crrem | carbon risk real state onitor · transition risk & stranded assets climate benchmark...

CRREM | CARBON RISK REAL ESTATE MONITOR

This project has received funding from the European Union’s Horizon 2020 research and innovation

programme under grant agreement no. 785058

PROF. DR. SVEN BIENERT MRICS REV

IRE|BS INTERNATIONAL REAL ESTATE BUSINESS SCHOOL

GRESB Results| Brussels| 19.09.2019

© CRREM 2019

This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement no. 785058

CRREM | CARBON RISK REAL ESTATE MONITORProf. Dr. Sven Bienert | IRE|BS International Real Estate Business School

GRESB Results Event | 19.09.2019 | Brussels

EU SUSTAINABLE FINANCE TAXONOMY

“Stranded assets are properties that will be exposed to the risk of early economic obsolescence due to climate

change because they will not meet future regulatory efficiency standards or market expectations.” (CRREM, 2019)

TRANSITION RISK & STRANDED ASSETS

CLIMATE BENCHMARK

IDENTIFY ‚STRANDED ASSETS‘

CRREM DECARBONISATION PATHWAYS

CRREM RISK TOOL

MANAGE STRANDING/

TRANSITION RISKS

GHG intensity[kgCO2e /(m²a)]

Year2050

Baseline GHG intensity of

asset

Effect of climate changeexpected change in HDD/CDD

Paris-aligned decarbonisation pathway

STRANDING

RETROFIT$$$

Effect of grid decarbonization

CARBON PRICE / PENALTY

$$$

Stranding assets do not meet decarbonisation targets and face potential write-downs

Sustainability Metrics and Thresholds determining eligibility of activities and assets

EU Green Bond Standard

EU Eco Label

EU Climate Benchmarks

Sustainability Disclosures

• no final definition of targets for real estate

• potentially based on „best in class“ approach

• no clear trajectories of „Paris-proof“ targets yet

• starting with energy intensity targets - GHG emissions will be integrated later on

CRREM offers Paris-aligned, country-specific decarbonisation pathways until 2050 and a

tool to assess & manage carbon risk

© CRREM 2019




PARIS-ALIGNED DECARBONISATION PATHWAYS

GLOBAL EMISSIONS PATHWAY(S) CONSISTENT WITH 1.5OC (/2OC) GLOBAL WARMING

© CRREM 2019





1.5OC EMISSIONS + POPULATION PROJECTION → PER CAPITA EMISSIONS

© CRREM 2019





CONVERGENCE OF EU AND GLOBAL PER CAPITA EMISSIONS UNTIL 2050

© CRREM 2019





EU PER CAPITA EMISSIONS + POPULATION PROJECTION → EU EMISSIONS PATHWAY

© CRREM 2019





EU COMMERCIAL REAL ESTATE – FROM ABSOLUTE TO INTENSITY TARGETS

© CRREM 2019





EU COMMERCIAL REAL ESTATE – FROM ONE EU-WIDE TO COUNTRY-SPECIFIC TARGETS

© CRREM 2019




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2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048 2050

GH

G IN

TEN

SITY

TA

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ETS

[kgC

O2e

/m²/

yr)

EU PORTUGAL

GERMANY NETHERLANDS

SPAIN UK

GHG INTENSITY TARGETS CRE


EU COMMERCIAL REAL ESTATE – FROM ONE EU-WIDE TO COUNTRY-SPECIFIC TARGETS

© CRREM 2019




STRANDING RISKS & CARBON

Science-based decarbonising of the EU commercial real estate sector

CRREM REPORT

available onwww.CRREM.eu

available onwww.CRREM.eu

Institut für Immobilienökonomie GmbH

Josef-Steinbacher-Straße 1

A - 6300 Wörgl


[email protected]

+49 941 943 6011

CONTACT

CRREM | CARBON RISK REAL ESTATE MONITOR

PROF. DR. SVEN BIENERT MRICS REV

IRE|BS INTERNATIONAL REAL ESTATE BUSINESS SCHOOL | UNIVERSITY OF REGENSBURG

Universitätsstraße 31

93051 Regensburg

crrem | carbon risk real state onitor · transition risk & stranded assets climate benchmark...

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