Business Continuity ESG Blog

ESG Adoption in CRE within Emerging Markets

Written by William Tygart | 12/18/24 5:13 PM

Introduction

Environmental, Social, and Governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. ESG considers how a company performs as a steward of nature (environmental), how it manages relationships with employees, suppliers, customers, and the communities where it operates (social), and how the company is managed and controlled (governance)1. ESG is often called sustainability, which in a business context refers to how a company's business model and operations contribute to sustainable development and minimize negative impacts2. ESG is an important factor in business decisions because it helps investors create sustainable long-term value3.

ESG has become increasingly important in commercial real estate (CRE) investing in recent years due to growing interest in sustainability among investors, property owners, landlords, and tenants4. The COVID-19 pandemic, natural disasters, and social justice issues have propelled ESG into the mainstream4. In addition to these factors, the pandemic placed further pressure on CRE owners and tenants to improve sanitation, air quality, and health and safety5. In its 2023 Commercial Real Estate Outlook, Deloitte highlighted an ESG focus and the use of technology to improve efficiency and meet the changing needs of tenants and stakeholders as paramount for commercial real estate companies6.

This report examines the adoption of ESG principles in CRE in emerging markets, including the challenges and opportunities specific to those regions.

Defining ESG Principles and their Relevance to CRE

ESG represents three key areas of sustainability: environmental, social, and governance4. Environmental factors relate to a company's environmental impact, such as energy use, waste and pollution, conservation of natural resources, and treatment of animals1. Social aspects focus on employee and community health and well-being5. Governance focuses on corporate management practices and policies5.

ESG provides a framework for assessing sustainability risks and highlights opportunities to improve across a wide field of sustainable practices5. Despite a lack of universal standards for comprehensively addressing ESG issues, it is still possible to rely on frameworks and overarching fundamentals that can provide guidance5. Commercial real estate ESG holds different implications for property owners and landlords versus tenants5. For those in the real estate business, the need to imbibe ESG principles is not just a moral imperative, but also a fiduciary responsibility. With increased scrutiny on ESG, CRE stakeholders need to understand, improve, and leverage their performance on this front to drive value and stay competitive7.

The increasing focus on ESG considerations in commercial real estate has brought heightened attention to climate risk8. To effectively assess the potential impacts of climate-related natural hazards on a property, it is crucial to conduct natural hazards and climate resiliency assessments8. These assessments should consider the various types of natural hazards that may affect the property, such as flooding, sea-level rise, hurricanes, wildfires, and more8. Additionally, resiliency measures must be evaluated and implemented to protect against these hazards and reduce the potential for damage8.

The Intergovernmental Panel on Climate Change (IPCC) estimates that the real estate and construction sector accounts for 36% of global energy use and nearly 40% of energy-related carbon dioxide (CO2) emissions9. As such, integrating ESG criteria into CRE operations necessitates a concerted effort to enhance energy efficiency, reduce carbon emissions, and promote sustainable building practices9.

ESG-conscious investors are increasingly looking to allocate their capital to companies that demonstrate responsible and sustainable practices10. Corporations that prioritize real estate ESG can attract a wider pool of investors and potentially lower their cost of capital10. Demonstrating transparency in real estate practices, including property management, lease agreements, and tenant relationships, aligns with good governance principles10. Proper corporate sustainability reporting related to real estate holdings can build investor and stakeholder trust10.

Identifying Major Emerging Markets

Emerging markets are countries that are transitioning from developing to developed status. They are characterized by rapid economic growth, increasing trade volume, and foreign direct investment11. Some notable emerging market economies include India, Mexico, Russia, Iran, Saudi Arabia, China, and Brazil11. The 10 Big Emerging Markets (BEM) economies are Argentina, Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea, and Turkey12. Other major emerging markets include Egypt, Iran, Nigeria, Pakistan, Russia, Saudi Arabia, Taiwan, and Thailand12.

The seven largest emerging market economies—China, India, Brazil, Russia, Mexico, Indonesia, and Turkey—constituted more than one-quarter of global output and more than half of global output growth during 2010–1513. These emerging markets, called EM7, are also closely integrated with other countries, especially with other emerging and frontier markets13.

ESG Adoption in CRE within Emerging Markets

Environmental Initiatives

Across emerging markets, there is a growing trend of incorporating environmental considerations into CRE development and operations. This is driven by a combination of factors, including increasing awareness of climate change, stricter environmental regulations, and growing demand from investors and tenants for sustainable buildings.

Brazil: In Brazil, the focus on environmental sustainability is evident in the development of ESG-certified real estate funds, such as the one by Integral Brei for the Biotic technological park in Brasilia14. This project showcases how sustainable practices can be integrated into large-scale urban development projects.

India: The Indian real estate sector is increasingly adopting green building certifications, such as LEED and GRIHA, to demonstrate their commitment to sustainability15. These certifications encourage energy-efficient technologies, renewable energy sources, and sustainable construction materials, ultimately promoting a more eco-friendly built environment.

China: China's real estate industry is facing challenges in terms of environmental sustainability, but it is taking steps to address these challenges by developing green financial instruments, such as green loans and green bonds16. For developers, owners, and occupiers of prime real estate, sustainability is now intrinsically linked with quality16. Environmental credentials have also become a form of quality control, with many real estate players signing on to the Global Real Estate Sustainability Benchmark (GRESB)16.

South Africa: In South Africa, ESG is becoming a 'license to operate', with businesses accelerating plans to develop sustainable renewable energy and water sources in response to climate change and infrastructure challenges17. This highlights the increasing importance of environmental sustainability in the South African CRE market.

Mexico: Mexico faces specific challenges in terms of efficient water and energy management, reducing carbon footprint, and adapting to stricter environmental regulations18. The integration of green technologies and the promotion of sustainable mobility are crucial to advancing towards a more sustainable and responsible real estate market18.

Indonesia: CRE companies in Indonesia are increasingly incorporating ESG principles into their business activities to meet responsible investment standards19. This includes a focus on environmental sustainability, such as reducing energy consumption and waste generation.

Social Initiatives

Social considerations are also gaining prominence in the CRE sector within emerging markets. This includes a focus on employee well-being, community engagement, and social impact.

India: In India, the social dimension of ESG is being addressed through initiatives that enhance community well-being through technology and inclusive development15. This includes projects that promote affordable housing, access to essential services, and community development.

China: Chinese companies are increasingly incorporating social considerations into their ESG strategies. For example, China Mobile is promoting digital inclusion as part of its ESG initiatives20.

South Africa: Social governance, which includes diversity, equity, and inclusion (DEI), is a key focus area in South Africa17. Companies are implementing DEI strategies to address historical inequalities and promote social justice.

Governance Initiatives

Good governance practices are essential for ensuring transparency, accountability, and ethical conduct in the CRE sector.

Brazil: The Brazilian Association of Entities of the Financial Market (ANBIMA) has issued a set of rules and criteria to enable the proper identification of sustainable funds21. This initiative promotes transparency and helps investors identify funds that align with their ESG goals.

Russia: The Moscow Exchange (MOEX) has launched the 'Responsibility and Transparency' and 'Vector of Sustainability' indexes to promote ESG disclosure and track the progress of companies in terms of ESG performance22.

China: Chinese companies are increasingly focusing on corporate governance as part of their ESG strategies. For example, Lenovo Group is promoting sustainability in its supply chain management20.

South Africa: The Companies and Intellectual Property Commission (CIPC) has introduced mandatory ESG reporting to enhance transparency and accountability in corporate governance23.

Challenges and Opportunities for ESG Adoption in CRE

Brazil

Challenges: One of the main challenges for ESG adoption in Brazil is the lack of a centrally recognized body to set standards and provide an example for how to implement ESG into everyday practice24.

Opportunities: There is a growing awareness of ESG and its importance in the Brazilian market24. This presents an opportunity for companies to differentiate themselves by adopting and promoting ESG principles.

Russia

Challenges: ESG adoption in Russia faces challenges due to data gaps and a lack of standardized ESG reporting frameworks25.

Opportunities: There is a growing interest in non-financial reporting of public companies, which includes ESG factors26. This presents an opportunity for companies to improve their transparency and attract investors who are increasingly focused on ESG performance.

India

Challenges: One of the major hurdles in effectively implementing the ESG framework in India is the shortage of talent and expertise27.

Opportunities: The Indian government has unfolded a series of initiatives to promote energy-efficient design and sustainable habitats28. This provides an opportunity for companies to leverage these initiatives and adopt sustainable practices.

China

Challenges: A low rate of information disclosure creates difficulties for investors and asset managers to integrate ESG considerations into their investment process for Chinese firms29.

Opportunities: China has committed to achieving carbon neutrality by 2060 and is implementing significant policies to address climate change30. This presents an opportunity for companies to align their strategies with national goals and contribute to a more sustainable future.

South Africa

Challenges: Concerns about greenwashing and the lack of common ESG standards continue to pose obstacles in South Africa23.

Opportunities: ESG is becoming something of a 'license to operate' as businesses are accelerating plans to develop sustainable renewable energy and water sources17. This presents an opportunity for companies to demonstrate their commitment to sustainability and gain a competitive advantage.

Mexico

Challenges: One of the main challenges in Mexico is transparency in governance processes, as companies often do not disclose their sustainability and ESG study results31.

Opportunities: The Mexican government has created a program that offers incentives to those who build, transform, or adapt existing and/or future buildings to sustainable and energy-efficiency schemes32. This presents an opportunity for companies to leverage these incentives and adopt sustainable building practices.

Indonesia

Challenges: One of the challenges for ESG adoption in Indonesia is the lack of a common framework for ESG programs33.

Opportunities: The Indonesian government has released the Guidance for Sustainable Finance in Indonesia (TKBI) to provide a guideline for investors, developers, and stakeholders34. This presents an opportunity for companies to align their strategies with the TKBI and contribute to Indonesia's net-zero emission target by 2060.

Key Trends and Insights

Several key trends and insights emerge from the analysis of ESG adoption in CRE within emerging markets:

  • Growing Awareness and Importance of ESG: Across all the emerging markets analyzed, there is a growing awareness of ESG and its importance in the CRE sector. This is driven by a combination of factors, including increasing investor and tenant demand, stricter environmental regulations, and a growing recognition of the link between ESG and financial performance.
  • Government Support and Incentives: Governments in emerging markets are playing an active role in promoting ESG adoption in CRE. This includes introducing regulations, providing incentives, and developing frameworks to guide sustainable investment.
  • Focus on Environmental Sustainability: Environmental sustainability is a key focus area in all the markets analyzed. This includes initiatives to reduce carbon emissions, improve energy efficiency, and promote green building certifications.
  • ESG as a Competitive Advantage: Companies that prioritize ESG are gaining a competitive advantage in the CRE market. This includes attracting investors, securing tenants, and enhancing their brand reputation.
  • Challenges Remain: Despite the progress made, challenges remain in terms of data availability, standardized reporting frameworks, and the need for greater transparency in governance processes.

Potential Impact of ESG Adoption on the CRE Market

The adoption of ESG principles is expected to have a significant impact on the CRE market in emerging markets. This includes:

  • Reduced Cost of Capital: Companies with strong ESG performance can attract a wider pool of investors and potentially lower their cost of capital10. This is because ESG-conscious investors are increasingly looking to allocate their capital to companies that demonstrate responsible and sustainable practices.
  • Improved Financial Performance: Studies have shown a positive correlation between ESG scores and financial performance26. This is because companies that implement sustainable strategies often experience resource optimization, waste reduction, and supply chain improvement, which can lower costs and improve profitability.
  • Increased Asset Value: ESG factors can contribute to increased asset value by enhancing a property's appeal to tenants and investors16. Sustainable buildings are often more desirable due to their lower operating costs, healthier indoor environments, and positive environmental impact.
  • Enhanced Resilience: ESG considerations can help CRE assets become more resilient to climate-related risks and other challenges8. This includes incorporating climate resiliency measures into building design and operations.
  • Greater Transparency and Accountability: ESG reporting promotes greater transparency and accountability in the CRE sector10. This can help build trust with investors, tenants, and other stakeholders.

Role of Government Regulations and Incentives

Governments in emerging markets are playing a crucial role in promoting ESG adoption in CRE through a combination of regulations and incentives.

Brazil

  • Regulations: The Brazilian government has implemented several measures to stimulate good environmental, social, and governance (ESG) practices36. This includes regulations that promote sustainable practices in public procurement and encourage companies to disclose ESG information.
  • Incentives: The BNDES Program to Incentivize the Reduction of CO2 Emissions in the Fuel Sector (BNDES RenovaBio) provides loans to biofuel-producing companies to encourage them to improve their energy-environmental efficiency36. The government also offers lines of credit for building renovations and new constructions that incorporate environmental efficiency principles and reduce power consumption37.

Russia

  • Regulations: The Russian government has adopted the Decree of the Russian Government No. 1587 dated 21 September 2021, which establishes the basis for ESG projects in Russia38. This decree sets out criteria for projects to be recognized as ESG projects and provides a framework for sustainable development.
  • Incentives: The government is considering tax incentives in connection with the implementation of climate projects and the circulation of carbon units39.

India

  • Regulations: The Securities and Exchange Board of India (SEBI) requires business responsibility and sustainability reporting by certain categories of listed entities40. This includes the new business responsibility and sustainability report (BRSR), which captures non-financial performance across ESG factors.
  • Incentives: The Indian government has launched the Green credit program to incentivize individuals, industries, and communities to adopt eco-friendly practices41. This program offers financial incentives for those taking positive environmental actions.

China

  • Regulations: The Chinese government is implementing several measures to advance ESG practices, including the draft Corporate Sustainability Disclosure Standards – General Guidelines for comment42. These guidelines provide a framework for corporate ESG reporting and promote greater transparency.
  • Incentives: The government offers a preferential corporate income tax (CIT) incentive for companies investing in digital and intelligent transformations of certain types of equipment related to energy and water conservation, environmental protection, and safe production43.

South Africa

  • Regulations: The South African government has introduced mandatory ESG reporting alongside XBRL filing44. This framework aims to elevate transparency and accountability in corporate governance.
  • Incentives: The government has introduced an augmented and accelerated capital expenditure deduction for the cost of constructing renewable energy infrastructure45. This provides an opportunity for companies to undertake reportable ESG initiatives and simultaneously enjoy a reduction in tax costs.

Mexico

  • Regulations: Mexico has published its first Sustainable Taxonomy, which provides a classification system for sustainable economic activities46. This taxonomy helps guide investment towards projects that contribute to social and environmental goals.
  • Incentives: The government offers tax benefits to taxpayers who are domiciled and carry out productive economic activities within specific locations designated as "Welfare Development Corridors." 47

Indonesia

  • Regulations: The Indonesian government has released the Guidance for Sustainable Finance in Indonesia (TKBI) to provide a guideline for investors, developers, and stakeholders34. This guidance aims to increase capital allocation and sustainable financing to support Indonesia's net-zero emission target by 2060.
  • Incentives: The new government intends to establish a green fund, raising capital through the production and sale of nature-based carbon removal credits to invest in more green projects48.

Conclusion

ESG is rapidly gaining traction in the CRE sector within emerging markets. While challenges remain, the opportunities for sustainable and responsible investment are significant. Governments and businesses are increasingly recognizing the importance of ESG and are taking steps to promote its adoption. As the CRE market continues to evolve, ESG is likely to play an even greater role in shaping investment decisions and driving sustainable development.

The analysis presented in this report highlights several key trends and insights, including the growing awareness and importance of ESG, the active role of governments in promoting ESG adoption, the focus on environmental sustainability, and the emergence of ESG as a competitive advantage. However, challenges remain in terms of data availability, standardized reporting frameworks, and the need for greater transparency in governance processes.

The adoption of ESG principles is expected to have a significant impact on the CRE market in emerging markets, including reducing the cost of capital, improving financial performance, increasing asset value, enhancing resilience, and promoting greater transparency and accountability.

To further promote sustainable and responsible investment in CRE within emerging markets, businesses and governments should:

  • Develop standardized ESG reporting frameworks: This will help ensure consistency and comparability of ESG data, making it easier for investors and other stakeholders to assess ESG performance.
  • Improve data availability and quality: Access to reliable and high-quality ESG data is essential for informed decision-making.
  • Promote transparency in governance processes: Companies should be transparent about their ESG practices and disclose relevant information to stakeholders.
  • Provide incentives for ESG adoption: Governments can incentivize ESG adoption through tax breaks, subsidies, and other financial support mechanisms.
  • Foster collaboration and knowledge sharing: Collaboration between businesses, governments, and other stakeholders is crucial for driving ESG adoption and achieving sustainable development goals.

By taking these steps, emerging markets can unlock the full potential of ESG in the CRE sector and contribute to a more sustainable and prosperous future.

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