Respond to the impacts of climate change and ESG requirements: The intensifying impact of climate change is changing the dynamics of where people want to live. The combination of rising temperatures and drought could soon limit where we can build, and some cities are already suspending new developments for this reason.
Stakeholders are actively seeking greater environmental, social and governance (ESG) disclosure and given the size of the investor market and current capital requirements, the industry cannot ignore ESG protocols. Investors and other stakeholders are calling for voluntary action, and the SEC has proposed regulations that would require greater disclosure, transparency and consistency in reporting. Investor demand is driving the market to build newer, greener and more energy-efficient buildings and to seek ways to limit greenhouse gas (GHG) emissions. The Cut Inflation Act of 2022 also includes programs designed to reduce GHGs and reverse or slow climate change.
Infrastructure spending to develop smarter and fairer cities: Initiatives such as the Bipartisan Infrastructure Act, the Community Reconnect Pilot Project, and the Cut Inflation Act provide billions of dollars to advance economic and environmental justice in underserved communities. These initiatives focus on accessible transportation, broadband internet access, environmental remediation, and reconnecting black neighborhoods and other communities of color that were previously displaced by decades-old urban renewal programs. decades. These programs are important for increasing remote employment opportunities, enabling access to jobs, advancing economic opportunities, stimulating social interactions, and rebuilding once thriving communities.
