International law firm Withers is partnering with the Energy & Environment Alliance (EEA) to promote the adoption of environmental, social and governance (ESG) data as part of asset due diligence within the hospitality sector.
Withers’ commercial real estate team is working with EEA, a not-for-profit coalition of hospitality leaders, on ways to encourage the use of standard reporting criteria which make ESG a consistent element of commercial real estate due diligence in the sector. Through changes in the standard due diligence toolkit, Withers and EEA aim to promote common ESG reporting standards within the industry.
Tom Hughes, partner in Withers’ UK commercial real estate team, comments: “There’s still some way to go before ESG becomes a standard part of basic asset due diligence, but the tide is shifting. The importance of capturing information regarding key ESG indicators is being recognised by stakeholders across the industry. Helping to standardise the process of reporting reinforces positive behaviour in the sector and elevates ESG factors.”
Ufi Ibrahim, CEO of EEA, said: “An unstoppable wave of new regulation on ESG and net zero carbon is coming, which will begin to make a substantial impact on the value of real estate assets. I am delighted that Withers, which acts on behalf of many extremely influential private investors, will be helping to create and promote common, global standards. Doing that will help improve transparency and reduce the cost of compliance, which will benefit everyone in the hospitality sector.”
Withers’ global Real Estate team is recognised for its work with closely held business and private capital clients across the full range of property asset classes and for providing a truly integrated service.
Withers is an international law firm with a broad-ranging client base including multinational corporations, governments, international institutions and individuals and their businesses.
With over 220 partners and more than 650 other lawyers, we have unparalleled expertise in commercial, tax, trusts, estate planning, financial services, litigation and international arbitration, public international law, real estate, charities, philanthropy, employment, family law and other legal issues facing individuals and their families. The firm has advised 66% of the top 100 UK Sunday Times Rich List, 25% of the Forbes 400 List, 35% of the Hong Kong Forbes Rich List, and 35% of Forbes Asia’s Richest Families list.
Withers has 17 offices worldwide in London, New York, New Haven, Greenwich (Connecticut), Boston, San Francisco, San Diego, Los Angeles, Texas, Hong Kong, Singapore, Tokyo, the British Virgin Islands, Geneva, Milan, Padua and Cambridge.
For more, visit withersworldwide.com
About the Energy & Environment Alliance (EEA)
The Energy & Environment Alliance (EEA) is a not-for-profit coalition of hospitality sector leaders, which is on a mission is to:
- Pioneer the first universal, scientifically robust standards and metrics for sustainable design, construction and management of hotels and other hospitality assets
- Initiate access to green finance, sustainability backed loans and improve asset values
- Obtain energy at low cost and carbon free
- Negate climate related risks and lead on environmental, social and governance (ESG) practices
- ESG-proof legal agreements, corporate disclosure, and governance statements
- Engage local authorities, government, and international institutions to ensure effective and fair legislation
- Radiate innovation, know-how and best practice
For more information, please visit www.EEA.International or call Anja Spice on firstname.lastname@example.org or call on +34 6 7716 4441.
Tom Hughes, partner in Withers’ UK commercial real estate team
Ufi Ibrahim, CEO, EEA