RESPONSIBLE INVESTMENT
Our main goal is to provide our investors with long term financial returns benefits, and by definition, this means a sustainable approach to investment.
We believe that ESG factors should be at the core of our investment strategy as it has become both a compliance and financial imperative but is also simply the right approach to take.
We recognise that we have responsibilities that cut across our entire supply chain, our stakeholders, and the local communities in which we invest. For that reason, ESG factors have been imbedded in our everyday operations.
Beyond our own policies and strategy, we are also fully committed to the UN Global Compact and the Paris Agreement, the use of science-based targets (SBTi) and signatories to the Principle for Responsible Investment.
SUSTAINABILITY GOVERNANCE
Within Curlew, ESG governance resides with our Sustainability Task Force, comprised of senior executives from all departments (Investment, operations, development, sustainability, and management), reporting directly to our CEO, Paul Oliver. The mandate of the Task Force is to ensure that Curlew continuously maintains the highest possible sustainability standards and stays ahead of all legislative changes. The Task Force also reach beyond mandatory requirements to nurture a culture of sustainability that reflects Curlew’s values and strategic priorities.
ESG GOVERNANCE STRUCTURE
SUSTAINABILITY PROCESS
RISK MANAGEMENT
Our ESG Risk Framework has been developed to identify, assess and tackle potentially negative effects on our assets, our investments, our employees or our tenants. This framework applies to all of our investments and comprises the following elements:
-
Annual CRREM analysis
-
Annual WRI Aqueduct assessment
-
Physical Climate Risk Assessment (Moody’s ESG tool)
-
Annual Tenant’s Satisfaction Report
-
Annual Employee Satisfaction Report
-
Supply Chain ESG Assessment
-
Annual GRESB assessment
-
Local Communities
STEWARDSHIP
As part of our journey to become a truly sustainable company, it important that we take into consideration the impact of our supply chain and the influence we may have on our service providers, our tenants and our clients. This is why, whenever we can, we will use our influence to help improve all our stakeholders along their own sustainability journey.
2030 STRATEGY
In 2020, we have updated our materiality assessment. The results have helped in defining our new 2030 strategy around 3 key strategic priorities and 12 key performance indicators:
All these indicators have a list of sub-indicators that help us measure our performance against our targets and is reported annually in our Sustainability Report.
OUR MAIN GOALS FOR 2030:
NET ZERO
-
Reaching Net Zero Operation by 2030
-
Account for embodied emissions for all new development from 2025
-
Offset 100% of reminding emissions
-
Use 100% renewable electricity by 2025
-
Incorporate WELL standards in our Specs
-
Develop an ESG training program for all employees
-
Develop & Implement Health & Wellbeing requirements in procurement
-
Monitor and improve Health & Safety & Health & Wellbeing indicators for employees and tenants
HEALTH & WELLBEING
-
Complete ESG Risk mapping
-
Fully integrate Climate Change risks into investment decision
-
All funds to be 4 star rated on GRESB
-
Curlew to be A rated with PRI
-
Report on TCFD indicators
SUSTAINABLE INVESTMENT
POLICIES
TRANSPARENCY & REPORTING
As we are responsible for our investors’ capital, we aim to be as transparent as possible in our operations. In the same way we set up standards for our service providers, we applied the same requirements to ourselves so that our investors can be confident in the way we are managing their investment.
To that effect, we:
-
Make all our sustainability policies publicly available through this website
-
Produce quarterly financial and sustainability update report to our investors
-
Submit all our funds to GRESB
-
Publish a public Sustainability Report based on the GRI Standard CORE option
-
Produce an annual GHG inventory (part of our Sustainability Report)
-
Report on the Principle for Responsible Investment (PRI)
-
Publish a Communication on progress (COP) to the UN Global Compact
-
Report against Sustainable Development Goals
-
Use science-based targets (SBT) to set our KPIs
-
Have integrated TCFD recommendations into our reporting
POLICIES
The real estate industry has a tremendous environmental and social impact and has a clear role to play in the mitigation of environmental issues in a global context.
Our policies are designed to provide a set of tools and practices that will help us stay in line with and exceed where possible the industry’s Environmental, Social & Governance (ESG) best practices, its investors’ requirements and relevant legal requirements.
We have developed policies and procedures to follow while conducting operations:
-
Corporate Social Responsibility Policy
-
Fraud Policy
-
Environmental Policy
-
A Senior Leadership Statement
-
Sustainable Real Estate Investment Policy (SREIP)
-
Anti Bribery & Corruption Policy
-
Curlew Business Code of Conduct
-
Equality & Diversity Policy
-
Anti modern slavery & human trafficking statement
-
Stakeholder Policy
-
Service Providers Policy and Code of Conduct
-
Whistle-blower Policy
-
Health & Safety Policy
We believe that Environmental, Social and Governance (ESG) matters are essential for long-term value creation. Our ESG due diligence process allows us to integrate these issues in our investment strategy and to invest responsibly.
Curlew aims to offer superior investment returns to its investors while upholding the highest standards of integrity and acting in a way that enhances the reputation of the industry.
In keeping with our core values, we consider that investment in or from companies involved in the following industries/sectors are not in the best interest of Curlew or its stakeholders:
-
Armaments
-
Nuclear industry
-
Tobacco
-
Pornography
-
Prostitution
Investment in these sectors will therefore be prohibited to Curlew, its subsidiaries and we will not engage with Service Providers involved within these industries.
PERFORMANCE & KPIs
ENERGY
Since February 2021, we have switched our electricity procurement to 100% renewable energy. All our assets are now being supplied with electricity that only comes from solar, wind or hydro sources and can be matched to Renewable Energy Guarantee of Origin (REGO) certificates.
As part of our Energy strategy, we aim to be producing 10% of all our electricity consumption on-site by 2030
WATER
Our portfolio is comprised of either new developments or properties recently refurbished to the highest standards, and they are generally very efficient in terms of water consumption.
Nevertheless, we are doing our utmost to reduce our buildings consumption. During the period, we have installed smart water-meters in all our sites to ensure that we accurately report our water consumption. These smart meters come equipped with alarms and leak detection systems
Where data was found to be either inaccurate or missing, we used an average water consumption per bed weighted over the past 5 years. This represents about 10% of the total water consumption data.
WASTE
In 2022, our assets produced 1758 tonnes of general waste (landfill) and 1488 tonnes of recycled waste which amount to 0.8 tonnes / available bed per annum.
We have now implemented a new system to measure the waste produced in our buildings. A survey was conducted to effectively monitor the waste over a 6-week period to ensure that we had better and more accurate data. The survey will also help us to improve the waste facilities in our buildings by having the right type and right number of bins in each building.
We also provide ongoing tenant education about correct waste and recycling disposal through our “Tenant’s sustainability Guide” and in-site signage. Most of our cluster flats and studios are equipped with recycling bins to facilitate disposal.
Across our portfolio, our average waste diversion rate is approximately 53%. Although better than the UK’s average, we are doing our best to improve our diversion rate. We are, however, still very dependent on local council recycling policies. All general waste that is collected from our assets, is taken to local energy recovery facilities, which diverts from landfill.
GHG INVENTORY
To measure our performance and manage our 2030 Net Zero target, we produce an annual GHG inventory. (Full inventory available on our Sustainability Report).
We have changed our Base Year to 2019 when we set up our Net Zero Targets in line with SBTi.
