What is an Impact Framework?
An Impact Framework is a reporting and measurement system that evaluates a business’ social, environmental and economic impact.
Also known as an Environmental, Social & Governance (ESG) frameworks, these systems allow you to embed sustainability and impact into the core of your coliving business models, strategies, KPIs, designs, operations and communities.
These frameworks often support you to align your strategies with impact investors and global sustainability goals, while creating accountability systems amongst your different stakeholders (i.e. community members, staff, wider neighbourhoods, etc.).
Why have an Impact Framework for Coliving?
Developing a bespoke Impact Framework can help you achieve the following:
- Support you to integrate sustainability, wellbeing and community into your coliving spaces, business strategies and KPIs
- Report and measure your social, environmental and economic impact (i.e. social value)
- Maintain strong accountability for your residents, staff, shareholders and local stakeholders and ultimately attract aligned investors, staff and consumers
- Facilitate planning approvals and alignment with city / international sustainability standards
- Create an industry standard that embeds social value into the core of coliving communities, products and businesses
When we look at current available frameworks, we don’t see anything that brings together the three core aspects of The Conscious Coliving Manifesto v3.0 – community, wellbeing and sustainability – in particular the community and wellbeing elements.
We see an opportunity here to create something aimed at this specific type of housing that will benefit the sector. That said, Conscious Coliving will be developing an Impact Framework specifically designed to encapsulate the benefits of coliving and it will encourage the sector to value its positive social and environmental impacts.
We see this Framework serving as an industry standard for coliving operators, developers and investors to measure and report the impact they contribute to their residents, neighborhoods and cities and we really look forward to sharing it with you.
How to measure Impact for Coliving?
There are already existing frameworks that can support you to measure your impact, which have their own set of indicators that can be applied to the coliving model. Some of these frameworks and indicators include the following:
UN SDGS: The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030.
The SDGS include 17 indicators for achieving a healthy and resilient planet, and are an excellent benchmark for social and environmental sustainability.
You can see how real estate firms are applying the SDGs by reviewing the JLL page that shows their commitment to the framework here.
One Planet Living: inspired by the UN SDGs and created by English real estate sustainability consultants Bioregional, the One Planet Living sustainability framework comprises of ten simple principles and detailed goals and guidance to help organisations around the world to achieve their vision of a brighter, better future. This accessible framework has been used by developers and housing providers to embed sustainability in to the core of their construction and operation practices. You can view their case studies here.
These resources – and many others – have been key to the development of our our Impact Framework and our bespoke services for supporting coliving businesses implement impact and sustainability strategies, which you can learn more about below!
Coming soon: The Coliving Impact Framework v1.0
Coliving is an exciting new iteration of shared living, that can do so much to:
- Tackle loneliness
- Increase resilience
- Improve mental health
- Lighten our ecological footprint
Conscious Coliving has a mission to help the coliving sector to reach its full potential. We also believe that the future of business should be about the triple bottom line (people, planet, profit). As such, we are developing an open-source Impact Framework which is specifically designed for coliving operators, developers and investors.
After over 2 years of R&D to develop our open-source Impact Framework, alongside conducting focus groups with coliving operators, impact investors, social value consultants and other impact-driven real estate professionals.
The Impact Framework will be ready for release in 2022 and will include a ‘Social Value Metrics Database’ with indicators pulled from existing frameworks and research such as GIIN, The GoodHome Report, HACT Social Value Calculator and more. We also have a range of services for coliving businesses looking to measure and report on their impact and create their bespoke frameworks.
Feel free to fill out the form below to get involved in our research and hear more about our services!