On the Ground at IMN’s ESG & Decarbonizing Real Estate

“Some organizations may be retreating from ESG or calling it by another name. We’re making a very conscious effort to stay the course.” 

A C-suite leader from one of the world's top real estate companies said this at IMN's Decarbonization conference. It was a mic drop moment.

It also captured what I saw across the broader conference: an industry at a crossroads. Some companies doubling down on climate and social impact. Others quietly pivoting - proceeding with the same work, under different labels. And plenty are caught in between, aware of the financial and social risks of inaction but unwilling to take a public stand.

It wasn't quite black and white. But one thing was clear: the industry agrees climate and social impact have a key place in portfolio- and asset-level strategy. Where they're deeply split is on whether to own that publicly or manage it quietly.

Here’s how that split played out on the ground in Dana Point. 

The Great (ongoing) ESG Rebrand

ESG as a term has taken a hit over recent years. And while there are certainly still those who lean into the framework, the majority of IMN attendees leveraged PR-approved alternatives. "Decarbonization" became "value preservation." "Climate adaptation" became "risk management." Same work. New paint.

What's interesting is how candidly people acknowledge this. These organizations, even those with the most bulletproof terminology, are proud of the good they're doing and yet unwilling to say it out loud. The pressure to distance themselves from ESG language is real enough that they're willing to obscure their own impact to avoid potential backlash.

The Ones Who Aren't Blinking

Then there's JLL, Cushman & Wakefield, and a small handful of others who made a different choice. It's most likely due to their global footprints and international reporting requirements, but I'm not going to lie, it felt good to see companies make a conscious decision to stay public about ESG and decarbonization. Not because it's safe but because it's authentic to them and their brands.

Watching how the conference responded to that clarity was eye opening. When you're willing to take a stand in a room full of people hedging their bets, you don't just stand out. You become a reference point for what leadership actually looks like.

The Carbon Problem is Solved. The Social Problem Isn't.

Organizations across all asset classes have figured out carbon accounting. Every panel made it clear getting the necessary data isn't easy, but it’s a problem that’s been largely solved. Developers and owners know their emissions, their reduction targets, their reporting frameworks. But ask them about economic mobility, job creation, community benefit, and the metrics become fuzzier. The stories don't exist.

In a society fed up with rising cost of living and diminishing opportunity, real estate companies are leaving value on the table. Almost every attendee had examples of their social impact, whether it be workforce housing generating economic mobility or industrial development increasing regional competitiveness. What almost none had was a cohesive narrative connecting these initiatives to showcase true asset-level impact while advancing their broader corporate stories. 

Storytelling is the Real Work

The most striking part of the conference was listening to C-Suite executives and other top leaders talk about storytelling like it's their actual job. Because it is.

Whether speaking to investors, partners, elected officials, or their own employees, these leaders understand that storytelling isn't about taking a moral stance. It's about making the case that climate and social impact work strengthens and grows their business. It's how they ensure the powers that be understand what's truly at stake. 

The Takeaway

Real estate companies that want to lead aren't doing anything complicated. They're being honest, and making a clear choice about what they stand for, even when it's unpopular. Then they're communicating that to their key audiences with storytelling that actually explains why it matters economically, not just morally.

That's where the real opportunity sits: with companies brave enough to own their position and intentional enough to explain why it matters.