COMMITMENTS AT A GLANCE
At GREA we recognise that real estate development can have a significant positive or negative social and environmental impact. Our goal is to accentuate positive development impact and limit any potential negative outcomes.
Our sustainability objectives are codified in our ESG policy which compels us to integrate ESG issues into our investment process, implement ESG objectives across the company and keep the investment committee, board and stakeholders abreast of sustainability issues.
Although GREA’s sustainability policies are formulated and implemented through a top-down approach, its efficacy is embodied in each development project of the Company. In addition to in-depth impact assessment studies and engagement with local authorities and the community in which each development is located, GREA also consults extensively with its tenants on optimizing the environmental efficiency of each asset, based on client specification.
Project opportunity considerations, investment decisions and monitoring of the implementation of the projects are done in line with the Company’s ESG Policy. GREA is committed to working with like-minded development partners and, in so doing and as far as possible, disseminate the Company’s ESG approach to these partners. This includes the development of healthy buildings in line with best practice standards.
COMMUNITY ENGAGEMENT AND IMPACT ASSESSMENTS
Prior to commencing construction, GREA will engage extensively with local authorities and communities to understand and communicate the impact of the development. These engagements form part of a larger impact assessment study.
In addition to analyzing the environmental impact of a development, the study and community engagement seeks to identify the potential for new temporary and permanent jobs that will be generated through the development, potential job losses as a result of construction, possible impact on businesses and traffic flow in the node, as well as the relocation of existing businesses and support for new businesses complimentary to the node.
Emphasis is further placed on the procurement of goods and professional services from local manufacturers and suppliers as well as skills transfer.