Advancing Sustainable Development in the Strata Industry: A Path Aligned with UN SDGs

The United Nations Sustainable Development Goals (UN SDGs) are a set of 17 goals, embraced globally, which outline a vision for a fairer, greener future. They cover important world issues, from ending poverty and inequality to tackling climate change and promoting responsible living.

Sustainable development in the strata industry means creating shared communities and managing shared properties with a focus on long-term balance between economic, social, and environmental aspects. In the face of escalating climate change concerns, the urgency of integrating sustainable development within the strata industry has never been more urgent.

The SCA has pledged a commitment to sustainable development and aligning with the UN SDGs on the journey towards a more sustainable future.

One of SCA’s members and Australia’s leading strata insurance provider, CHU Underwriting Agencies, have joined forces with SCA as a signatory of SCA’s Declaration of Commitment to Sustainable Development. CHU recognises their crucial role in shaping a more sustainable future for the strata community.

As an example of putting this commitment into practice, CHU have recently launched their sustainability charter which outlines their strategies centred around four key sustainability principles:

1 Planet: Embracing eco-friendly practices like energy efficiency and waste reduction to minimise their environmental footprint.

2 People: Prioritising well-being, diversity and inclusion, not only across CHU as an organisation but also across the entire strata community.

3 Prosperity: Ensuring that investment is made with consideration to long term sustainability, as well as giving back to vulnerable members of the community.

4 Partnership: CHU is committed to working with likeminded businesses with the common goals of a more sustainable future.

This commitment echoes the principles of the UN SDGs, a comprehensive framework of 17 global sustainability goals to address diverse challenges by 2030. CHU have identified and prioritised 8 of these goals which they believe would significantly impact strata communities in a positive way. The SDGs identified by CHU include:

SDG 5 Gender Equality and SDG 10 Reduced Inequalities: Ensuring gender equality and equal opportunities for all. At CHU, female employees are represented by 62% of their workforce in 2022. CHU’s leadership team remains gender balanced over the last 5 years, with 58% females in senior leadership roles in 2022.

SDG 9 Industry, Innovation, and Infrastructure: Developing sustainable and resilient infrastructure, as well as promoting innovation for inclusive economic growth. CHU are actively working with building partners to educate and encourage sustainable practices throughout the supply chain.

SDG 11 Sustainable Cities and Communities: Promoting sustainable practices and reducing environmental impact. At CHU, 60% of their car fleet is hybrid or electric and they have strategies set in place to further reduce emissions.

SDG 12 Responsible Consumption and Production: Encouraging responsible consumption and production patterns.

SDG 13 Climate Action: Mitigating climate change and its impact. CHU has several strategies to reduce emissions and have partnered with The Forktree Project to offset emissions and work with the supply chain to reduce scope 3 emissions.

SDG 15 Life on Land: Protecting and restoring ecosystems especially when it comes to natural disasters. CHU have a dedicated catastrophe claims team and work with the local communities during restoration works.

SDG 17 Partnerships for the Goals: Continuing existing partnerships and seeking new partnerships to achieve common goals toward sustainable development.

By adhering to the UN SDGs, the strata industry demonstrates its commitment to global well-being and environmental sustainability. The integrated approach championed by the UN SDGs aligns perfectly with the multifaceted nature of sustainable development within strata communities.

As the strata sector embraces these principles, it contributes not only to local and national sustainability goals but also addresses to the broader global challenges.

The strata industry needs to continue to work together with an effort to drive positive change.

By aligning with the UN SDGs, the strata sector positions itself as a crucial agent of transformation, fostering inclusive, resilient, and environmentally conscious communities that contribute to the well-being of the planet and its inhabitants.

Article supplied by CHU Underwriting Agencies. To learn more about CHU’s sustainability initiatives visit chu.com.au/our-impact

Disclaimer: Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 and distributed by CHU Underwriting Agencies Pty Ltd ABN 18 001 580 070 AFSL 243261. Any advice in this article is general in nature and does not take account of your personal objectives, financial situation and needs. Please read the relevant Product Disclosure Statement (‘PDS’), Financial Services Guide (‘FSG’), and the Target Market Determination (‘TMD’) which can be viewed at chu.com.au or obtained by contacting CHU directly. CHU Services Pty Ltd t/as CHU Inspect (ABN 99 616 086 269).