TAILIEUCHUNG - SUSTAINABLE INVESTMENT IN REAL ESTATE… YOUR FIDUCIARY DUTY

As a landlord, you’re required by law to keep the property in livable condition. This includes keeping locks on the doors and windows, a roof that doesn’t leak, plus a heating system that’s in working order. And your state may have specific laws regarding repair and maintenance responsibilities. You will also no doubt want to protect your investment by keeping the property in shape. That means you’ll need to find dependable repair people you can trust to get the property ready for your first renters quickly, respond to tenant needs, and get the place ready for market again whenever tenants move out. Every day your home is. | Sustainable Investment in REAL estate. YOUR fiduciary duty UNEP FI Property Working Group October 2009 UNEP Finance Initiative Innovative financing for sustainability Sustainable Investment in real estate. your fiduciary duty EXECUTIVE SUMMARY There is a growing body of evidence which supports the case for investment in sustainable real estate. This evidence suggests that real estate with sustainable characteristics can generate superior returns or at the very least future proof your investment. Trustees and investors are increasingly acknowledging the link between environmental practice and financial returns. Political and social pressures will ensure sustainable investment in real estate remains a important issue. There are limited ways to invest in sustainable real estate products however demand for such products is growing. Therefore it is the fiduciary duty of trustees and investors to understand and consider Sustainable Investment issues when looking at investing in real estate. 2 Sustainable Investment in real estate. your fiduciary duty Introduction Real estate through its construction use and demolition is responsible for around 30-40 per cent of global carbon emissions1. Indeed the Intergovernmental Panel on Climate Change identified buildings as offering the most significant opportunity for cost-effective emissions reductions worldwide2. With real estate now a key constituent of most institutional investors portfolios at around 10 per cent of their overall assets we believe there is a very real opportunity for real estate to play a much more significant role for concerned investors wishing to support among other things a reduction in greenhouse gas emissions and a reduction in building obsolescence. This paper examines the argument that it is the fiduciary duty of trustees and investors to understand and consider Sustainable Investment SI issues when looking at investing in real estate. 1 Price et al 2006 Sectoral trends in global energy use GHG .

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