Posted on 19 March 2021
Hyde has launched a new environmental, social and governance (ESG) framework that will underpin its social purpose, funding strategy and approach to partnerships.
The framework – set against the social housing sector’s Sustainability Reporting Standard, of which Hyde is an early adopter – will help us measure and manage our ESG impact, with transparency and accountability at the forefront.
Our investment in an advanced ESG Framework follows on from the 2018 launch of our annual Value of a Social Tenancy report. This report shows that good quality, well-managed social tenancies not only offer people a secure roof over their heads, but also saves the taxpayer millions of pounds in areas including education, policing and local authority expenditure.
Peter Denton, Chief Executive Officer at Hyde, explains: “We're committed to using ESG to demonstrate how we are meeting the demands of our customers and communities, while pushing ourselves to deliver more.
“We see ESG as much more than a set of metrics, or a reporting framework. It's a language that helps us communicate outcomes and the positive impact we have on society, the economy and the environment, so we can demonstrate what we stand for, and attract the right kind of investment.”
A crucial area that Hyde’s ESG impact reporting will support is the way it secures the public and private capital it requires to meet its core purpose and its ambitions, including addressing the green agenda, delivering the right homes in the right places and forging strong partnerships.
We're committed to investing in sustainable housing, which not only helps to address climate change, but also supports the wellbeing of customers – both financial, through the reduction in fuel poverty and utility bills, and personal, in terms of health and quality of life.
Peter adds: “As a sector, we all know we are facing a monumental challenge to create the financial capacity required to meet all of our objectives – which include a major investment in our existing homes to meet the building safety and green agendas, as well as our responsibility to deliver new, sustainable and secure affordable homes to the right people, in the right places.
“The scale of the challenge means this isn’t something any of us as housing associations can do alone – there has to be collaboration. And ESG provides a framework through which we, and our partnerships, can grow and be held to account.”
Hyde’s innovative approach includes the creation of an ‘ESG dashboard’, reporting eight core measures for each segment of environmental, social and governance, with annual outputs that will drive performance and outcomes. Each measure on the ESG dashboard is a subset of the full ESG framework and all the measures on the framework will have accountable ‘owners’ within Hyde.
A member of the G15 group of London housing associations, operating across London, the south and the midlands, Hyde has designed the approach in partnership with Sonnet Advisory & Impact CIC.
The Hyde framework has been created to reflect our social business model. It therefore goes beyond frameworks from the general corporate market, which may not fully explain the true value housing associations are delivering.
Along with demonstrating Hyde's purpose and performance to responsible investors, the framework will also set out our commitment to collaborating with housing providers and other partners to deliver a shared purpose.
Peter continues: “At its best, ESG reporting can help us fulfil our social purpose and the ambitions of our strategic plan: to deliver more of the right homes in the right places, ensure all our homes are safe, decent and energy-efficient, and to support a high-performing and customer-driven culture.”
Read our ESG summary report: Performance, Progress and Impact (PDF, 2.1MB)