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Church Commissioners for England: Taking the long view
Images courtesy of Church Commissioners for England
As part of its portfolio-wide approach to responsible investment and net zero, centred on Respect for People and Respect for Planet, The Church Commissioners’ approach to responsible investment and environmental stewardship for real estate is an ongoing process of reflection and action.
The Church Commissioners for England (Church Commissioners) has a long-term responsible stewardship approach to investing in real estate.
The Church Commissioners manages a £10bn endowment, which includes rural, commercial and residential property assets, accounting for more than 17% of the portfolio. The endowment’s distributions fund parts of the Church of England’s mission and ministry throughout England.
The Strategic Land team within the real estate investment group brings forward land for new housing developments and employment opportunities across the country, including developments that seek to support and enhance their local surroundings.
The Church Commissioners’ focus is on the curation of sustainable communities and larger schemes typically include new schools, community facilities, local retail centres, sports facilities and areas of open space, such as new country parks, which benefit both new residents and existing, neighbouring communities.
Sustainability and social value creation is integral to the Church Commissioners’ values and approach to development as it targets a net zero, low carbon future, and its implementation is continually evolving, according to its Head of Strategic Land Investment, Joanna Loxton.
“The housing industry is experiencing significant change and evolution in approach, as we move towards a low-carbon economy,” she says. “It is important that we be nimble in the face of change. Policy and technology are changing drastically and rapidly, which present significant opportunity, and we recognise that the industry will look very different in the next five, 10 and 15 years’ time. We need to move with that change and champion it.”
“Policy and technology are changing drastically and rapidly, which present significant opportunity, and we recognise that the industry will look very different in the next five, ten and fifteen years’ time. We need to move with that change and champion it.”
Joanna Loxton, Head of Strategic Land Investment, Church Commissioners for England
A framework for success
In 2020, the Church Commissioners partnered with sustainability consultant Hoare Lea to establish an ESG framework and a clear set of principles to guide decision making for its strategic land investments.
The following year, The Archbishops' Commission on Housing, Church and Community’s report, Coming Home, set out a long-term vision for housing in England, focused on delivering new homes based on five core values, that homes be: sustainable, safe, stable, sociable and satisfying, where people feel they belong and can be part of and contribute to a community.
“Complex strategic land projects require careful anticipation of and planning for future needs and demands. Embedding positive environmental and social outcomes within those projects is an exciting challenge and one that we are delighted to have the opportunity to assist Church Commissioners with.”
Claire Fallows, Head of Planning, Charles Russell Speechlys
The breadth of the report shows the recognition of the influence commanded by the wider Church and its potential to engender change. But to harness that influence strategically, the Church Commissioners must be clear on where it is best placed to help, says Paul Jaffe, who joined the Church Commissioners in April 2022 as Head of Sustainability in the Real Assets team. “I want to identify where we are best placed to do two or three things really well, rather than say we’re going to do 10 things and not achieve them,” he says. “The strategy and language we use must also be readily understandable, digestible and replicable to encourage engagement, buy-in and alignment.”
Being honest and vocal when the answers are not apparent is key to success, he adds. “The danger comes from pretending that we know more than we do,” says Paul. “Our most productive relationships with professional advisers will be those where we've got trust in each other to say, ‘I don't know how to solve that – let's work it out together.’”
“Our most productive relationships with professional advisers will be those where we've got trust in each other to say, ‘I don't know how to solve that — let's work it out together.’”
Paul Jaffe, Head of Sustainability: Real Assets, Church Commissioners for England
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