World Construction Network

Daily Newsletter

09 August 2023

Daily Newsletter

Housing association Notting Hill Genesis has selected Equans to carry out a £72m ($91.40m) refurbishment and investment plan at its Paragon estate in Brentford, West London, UK.

This agreement and requisite planning approval from the London Borough of Hounslow will see the company begin restoring properties for use between 2025 and 2026, as well as rebuild a local community at the estate.

Notting Hill Genesis' development and sales group director and deputy CEO John Hughes said: “The subsequent thorough investigations give us a great deal of confidence that we have a robust plan, and we are looking forward to working with Equans and our expert team of surveyors to deliver our remediation and reinvestment plan.”

Aside from completing these repairs, some of the restoration works include fitting considerably thicker insulation and a new facade to significantly increase the residencies’ comfort levels.

Of the £72m investment, £36m will be spent on modernising the buildings' services and finishes such as updated sprinkler and public health systems, and renovated houses.

Equans' regional managing director Dan Germann said: “Following months of significant intrusive investigations and comprehensive planning and testing, we are delighted to have been appointed to undertake the remedial and reinvestment works at the Paragon estate development.

“We are committed to ensuring that this significant project provides both safe and modern accommodation for all residents at Paragon estate.”

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.