On March 2, 2007, the Vancouver Valuation Summit received presentations from representatives of governments, agencies, individuals, professions and companies from many backgrounds and countries.
The Vancouver Valuation Summit broke new ground in a number of key areas including:
- Highlighting the importance of sustainability to economic prosperity and social cohesion;
- Describing the nature of linkages between valuation and sustainability;
- Profiling how sustainability factors can add value to property,
- Emphasizing the importance of the rigor of valuation and the professional capacity of Valuers; and
- Identifying opportunities for Valuation and sustainability practitioners to work together to advance understanding and knowledge.
The Summit's focus was the link between sustainability and valuation, and a major outcome of the Summit was the signing of the Vancouver Valuation Accord (VVA). Led by Premier Gordon Campbell of British Columbia, the Accord represents a formal expression and commitment by signatories to advance understanding, knowledge, educational capacity and practices about Valuation and sustainability.
On Saturday, March 3rd, immediately following the Summit, a Private Forum for representatives of major valuation organizations, expert valuers and leading sustainability practitioners was convened to identify the challenges and opportunities inherent in implementing the Vancouver Valuation Accord. The result of this meeting was the creation of a Go-Forward Work Plan for Valuation and Sustainability.
Many presentations were made at the original summit. Below highlights some of the presentations made at that meeting and including links to the available presentation material.
Welcome and Introduction
by Don Fast, Deputy Minister, Ministry of Economic Development, Government of BC, Victoria, BC
The Imperative for Sustainable Action: A Global View
The recognition that economic and environmental issues are inextricably interlinked is now a global reality. International, national and regional institutions are increasingly incorporating sustainability into their activities as the global imperative for action on sustainability becomes a major political agenda item. Global warming is an example of a global issue that has galvanized action and discussion around the world about the interface between the environment and the economy. This opening session provided a global perspective on the issues, challenges and actions currently being taken to integrate sustainability into the global economic agenda.
Bridget Liddell, Member of the Board, United Nations Principles for Responsible Investment (UN PRI); Director, New Zealand Superannuation Fund, Seattle, WA
Charles McNeill, Team Manager and Senior Biodiversity Advisor, Environment Programme, Environment & Energy Group, United Nations Development Program, New York, NY
Bruce Sampson, Vice President Sustainability, BC Hydro, Vancouver, BC
The Green Development Shift
Developers are increasingly considering embedding sustainable aspects in their projects. This informative session provided an overview of how the building industry is changing, what this means, and provided a glimpse into leading experts' perspectives on the possible future direction of development.
Kevin Hydes, Chair Elect, World Green Building Council; Vice President of Buildings Engineering and Sector Leader for Sustainable Design, Stantec, Montreal, QC
Thomas Mueller, President and CEO, Canada Green Building Council, Vancouver, BC
Sandy Wiggins, Chair Elect, US Green Buildings Council; Founder and Principal, Consilience LLC; Chester, PA
Valuation and Sustainability
This presentation explored the linkage between sustainability and valuation. It reviewed existing and future models for measuring sustainability, both financial and non-financial.
A Global View on Valuations:
Business Case Presentations:
Chris Corps, Founder, Vancouver Valuation Accord; Principle, Asset Strategics Ltd; Past Chairman, Royal Institution of Chartered Surveyors (RICS), Victoria, BC
The Impact on Real Estate I: The Developers View
These presentations highlighted the business case components for major green developments and illustrated how these add value. Presenters explored how development valuation could and should be improved.
Joe Van Belleghem, Partner, Windmill Developments; President and Founder, BuildGreen Development Inc.; Treasurer, US Green Building Council, Victoria, BC
David Butterfield, President, The Trust for Sustainable Development; Chairman, Loreto Bay Company (Mexico), Scottsdale, AZ
The Impact on Real Estate II: An Investment Perspective
These presentations summarized investment and financial perspectives of incorporating sustainability factors into development and explored how these factors can be incorporated into valuations.
Doug Pearce, Chief Investment Officer, BC Investment Management Corporation, Victoria, BC
Dr. Paul McNamara, Co-Chair, UNEPFI, Property Working Group; President and Fellow, UK Society of Property Researchers; Chair, The Institutional Investors Group on Climate Change - Property Workstream, London, UK
As sustainability was the focus of the 2007 Vancouver Valuation Summit, steps were taken to reduce the ecological footprint of the event: we used lanyards made from recycled pop bottles, took steps to reduce the generation of wastes, served organic food and beverage, and printed the event program on 100% post consumer waste content recycled paper.
Travel of participants to-and-from the event, the consumption of electricity at the event venue, and the production of event-related print materials results in the generation of greenhouse gases which contribute to climate change. In order to mitigate this impact, participants were provided the option to offset their event-related emissions when they registered for the Summit. When participants chose to offset, they supported renewable energy projects through their contribution to the purchase of carbon offset credits from Zerofootprint.
The Vancouver Valuation Summit organizers would like to thank Zerofootprint for sponsoring carbon offsets to make event-related print publications and electricity consumed at the event venue carbon neutral. Zerofootprint is a not-for-profit, dedicated to helping organizations, individuals and events reduce their ecological footprint. To learn more, visit www.zerofootprint.net.