RICS announces today its commitment to taking concrete action to respond to the challenges of climate change, at a conference in New York. (17 November 2009).

As part of its Global Climate Change Strategy announced this morning at a conference entitled “How Much Value Does Green Add to a Deal”, RICS will offer advice, guidance and green standards to businesses, governments and consumers.

After signing the Communiqué on Climate* change and urging world leaders to agree on an ambitious, credible and equitable climate deal, RICS commits to taking concrete action globally to stress the value and potential of an emerging low carbon property market.

Among the key priorities of its climate change strategy RICS, with the help of its members working in all fields of the real estate sector, will:

• Provide standards, guidance and information to enable qualified professionals to understand climate change and promote best practice.
• Work towards improving and standardising sustainability measuring and reporting Continue a programme of engagement with governments across the globe in line with the priorities set out in the strategy.
• Undertake a review of sustainability competence to ensure that professionals have the skills and capacity to meet consumer demand, comply with existing and forthcoming regulation, as well as to take advantage of new markets.
• Commit to a research programme and monitor and advise on sustainability issues.
• Consult with its members on including climate change into its Royal Charter.

The initial focus of action being on buildings with other property assets following as a second stage, RICS will look at how to reduce their impact on the environment, as well as to better adapt them to the effects of climate change.

Commenting, Ursula Hartenberger, Global Head of Sustainability Policy at RICS
said:

“RICS supports the scientific evidence of climate change and the associated risks, both for the planet's ecosystems and societies. It is extremely encouraging to see the level of personal engagement and activity of both RICS members and staff in the world regions in this important field. Climate change is a global issue and as such needs to be addressed globally, but it is the local action that can make a real difference.

With the creation of new regulatory frameworks beginning to establish a market for low carbon rated property in both commercial and domestic sectors worldwide, RICS members are ideally placed to deliver practical solutions and thus claim a first mover advantage. However, any success will depend on the development of harmonised standards for measurement and further analysis of what policies are needed to create value for sustainable buildings. These two areas will be the key priorities of our work in the coming months."

John Quigley, Professor of Economics, at the University of California, Berkeley said at the launch event in New York:

“Real estate provides a tangible element of a Corporate Social Responsibility policy to stakeholders. For developers and investors, climate change has important implications. With its green strategy, RICS is ensuring that the property profession addresses these implications in a pragmatic way.”

The RICS climate change strategy will be revised regularly and an evaluation report will be published in 2010.