RICS publishes fourth edition of global ESG standard for commercial property valuation
The Royal Institution of Chartered Surveyors (RICS) has published the fourth edition of its global professional standard on environmental, social and governance (ESG) and sustainability in commercial property valuation. The updated standard, which takes effect from 30 April 2026, sets out how ESG factors should be reflected in valuation advice and responds to regulatory, market and professional developments since the previous edition. Updates include: (1) new jurisdiction‑specific sections for the UK, EU and Australia; (2) clearer clarification of the distinction between valuation and strategic ESG advice, noting that strategic ESG advice is typically a separate additional service; (3) greater emphasis on proportionality and professional judgement to ensure consistency across different asset types and market conditions; (4) practical guidance on the treatment of ESG‑related capital and operational expenditure within valuations; (5) and a consolidated global list of typical ESG‑related key performance indicators.