Guest editorial: Sustainability and climate change; the challenge ahead. With dedication to Sarah Sayce

DOIhttps://doi.org/10.1108/JPIF-07-2022-195
Published date24 June 2022
Date24 June 2022
Pages333-334
Subject MatterProperty management & built environment,Real estate & property,Property valuation & finance
AuthorGeorgia Warren-Myers
Guest editorial: Sustainability
and climate change; the challenge
ahead. With dedication to
Sarah Sayce
This Special Issue is dedicated to Professor Sarah Sayce who died suddenly at the end of 2021.
Sarah was a frontrunner, an inspiration and a significant contributor to the dialogue on
sustainability and climate risk, particularly inthe context of property valuations. This Special
Issue extends Sarahs legacy of her research and passionfor sustainability andits implications
and challenges in property and specifically valuations. Sarahs insights and perspectives for
property and valuation practice will be important in the light of the recent COP26 held in 2021,
which finally saw leaders from around the world acknowledge the realities of climate change and
the needto undertake significant actionto minimise the adverse effectsof future climate-related
impacts. Importantly, new targets and ambitions were set in relation to emissions mitigation that
will have substantial flow on effects through communities, the business world and real estate.
This Special Issue on Property Investment: Sustainability and Climate Changeis the
first of two Special Issues on this topic. In both Part I and Part II, we see contributions that
draw our attention to the growing importance of sustainability, emissions reductions and
climate risks to real estate investment, market evolution, regulations and valuations. Whilst
investors, owners and occupiers scramble to understand their emissions liabilities and
exposure to climate risk, the basis for decision-making is seeing a substantial shift which will
be seen in property occupancy and investment decisions going forward.
At the end of 2021, the International Valuation Standards Council released a perspectives
paper, ESG and Real Estate Valuation, and the Royal Institution of Chartered Surveyors
updated their Guidance Note Sustainability and ESG in commercial property valuation and
strategic advice, suggesting the importance and the role of sustainability and ESG in property
valuation has become more prominent and due itscomplexity there is a need for specific
guidance and direction. The realisation of the need for substantial emissions mitigations and
the exposure of assets to climate related risks, now and into the future, pose a massive
challenge for organisations to pivot their operations and decision-making and for valuers to
understand the implications of emissions reporting, minimum standards and the climate
related risks on property values. It is clear over the next few years that knowledge
development and education across the industry will be required to respond to emissions
targets and adapt and prepare for climate-related changes and ensure these are addressed in
valuations. There is still much to be done, to enable better education, guidance and knowledge
to ensure valuers are appropriately considering sustainability and climate change risks in
real estate. The education of others, students and industry (particularly valuers) was a great
passion and a lifelong commitment of Sarahs. Sarahs untimely death occurred during the
development of these special issues, where Sarah and her collaborators contribution aimed to
support the vital knowledge development of climate change-related risks for property. The
climate change challenges ahead will be substantial for property, the industry and its
professionals. Sarahs hard work and dedication to research, education and engagement will
be remembered and her legacy will continue to provide the foundations for future students,
academics and industry professionals to tackle the challenges that lie ahead. Rest in peace,
Sarah, and thank you so much for your guidance, enthusiasm, insight and friendship.
Georgia Warren-Myers, Guest Editor, University of Melbourne
Guest editorial
333
Journal of Property Investment &
Finance
Vol. 40 No. 4, 2022
pp. 333-334
© Emerald Publishing Limited
1463-578X
DOI 10.1108/JPIF-07-2022-195

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