Recap | Social Synergy: Shaping up the ‘S’ in ESG with EVORA Global

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Feb 23

Insights from the Center for Active Design Experts

To kick off 2024, we got social with our industry partner EVORA Global to dive into our latest innovation — a revolutionary social solution for the real estate industry that will set the standard for ‘S’ reporting.

If you weren't able to tune in, we've compiled the key takeaways from the experts who are laying the groundwork for understanding the critical — and valuable — role that health-promoting strategies play in real estate: Grace Dickinson, MPH, MSUP, Associate Director, The Center for Active Design, and Sarah Coughlan, Director and Head of Social Wellbeing at EVORA Global.

Grace Dickinson, The Center for Active Design — **Grace Dickinson**, MPH, MSUP
Associate Director, The Center for Active Design

Sarah Coughlan, EVORA Global — **Sarah Coughlan**
Director and Head of Social Wellbeing, EVORA Global

What is the new solution and why build it now?

Grace: We are at a critical inflection point where understanding, measuring and reporting on the 'E' of ESG is well established, but there hasn't been the same standard for the 'S', resulting in inconsistent standards across different regions and building types. Our new offering aims to provide users with comprehensive data insights into their investments, such as performance comparisons and research-backed links to health and financial outcomes. We take great pride in being a data-driven and research-based organization. We have a well established history of quantifying health for the real estate industry and our expansive and growing Fitwel database of research and data from certified healthy buildings also provides a unique relative data set for users to benchmark their performance against. Our goal in developing this new standard was to pinpoint strategies within the Fitwel library — strategies that have a proven impact on public health — and better understand which of those have the highest impact on financial value. This standard and the associated Fitwel dataset will help set the bar for “Good, Better, Best” performance across the industry where it doesn’t exist today.

Sarah: Social has struggled for a long time due to a lack of realistic benchmarks. It is difficult to distinguish between good and bad practices without data to back it up. The public sector has taken the initiative in all aspects of social policy, such as the UK's Social Value Act and the government's Model Award Criteria (MAC). Investors are looking for strong benchmarks and the ability to say whether their practices are market-leading or not. Planning authorities are increasingly focused on providing a clear answer to how the built environment contributes to communities. To address this problem, the Center for Active Design, Fitwel, and EVORA Global are working together to set a global standard for social and real estate that address these issues.

What makes this solution unique in today's market?

Grace: The strategies are practical and universally-applicable to all asset types. There’s a plethora of reporting standards and frameworks on the market today, many of which focus on a specific subset of issues or geographies. Our goal is to offer something universally applicable across regions, frameworks, and building types, which is a key reason we partnered with UK-based EVORA Global. Certified Metrics [now known as Social Performance™ By Fitwel®] can also be used for both new designs and existing buildings — which is critical, as we know retrofitting has to be a part of the solution. We’re essentially providing the ability for all buildings to implement these valuable ‘S’ strategies that meet a standardized threshold of economic impact in terms of both quality and quantity of evidence, as well as strength of impact.

Sarah: This approach focuses on concrete data and business cases for doing good while driving financial outcomes, rather than proxy values, unlike social return on investment strategies (SROI), which are more familiar to UK audiences and primarily estimate a strategy’s impact on individuals and the economy. For instance, creating a new job has many financial proxy values, including government cost savings, local economy impact, and health and well-being benefits like increased confidence and self-esteem. These proxy values "monetise" the interventions' value, allowing clients to discuss how, for every pound spent on a project, they expect a three-pound social return.

The product is currently being tested by some of the most influential global real estate leaders in the industry. This initiative will be implemented in tandem with the launch of Fitwel’s v3 Standard, which places a renewed emphasis on climate change adaptation and mitigation.

Social Performance™ By Fitwel®
In collaboration with EVORA Global, a game-changing new industry tool coming in 2024.

LEARN MORE

About The Center for Active Design and Fitwel
The Center for Active Design (CfAD) is the leading non-profit organization using design to foster healthy and engaged communities. CfAD, which operates the Fitwel healthy building certification system, applies its multi-disciplinary expertise to empower decision-makers, providing publications, original research, certification, and education, all aimed at creating a healthier built environment. Fitwel is the world's leading certification system committed to building health for all®. Based on a research library of over 7,000 academic studies and articles, Fitwel is implementing a vision for a healthier future through a standard that empowers a wide range of professionals, including building owners, designers, and facility managers, to enhance occupant health and productivity through targeted improvements. Fitwel is a joint initiative of the U.S. Centers for Disease Control and Prevention and the General Services Administration. CfAD's new business unit, Adai (pronounced "a-DAY"), is charged with expanding Fitwel to the global market, administering the program while providing best-in-class customer service and technical support. centerforactivedesign.org

About Evora Global
EVORA Global is a premier sustainability advisor, providing comprehensive, industry-leading climate solutions for real asset investors. EVORA works with clients to improve their sustainability and reduce their climate risk. Its clients include many of the biggest names in global real estate, including Invesco Real Estate, Hines and M&G. The company provides consultancy services and has developed its own software, SIERA, which enables its clients to make investment decisions regarding climate change and sustainability. Founded in 2011 by Chris Bennett, Ed Gabbitas and Paul Sutcliffe, the company now has over 200 staff.  evoraglobal.com

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