Socially Responsible Investment - Oxford Institute for Sustainable

Transcription

Urban Regeneration & Social
Sustainability Workshop
“The Igloo Model & Roath Basin”
Mark Hallett
Igloo Regeneration
Socially Responsible Investment
Investment Policy
We invest to create well designed, mixeduse, sustainable urban neighbourhoods on
the edges of the UK’s top 20 city centres.
17 criteria across 4
themes
– Regeneration
– Environmental
E i
t l
– Urban Design
- Health, Happiness &
Wellbeing
Igloo SRI Advisory Committee
Sir Jonathon Porritt CBE
Founder Director Forum for the Future
Chair Sustainable Development Commission
George Ferguson
Past President
RIBA
Prof Anne Power
Dept Social Policy
LSE
Paul King
Chief Executive
Green Building Council
Making a Difference in the
Mainstream
1. Drivers;
2. Blockers;
3. Money;
Mainstream
1. Drivers
Stern Review:
Climate Change
Economic costs of inaction >> costs action
Taking action therefore 'pro growth' option in long term
￫ 'De-carbonise'
'D
b i ' economy!!
1. carbon pricing
2. promote behavioural change
3. technology policy
￬
low-carbon
low
carbon =
energy efficiency & renewables
Drivers (2):
Kyoto - ￬ CO2 emissions 12.5% (1990) by 2008-12
UK Government goal - ￬ CO2 20% by 2010
Energy White Paper - ￬ CO2 60% by 2050
Building Regulations (Part L)
PPS22 Renewable Energy (2004)
Drivers (2):
GLA Energy Strategy - 10% on-site
on site renewables
“Merton Rule” ￫ 10% on-site CO2 reduction
North Devon ￫ 15%, Kirklees MBC ￫ 30% etc...
BREEAM / EcoHomes
Fuel / Electricity price
Grid connection / Security of supply
Branding
Consumer preference!
Technologies:
g
Solar thermal
Photovoltaic (pv)
Ground source heat pump
Wind
Hydro
CHP (Cogeneration)
Biomass
Wave / Geothermal / Fuel cell
Energy from waste (not domestic incineration!)
Planning
a
g Policy:
o cy
PPS 22 Renewable Energy
+ Companion Guide
RSS
SS / LDD guidance
Material planning consideration
LAs can set targets for on-site
on site
renewables for residential,
commercial and industrial developments.
“LAs and developers to consider opportunities for
renewables in all new developments.
LPA
LPAs
t
to
specifically
ifi ll
encourage through
th
h positively
iti l
expressed policies in LDDs” - Paragraph 8
Mainstream
2. Blockers
CABE Space
BO01 Malmo
“Mutual
Mutual public & private goals
goals”
CABE Space
Paying for Parks
1.
2.
3.
4.
5
5.
6.
7.
8.
Traditional local authority funding;
Multi-agency
Multi
agency public sector funding;
Taxation initiatives;
Planning and development opportunities;
Bonds and commercial finance;
Income-generating opportunities;
Endowments;
Voluntary and community sector involvement
BO01 Malmo
BO01,
•
•
•
•
•
•
•
•
•
•
•
50 species of native herbs;
climbing plants;
green roofs;
A bird box for every flat;
food for birds;
Bat boxes;
A habitat for insects;
Nectar giving vegetation;
1 m2 pond for every 5 m2 sealed area in the courtyard;
y
amphibian
p
habitats;;
Courtyard
Section of courtyard as natural greenspace
UK p
public sector land sales restricted
by “Best Consideration” rules
Government Accounting
Accounting,
Green Book,
Financial Memoranda:
www.government-accounting.gov.uk
The General Disposal
p
Consent 2003 circular:
www.communities.gov.uk
“A p
piecemeal
ece ea app
approach
oac risks
s s
mediocrity and regeneration failure”
Mainstream
1. Drivers;
2. Blockers;
3. Money
Impacts on Real Estate - Unlocking Future Value
•Current market conditions have led to falling returns;
•Challenging investment environments can lead to greater
g those from sustainability;
y
focus on investment risks, including
•Investment returns from commercial real estate are a function
of rental income and capital value and both could be influenced
by regulatory drivers and changes in occupier demand related
to sustainability.
GREEN VALUE
www.rics.org/greenvalue
Green Value can:
•Be quicker to secure tenants
•Command higher rents or prices
•Enjoy
E j llower ttenantt tturnover
•Cost less to operate and maintain
GREEN VALUE
www.rics.org/greenvalue
G
Green
Value
V l can:
•Attract grants and subsidies
•Improve productivity for occupants,
affecting
g churn and fit out costs
•Benefit occupants to an extent that may
exceed asset value
Impacts on Real Estate – Research Data:
RICS & University of Reading
•11%
11% rental
t l premium
i
and
d 31% sale
l price
i premium
i
for
f LEED
buildings compared to non-certified buildings.
•Influenced by:
•green funds chasing rarely available assets?
•small sample size of certified buildings that have actually
transacted?
•business rates relief (of up to 50%) for certified buildings?
Impacts on Real Estate – Research Data:
Maastricht University & University of California
•Offices
Offi
with
ith ‘green
‘
rating’
ti ’ command
d rents
t @ 3% higher;
hi h
•Premiums in effective office rents are 6% higher;
Office selling prices are 16% higher;
•Office
•10% increase in energy efficiency delivers 20% increase in
effective rents;
•$1
$1 saving
sa ing in energy
ene g costs from
f om increased
inc eased the
thermal
mal efficienc
efficiency
yields $18 in the increased valuation of an Energy-Star certified
office building.
Joint European
p
Support
pp
for
Sustainable Investment in City Areas
Excellent and Sustainable
urban transformation
A New Way to Deliver
Regeneration
The blueprint Model
emda (50%)
EP (50%)
Shareholders
“emEP Ltd”
50% vote
igloo
50% vote
Partners
blueprint
bl
i General
G
l
Partner
emda
EP
blueprint Limited Partnership
igloo
A Different Approach
Social goods and financial profit
Activity shaped by a Socially Responsible Investment Strategy
Real partnership
p
p between keyy players
p y
aligned
g
to a common cause
with mutual benefits
Long term view and highly focused
Early engagement
igloo
g
PPP Financial Structure
Public Sector Input – Portfolio of workshop units and site
options
p
(emda)
(
) and sites and cash (EP).
( ) Part equity
q y
and part loan which attracts a coupon
Private Sector Input – Cash, Mezzanine and Debt
Vehicle has a 10 year life and performance assessed over
the 10 years
Loan repaid over 6 years
igloo PPP’s
PPP s – sustainability in 4
4-dimensions
dimensions
Financial;
institutional;
strategic; and
organizational aspects.
igloo PPP’s
PPP s – sustainability in 4-dimensions
A powerful mix of influence, assets and skills: resources from
the public sector with cash,
cash resources and expertise
from the private sector.
A marriage of the public and private sectors aligned to a
common cause.
Financially structured to take a long-term perspective
perspective.
Committed to delivering social and community benefits and
an excellent financial return to partners.
partners
igloo
g
PPP’s – sustainability
y in 4-dimensions
Recycles initial investment by partners through profit share.
Committed to socially responsible investment including
delivery of environmentally sustainable development.
Allows bundling of highly-profitable and less-profitable
investment projects to enable greater continuity of
supply
pp y of opportunities.
pp
Builds social capital and know-how.
WORKBOOK WK.10 2006
08.03.2006
ROATH BASIN SOUTH MASTERPLAN
JOB: IGCD001
FOR: WELSH DEVELOPMENT AGENCY. CARDIFF, WALES
+ IGLOO REGENERATION
phase 1
phase 2
phase 3
phase 4
phase 5
phase 6
A world class, creative, sustainable, urban neighbourhood;
deeply rooted in Wales, in Cardiff and in Tiger Bay.
Together we will create
– a world
ld b
beating
ti creative
ti
neighbourhood
– something different
– momentum to the
creative and knowledge
economy in Wales
• Vision
– Locally Distinctive and World Class
• Residential
– Funky Homes for Creative People
• Commercial
– Creative Media & Bioscience Jobs
• Community
– History, Benefit, Art, Engagement
• Delivery
– Programme, Sustainability
• Evolutionary Urban Design
Delivering Socially Responsible
Investment into Roath Basin
Set and sign up to objectives for
– Creative and knowledge
industry employment
– Environmental sustainability
– Design quality
– Social benefit
– Financial return.
www igloo uk net
www.igloo.uk.net

Socially Responsible Investment - Oxford Institute for Sustainable

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