2024 Winter Issue of Urban Land - 13

myriad tools already on
the market to support
decarbonization.
3. Complying with an evolving
regulatory landscape. This
year, real estate stakeholders
everywhere are confronting
major changes in sustainability
reporting frameworks. In the
past, firms primarily reported
their sustainability performance
and environmental impacts
on a voluntary basis. However,
a rush of new policies and
financial rules are making
these disclosures mandatory
and establishing systematic
methods for transparently
reporting on ESG performance.
Whether they are responding
to the Corporate Sustainability
Reporting Directive (CSRD)
in Europe, the International
Sustainability Standards
Board's inaugural sustainability
disclosure standards (IFRS S1
and S2), or local policies at
the city (e.g, Local Law 97
in New York) and state level
(e.g., updates to CALGreen
that address embodied
carbon in California), real
estate companies are quickly
adapting to an evolving
regulatory landscape that
emphasizes transparency.
4. Prioritizing resilience as
extreme weather intensifies.
As extreme weather events
increase in frequency and
severity, real estate leaders
across the globe are
ramping up efforts to better
understand and mitigate the
impact of climate-related
hazards on assets. In particular,
the resilience of the utility grid
is a growing area of concern
as weather events diminish
reliability at the same time as
the industry's electrification is
increasing demand. Real estate
leaders are exploring onsite
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URBAN LAND
13
renewables, battery storage,
and a range of other solutions
to support energy resilience in
light of these challenges.
5. Approaching sustainability
holistically. Emerging pressures
from investors and tenants
alike are driving real estate
firms to think holistically about
sustainability and integrate
human health and nature, in
addition to climate, in their
efforts. There is growing
recognition that health and
the environment are two
sides of the same coin, and
that investing in one will
often result in co-benefits
for the other. Real estate
leaders that embrace this
interconnectedness and build
spaces that are good for
people, communities, and the
planet are better positioned
for success in 2024 and
beyond.
In the words of one
Global Sustainability Outlook
participant, " we are in the age
of actioning decarbonization. "
With these five issues on the
rise in 2024, the real estate
and land use industry must
prioritize rapid action to meet
the urgency of the moment
and increase momentum
toward a sustainable future.
VICTORIA OESTREICH is a senior
manager at ULI, where she supports
programming and research focused on the
intersections of sustainability, health equity,
and the built environment.
KARA KOKERNAK is asenior director
with the Urban Land Institute.
merging pressures from
investors and tenants alike
are driving real estate firms
to think holistically about
sustainability and integrate
human health and nature,
in addition to climate, in
their efforts.
DEVELOPMENTS
SHUTTERS T OCK
2024 Winter Issue of Urban Land

Table of Contents for the Digital Edition of 2024 Winter Issue of Urban Land
