Generic Questions Flashcards
What is sustainability?
Meeting the needs of the present without compromising the ability of future generations to meet their own needs.
What RICS Guidance is there?
- RICS Rules of Conduct 2021
- RICE Red Book Global 2024
- RICS Sustainability and ESG Guidance in Commercial Property Valuation and Strategic Advice 2021
What is RICS Sustainability and ESG Guidance in Commercial Property Valuation and Strategic Advice 2021?
It provides a useful glossary on relevant terms and factors that valuers should incorporate into valuation approaches:
- Terms of Engagement
- Valuation purpose
- Inspection
- Reporting
It also provides guidance on relevant sustainability characteristics and risks which should be kept in mind when analysing comparable information.
How does the RICS put sustainability into practice?
Following the best practice guidance, Rules of Conduct; Red Book Global (VPGA 8)
What is the NPFF doing?
National Planning policy framework in 2021 updated to address UN Sustainable development goals. It is more recently trying to meet challenges of climate change and coastal erosion.
What is an Energy Saving Opportunity scheme?
Mandatory energy assessment scheme for large UK undertakings and their corporate group employing 250 or more people, or annual turnover in excess of £44 million, and balance sheet in excess of £38 million.
What is a display energy certificate?
Required for public buildings over 250 sq.m. They display energy and carbon dioxide emissions.
What is sustainable practice?
Climate change is an issue surveyors must be aware of. Energy use is a key issue in client buildings and therefore surveyors must be aware of minimum performance standards and EPC to act in a way that reduces the effect this has.
How does your company ensure sustainable practice?
Turning off lights in rooms not used, sharing cars for site inspection, tracking and monitoring paper usage, food waste bins in kitchen, LED lights, windows and doors have double glazing.
How are developers being more sustainable?
Use of renewable materials and technologies e.g. solar, wind, biomass, heat pumps, to achieve a lower carbon emission.
How is Savills encourage sustainability?
Savills are targeting net zero by 2030, mainly operational. Influencing other industries to do the same.
What is the impact of sustainability on the lettings market?
Occupiers have their own sustainability targets, they can only meet them in sustainable buildings. Increase in competition for the most sustainable buildings creating a green premium.
How might the UK government’s proposed reforms to EPC and MEES impact commercial property owners?
Improve the accuracy and usability of EPCs, enhance data management, and strengthen compliance.
For commercial property owners, this could mean stricter reporting requirements, potential cost implications for upgrades, and a greater emphasis on energy efficiency in valuations and transactions.
