The ESG Social Housing Working Group
The Good Economy led the process of researching and developing the rationale and criteria behind the Sustainability Reporting Standard for Social Housing as part of a collaboration of 18 housing associations, lenders, investors and sector experts. The Good Economy also produced the final white paper report of the ESG Social Housing Working Group which has now been superseded by the new board of Sustainability for Housing Limited established in April 2021 to oversee further development of the Standard.
Sustainability Reporting Standard for Social Housing was launched on 10
November 2020 by the ESG Social Housing Working Group – a unique
collaboration of 18 housing associations, banks and investors, and other sector experts.
The working group was set up in 2019 in response to concerns ESG investment in social housing was being inhibited by the absence of a common reporting standard. As with many other sectors, there was a multitude of ESG reporting frameworks, resulting in reporting that lacked transparency, was prone to inconsistencies and was, therefore, incomparable.
The Standard is a voluntary reporting framework, covering 48 criteria across ESG considerations such as affordability, safety standards and zero carbon targets. As such, it enables housing providers to report on their ESG performance in a transparent, consistent and comparable way. This will make it easier for lenders and investors to assess the ESG performance of housing providers, identify ESG risks and opportunities to create positive social and environmental outcomes.
"We commend The Good Economy’s work to develop an evolving approach to more consistent, comparable ESG reporting. Bringing together registered providers, lenders and investors with a common approach is a big step towards providing investors with the accountability they need to unlock wider institutional investment into affordable housing."
Gordon More, Chief Investment Officer, Homes England
At the time of its launch in November 2020, 70 organisations (39 housing providers and 31 lenders/investors) committed to using the Standard. The Standard was also "endorsed" by a further 17 organisations, including the National Housing Federation, who committed to promoting its wide adoption. It has also received support from Homes England and the Regulator of Social Housing.
As well as publishing the final report of the working group, The Good
Economy also produced an initial White Paper outlining the thinking
behind a reporting standard alongside draft criteria. This was then
opened to a public consultation and feedback process resulting in more
than 400 individuals participating in the process and 53 organisations
providing invaluable feedback which was used in shaping the final
Standard launched in November 2020.
The Standard received widespread media coverage including Reuters, Bloomberg, Property Week, Inside Housing, ESG Clarity, Housing Today, IPE, ESG Today, CoStar and FT.
There is a dedicated website for the Standard at www.esgsocialhousing.co.uk.
The Equity Impact Reporting Project The Equity Impact Reporting Project The Equity Impact Project is a collaboration of high profile equity investors and others to develop a common framework to measure, manage and report on the impact of equity-based investment in social and affordable housing