National property federations are joining forces to work towards common data formats and standards on the environmental impact of buildings.

MIPIM, the annual property fair, saw up to 20 representatives from national property bodies including U.K, Japan, Germany, Finland, Denmark and Australia to discuss proposals.Data will be pooled on a non-commercial basis and a common reporting format will be worked on.

Peter Verwer from the Property Council of Australia said that talks had taken place with a representative of the Global Reporting Initiative, with a view to having a standard in place in two years time. He said the GRI had credibility after working up indexes in other industries, and had a track record of consulting very widely.

Liz Peace, chief executive of the British Property Federation, said agreed international reporting standards and a sustainability index against which investors, developers and property owners could measure, compare and benchmark buildings were crucial if government targets on energy efficiency were to be met.

Peter Verwer pointed out that efforts have to go towards improving existing stock, saying that it was a myth that energy efficiency pays for itself in the long term.