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Gloucestershire Business News

Bromford to drive £1bn of new ESG investment

Bromford, a builder of social rented homes, will link over £1bn of future funding to a range of Environmental, Social and Governance (ESG) projects.

The company, which has a headquarters in Tewkesbury, has just updated its Sustainable Finance Framework. It will use the funding to empower its 100,000 customers and 1,800 colleagues, and positively impact the spaces where they live and work.

Having issued the first green and first governance linked loans in the sector over recent years, Bromford continues to pioneer sustainable finance and reporting.

Last month, the 46,000-home housing association became the first to publish sustainability golden metrics in its year-end trading update, with a firm commitment to drive more visibility, accountability and comparability of its sustainability performance.

Imran Mubeen, 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 projects include the retrofitting of existing homes, delivering more modern methods of construction (MMC) homes, transitioning to a green fleet of electric repair vans, fostering a diverse and inclusive culture and enhancing employment levels and reducing homelessness in the communities it serves.

Bromford aims to deliver over 10,500 new affordable homes by 2027, whilst reducing its total carbon emissions to under 3 tonnes per home.

Niki Bowen, principal sustainability & ESG consultant at DNV Business Assurance Services UK, 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. We hope that it encourages others to follow or copy Bromford's lead in the future."

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