Social landlord Bromford has published its updated Sustainable Finance Framework, setting out how it will link over £1bn of future funding to a range of Environmental, Social, and Governance (ESG) projects.
Bromford hopes that the updated framework, which was first published in 2021, will “empower” its 100,000 customers and 1,800 colleagues and “positively impact” the spaces where they live and work.
The updated framework is underpinned by the 46,000-home landlord’s recently unveiled 2023-2027 corporate strategy.
This strategy makes a commitment to measuring Bromford’s performance and the outcomes it delivers for its people and communities.
The framework is accredited with a Second Party Opinion (SPO) provided by DNV Business Assurance Services UK.
Imran Mubeen (pictured, right), director of Treasury, said: “As a social landlord, we remain absolutely committed to working with our customers and colleagues to understand the drivers that deliver truly sustainable outcomes.
“We must lead our own sustainability agenda to create appropriate discussion and scrutiny on the performance measures we know will have a positive impact on our people and places.
“Ultimately, we must own and be accountable for our investment decisions.
“The power of this framework is in setting out our narrative and commitments so that investors can understand and challenge how their funding helps to unlock these powerful ESG outcomes, and alongside our customers, colleagues, and other stakeholders, can hold us to account against those commitments.”
Bromford’s framework continues to set out the projects initiated in 2021, covering a range of activities across the ESG spectrum and aligned to seven United Nations Sustainable Development Goals (UNSDGs).
These projects include the retrofitting of existing homes, delivering more modern methods of construction (MMC) homes, and transitioning to a green fleet of electric repair vans.
The landlord also aims to bring 1,000 customers into employment or training; achieve a customer advocacy score of 85% each year; and continuously reduce its gender pay gap from the current level of 6.5%.
‘May be a gamechanger’
Niki Bowen, principal sustainability and ESG consultant at DNV Business Assurance Services UK (DNV), said: “Bromford’s framework focusses on enabling access to ESG-financing that drives real, credible impact in the social housing sector.
“We are delighted to see Bromford has focussed on how sustainability outcomes and impact will be truly demonstrated for affordable housing, alleviating unemployment, and driving socioeconomic advancements and empowerment.
“This framework is sector-leading and will help to transition the sector.
“We hope that it encourages others to follow or copy Bromford’s lead in the future.”
Imran continued: “DNV has quickly established itself as a key player in the accreditation space with a significant footprint in the housing sector.
“It’s powerful that DNV also accredit the frameworks of some of our key funders and can be part of the journey which helps us to understand one another’s key drivers of sustainability.
“We want to have our golden metrics and future impact reports audited, and DNV offer a service in this space that may be a gamechanger for the sector.”
Bromford says it intends to use this updated framework for its next capital markets issue, which is expected to be a private placement within the next six to 12 months.
Imran added: “We are proud of the collaboration that has taken place across our directorates to embed sustainability at the core of everything we do.
“This framework completes that golden thread by linking our ESG journey to the aspirations of our funders and investors.
“We look forward to working with investors to co-create new linkages to funding which will mean there is nowhere to hide if we don’t deliver.”
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