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Aug 05, 2024
New standard would help classify ESG due diligence assessments
ASTM International’s Environmental assessment, risk management and corrective action committee (E50) is developing a proposed standard that will be used to help classify environmental, social, and governance (ESG) assessments for commercial real estate transactions. The proposed standard (WK91751) will focus on environmental disclosure but also aim to standardize social and governance due diligence for commercial real estate transactions, incorporating cost-benefit evaluations and outlining risk evaluation metrics used by various stakeholders.
Emmanuel Hales, an ASTM member working on the proposed standard, explained that this guide will outline the level of assessment and structure of ESG reporting that can be formatted to fit within the due diligence for organizations.
According to Hales, the proposed standard will aid in bridging the fragmented ESG due diligence in commercial real estate. The commercial real estate landscape will be strengthened through improved transparency and comparability, reduced disclosure challenges, enhanced decision-making, facilitated cost-benefit analysis, and further alignment with market trends.
Commercial real estate professionals, lenders and financial institutions, insurance companies, investors, sustainability professionals, and ESG consultants could utilize the guide to aid in providing a framework for conducting and reporting ESG due diligence in commercial real estate transactions.
Hale continued that, “This guide will serve as a valuable resource for all parties involved in commercial real estate transactions, promoting a more informed and responsible approach to ESG considerations.”
Media Inquiries: Gavin O’Reilly, tel +1.610.832.9618; goreilly@astm.org
Committee Contact: Molly Lynyak, tel +1 610.832.9743; mlynyak@astm.org
Release #11883
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