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.

For more information about Withers, visit withersworldwide.com.

For more information about the EEA, visit www.EEA.International.