From Aspiration to Execution—ESG Legal Risks in the UK Real Estate Sector
ESG issues are front and centre in many sectors and many boardrooms. The UK real estate sector is no exception. Unsurprisingly, the principal focus has been on the "E", with the environmental aspects of developing and operating buildings in the United Kingdom being the most prominent. That is not to suggest that companies and investors are unconcerned by social or governance issues in the sector, but there has been much more written on the environmental impacts of the built environment. However, litigation risks, often resulting from the gap between publicly announced aspirations and actual achievements, are as relevant to the UK real estate sector as in many other sectors, such as fossil fuels or chemicals, which tend to attract more attention.
This White Paper, jointly authored by the lawyers of Jones Day and by CBRE, explores recent legal challenges to companies based on gaps between aspirations and achievements and applies them to the UK real estate sector. It also considers environmental and other ESG risks (and opportunities) in the UK real estate sector. As companies formulate their own aspirations and plans for the future, they should keep these issues in mind.
