Building Research & Information, 45:8
[3] NEF. 2017
[4] Mulgan, G. 2010. Measuring social value. Stanford Social Innovation Review, 8(3), pp.38–43

*The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its officials or Member States.* Visit the website.

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