• Total global sustainable lending volumes (USD 11.4 billion) at the end of January were 54% lower than at the same point in 2022 (USD 24.6 billion) reflecting, to a large extent, the tighter lending environment given the macro environment (see Figure.1).
• Real Estate / Property (the focus of our spotlight this month) is the second largest contributor to sustainable lending by volume YTD (behind only the Computer & Electronics sector) with 13.3% of all lending volumes sustainable in nature (c.10% of which is attributable to sustainability linked loans).
• Whilst still early days, Germany has been the most active nation with respect to sustainable lending activity – YTD 2023 68% of all lending was sustainable in scope. Unsurprisingly, the US remains the largest contributor to overall volumes with USD 9.3 billion of sustainable lending activity YTD 2023.

Figure 1: January Sustainable Lending Volumes ’20 to ’23 (USD Billion)

Obvion’s Green Storm 2023 priced in February, a Dutch prime residential mortgage-backed security (RMBS); backed by a pool of energy-efficient Dutch residential mortgage loans and the 48^th such transaction on Obvion’s Storm platform.

Host Hotels & Resorts amended its $2.5billion credit facility by incorporating ESG key performance indicators (KPIs) that included: 1) Increasing the number of hotels in the portfolio with green building certifications to 38% by 2027; and 2) Increasing the percentage of electricity used across the consolidated portfolio that is generated by renewable sources to 38% by 2027.

Toyota Financial Services Italia (TFSI) completed Europe’s first green public securitisation for EUR 540 million and in line with European rules on simple, transparent and standard securitisations. The securitisation only contains loans for electric and hybrid vehicles. The senior notes – rated by Fitch and Moody’s – have been placed with third party qualified investors. The junior notes are underwritten by TFSI. 

The following spotlight explores decarbonisation in real estate in more detail, based on the paper from Carbon Risk Real Estate Monitor (CRREM) and United Nations Environment Programme Finance Initiative (UNEPFI).  This is the first of what will be a series of spotlights on ‘ESG considerations for Real Estate Investment’.

Decarbonisation of the building and construction sectors is critical to meeting our climate change objectives, however the scale of the challenge is significant: the sector accounts for c.40% of global emissions (including 11% from construction and 28% from operational activities) [1] [2], with estimates suggesting that it will take $5.2trillion over the next decade to decarbonise [3] the built environment. 

Physical risks are something the sector has grappled with for many years (with these likely to be exacerbated as the severity and frequency of climate related incidents increases), however buildings not compliant with Paris aligned methodologies will be exposed to transition risks and also risk becoming stranded assets. The impact can be significant as summarised in the points below:

Transition Risk (#1): Declining attractiveness of submarkets due to increased vulnerability and exposure to higher costs.

Impact on Real Estate (#1)

• Lower demand (investor and tenants)
• Lower competitive advantage by increasing energy costs for properties with high-energy intensities]
•  Reduced asset values may lead to a depressed market environment
• Decreasing market values

Transition Risk (#2): Increasing legislation focused on climate change - e.g. disclosure of climate risks, stricter building standards, CO2 pricing, carbon credits, etc.

Impact on Real Estate (#2)

• Tax increases e.g. CO2 tax
• Decrease in subsidies for certain technologies
• Additional costs from reporting requirements
• Additional investment costs to bring the real estate portfolio in line with national laws
• Enforced rules that properties can only be rented if they meet a certain energy standard

Transition Risk (#3): Risks to reputation and market positioning, with regard to stakeholder demand for real estate companies, where climate risks are included in the investment calculation.

Impact on Real Estate (#3)

• Loss of reputation if action is too late or if no action is taken
• Reputational risks for companies, that do not sufficiently consider ESG topics in their strategy

Source: CRREM 2022

Articulating one’s net zero trajectory (with specific, bespoke short, medium & long term KPIs and targets along the way) should therefore be an immediate priority. These should focus on operational / asset level emission reduction given most buildings that will exist in 2050 have already been built [1].  To risk stranding assets, investors should engage actively and enable retrofitting & refurbishment, posing questions such as the below to identify gaps and opportunities (see more on p.20 here):

• Are our properties currently above or below the country average regarding energy intensity?
• Do we have sufficient energy consumption data and general property information to make strategic decisions?
• What is the carbon footprint of our energy consumption within our real estate holdings?
• What are the most relevant voluntary and regulatory requirements for decarbonization today and in the future?
• Which properties should be our priority for energetic retrofits and are we clear what the right timing is for interventions?

While these guidelines are largely acknowledged, the ecosystem is struggling to meaningfully accelerate its operational decarbonisation & transition, as it faces a number of headwinds with asset level data in particular.  A survey of FIs by UNEP FI and CRREM showed the following (Figure.2):

• Only 41% of respondents had some of the asset-level information needed to carry out transition risk analysis.
• Less than a third (29%) said they did not have enough information available to carry out transition risk analysis.
• A quarter (24%) of institutions indicated that most information was available but only 6% reported that all asset-level information was fully available and accessible to them.

Figure 2: Results from a survey of FIs by UNEP FI and CRREM

Below, we summarise key learnings that investors can apply for more specific asset level drivers:

F-Gases: An underestimated source of GHGs

• It’s essential to not only measure the impact of fugitive emissions but also to switch to environmentally friendly refrigerants.
• Data is often missing but needs to be tracked because fugitive emissions can have a large impact on the total greenhouse gas (GHG) intensity of a building.
•  F-gas exit programmes must be implemented consistently by tenants and investors. Capex budgets must be allocated accordingly, and remedial measures linked to normal refurbishment cycles.
• CRREM software enables the tracking of F-Gases and their conversion to CO2 equivalents.

Collecting tenant data: A collaborative approach is needed

• Data gaps can give a misleading impression of the ‘greenness’ of an asset. Only a whole-asset perspective can ensure the climate footprint of the asset is appropriately captured.
• If possible, assumptions should be developed based on an institution’s own asset-level data. If this is not possible, then assumptions should be based on market averages.
• Collaboration with tenants and the use of technology such as smart metering can help overcome data challenges.

Data quality and user-specific inputs

• The CRREM tool has been specifically designed to enable risk assessment calculations with limited information.
• In the case of mixed-use properties, the percentage of floor space per sub-use must be entered correctly. The tool can only combine the sector specific pathways correctly if that information is correctly input.
• Access should be provided to all energy data, including energy sources, and proxy data should be avoided to increase the output accuracy (e.g., estimations of the split of energy usage between electricity and natural gas have often been entered since no clear differentiation between energy sources was available).

Embodied carbon of retrofits: the ecological pay-off is important

• Embodied carbon from the retrofit itself must be considerably less than the resulting operational carbon savings. Retrofitting existing building stock generates embodied carbon emissions from the construction works and materials used.
• Simply constructing efficient or even zero-energy buildings cannot deliver decarbonization. More focus should be placed on refurbish and reuse instead of demolish and rebuild.
• To evaluate the full climate impact, the whole life cycle needs to be considered. For this purpose, the lifecycle assessment method is widely used.

Energetic retrofits: the need for a pro-active strategy

• Whenever possible, increase the use of energy sources with low future emission factors (e.g. electricity, district heating).
• Consider renewable energy procurement and an increase in on-site renewable energy production (e.g. use of solar-power, wind or heat-pumps).
• Reduce buildings’ energy demand and carry out deep-energetic retrofits (replacement of old technical equipment, new insulation etc.)
• Explore ‘green leases’ to identify incentives for reducing consumption together with tenants and to improve transparency for exchanging data. Work on tenant behaviour by providing tenant manuals and training session
• A proactive approach to decarbonization does not necessarily mean that all measures to reduce GHG emissions must be implemented immediately. Ultimately, it is the management’s assessment as to when and to what extent individual measures should be implemented.  Figure 3 below illustrates two different corporate strategies related to the timing of energetic retrofits and decarbonisation:

Figure 3: Two different corporate strategies related to the timing of energetic retrofits and decarbonisation

Market-based measures vs. location-based emission factors: efficiency first

• A net zero strategy should not be achieved exclusively through the purchasing of green power. Instead, firms should implement all options for reducing a building’s energy consumption. Remaining energy demand should be met through renewable energy sources, which are preferably generated on-site rather than purchased from the grid.
• Purchasing ‘green’ electricity will not improve the energy intensity or efficiency of the property. Therefore, off-site renewables do not significantly reduce the carbon risk of individual buildings.
• Offsetting with carbon credits and procuring green energy should be the last alternatives after all other strategic options have been exploited.

Renewable energy: A need for more on-site production

• Net energy demand (NED) is the relevant figure for calculating a building’s energy intensity, rather than consumption itself. The NED figure reflects the balance of energy imports and exports and is not identical to a building’s energy consumption.
• Renewable energy production on site will reduce net energy demand and GHG intensity of properties.
• Producing energy on site will also reduce exposure to further increases in energy prices from the grid and therefore has a positive impact on the asset’s risk profile.

Osmosis wins $4.5bn as market shifts away from ‘one size fits all’ approach to ESG

• Specialist environmental asset manager Osmosis has won one of the biggest ever ESG mandates, in a $4.5 billion deal that signals the market is moving away from "one size fits all" approach to sustainability funds.
• Dutch state pension fund ‘Pensioenfonds PGB’ awarded the mandate which is said to be the fourth largest ESG mandate ever, equal to about a third of its listed equities exposure, to Osmosis Investment Management, in a deal that doubled the size of Osmosis' assets under management to $9 billion.
• Ben Dear, CEO and founding partner of London-based Osmosis, attributed the mandate win to its unique approach based on its model of identifying companies that are efficient in their use of carbon, water and waste, stressing that there is “no one-size-ticks-all-the-boxes with 147 ESG factors that all investors agree on”.
• The fund closed 2022 0.67% ahead of its benchmark, the MSCI World, its fifth consecutive year of outperformance. It also delivers significantly less ownership of Carbon (55%), Water (61%) and Waste (70%) versus the MSCI World, according to Osmosis.

Only 23% of climate-related losses in Europe are insured, says EIOPA

• The European non-life insurance market appears to be at an early stage in implementing climate-related adaptation measures in their policies, according to a report from the European Insurance and Occupation Pensions Authority (EIOPA).
  
• The report found "only 23% of total losses caused by extreme weather and climate-related events across Europe are insured”. 
• Around half of the pilot study's participants offered insurance products that included or incentivised adaptation measures and around 70% of them considered such measures to be effective in maintaining the long-term availability and affordability of coverage.
• EIOPA outlined three areas of challenge: lack of awareness about climate change among policy holders, difficulties in finding the appropriate risk-based recognition of adaptation measures and costs associated with implementing such measures.
• The report highlighted climate-related adaptation measures, such as flood protection and weather alert systems, as a method to help insurers build resilience against climate change.

Manulife: Biodiversity is biggest opportunity for private markets

• Biodiversity is “arguably the biggest opportunity for private markets”, and will expand beyond timberland to other types of investments including in the technology sector, an executive at Manulife has said.
• Manulife is a significant investor in forestry, with a portfolio worth $11.2 billion in sustainable timberland across the US, Australia, New Zealand, Canada, Chile, Brazil and New Zealand.
• Sarah Chapman, global chief sustainability officer at Manulife, stated that investment in forestry is going to happen “fast” because of the growing enthusiasm for the asset class from institutional investors and the demand for carbon offsets.
• In December, Manulife launched its Forest Climate Fund, which aims to raise $500 million towards investing in forestry assets that produce carbon offsets. Later that month it pledged to 1t.org, the World Economic Forum (WEF)’s initiative to grow, restore and conserve a trillion trees by 2050, committing $100 million towards nature-based climate investments.

Bridges urges FCA to learn from SFDR mislabelled real estate funds

• The UK must learn from the perceived failure of Europe’s disclosures framework to “capture the spirit” of real estate funds focussed on the green transition, said impact investor Bridges Fund Management.
•  Real estate funds retrofitting buildings or engaging with companies to improve their social and environmental impact have not been adequately recognised for their sustainability “ambitions” by the Sustainable Finance Disclosure Regulation (SFDR).
• The UK’s Financial Conduct Authority (FCA) recently published the first draft of its labelling and disclosure framework. Investors largely recognised it as a 'clear step forward' on greenwashing.
• Bridges’ Loo argued the proposed UK framework should improve on the EU’s SFDR labelling of brown-to-green real estate funds.

Impact funds market continues to grow in tough 2022

• Impact funds continued to grow despite the market sell-off in 2022, but the war in Ukraine left its mark by shifting the focus towards affordable energy and food supply.
• Impact investment consultancy Phenix Capital Group reported that cumulative capital committed by impact funds rose 13% to €539 billion at the end of 2022. The total number of impact funds in its database rose 12%.
• Climate-focused funds (Sustainable Development Goal (SDG) 13) raised only €99 billion in 2022, a considerable decrease on the €259 billion raised in 2021. Funds targeting SDG 7 – affordable and clean energy – saw asset growth of €255 billion.
• Phenix also noted a sharp increase of funding for smallholder farming and sustainable agriculture and farming. Farming investments tackling Sustainable Development Goal (SDG) 2, on the theme of 'zero hunger', saw assets increase by 318% in 2022.
• For real assets, infrastructure funds raised €127 billion, which represents 70% of the total capital, €181 billion, raised by this asset class.

Climate resilience a key theme for 2023, says BlackRock

• Global asset manager BlackRock sees climate resilience being a key driver for investors in 2023 with significant implications for thematic investing.
• BlackRock’s thematic outlook argued that the past year’s extreme weather events have “highlighted the need for urgent investment to help mitigate the effects of climate change” requiring sustainable and transition investing to play a greater role.
• “Developing insights on ESG is ‘imperative’ to mitigate risk and enhance long-term returns”, BlackRock said urging investors to go “one step further” to identify sustainable companies that ‘do more with less’ and identify carbon-intensive companies that are positioning themselves to lead decarbonisation within their industries.
• Supply chain resilience and macro resilience were identified as key themes to drive markets in 2023, largely being shaped by demographic shifts, geopolitical tensions and the varying central bank responses to macroeconomic uncertainty.

Mirova plans $500m blended finance emerging markets renewable fund

• Impact specialist Mirova said it expects "very soon" to reach a first close on a blended finance fund that will invest in renewable energy in Africa, Asia and Latin America.
• Mirova Gigaton hopes to raise $500 million to provide loans to companies that install solar panels on roofs of homes and businesses as well as developing larger distributed solar projects.
• The capital will be distributed by Nairobi-based Sunfunder, a lender bought in its entirety by Mirova in June 2022 to help it have a greater impact in Africa and emerging markets elsewhere.
• Sunfunder claims to have connected more than 10 million people to renewable sources of electricity through $200m of investments.
• The 10-year fund will have a blended finance, layered structure comprising of: a super senior tranche that will account for 50% of the capital, a senior tranche representing 35% of the capital and the remaining 15% being a junior or first-loss tranche.

Rathbone Greenbank Investments: UK environment plan needs private nature finance

• The UK government should accompany its Environmental Improvement Plan with ‘commitments to scaling private finance in nature’, an executive at Rathbone Greenbank Investments (GI) has said.
• In the first revision of a 25-year environment strategy published in 2018, the government set out its plan to work with landowners, communities and businesses to deliver its environmental targets.
• Sophie Lawrence, Stewardship and Engagement lead at Rathbone GI, highlighted that the goals of the plan need fresh private and public finance pledges "to be credible”.
• The finance gap to meet the UK's nature-related goals was estimated by the Green Finance Institute to be £56 billion ($69 billion) from 2021 to 2031.
• The government said it would publish an updated Green Finance Strategy later this year with steps towards leveraging private finance. Prime Minister Rishi Sunak said he wanted to see the private sector "stepping up" to green opportunities.

Planet First Partners raises 450 million for Sustainable Economy Transition Fund

• Sustainable investment growth equity platform Planet First Partners announced that it has raised €450 million at the second close of its second funding round.
• The fund significantly surpassed its initial target size of €350 million, with Planet First Partners “significant interest” in its investment mandate from new investors.
• Founded in 2020, Planet First Partners invests in businesses that promote and encourage healthier lifestyles and develop better ways of protecting the environment, primarily focusing on European companies.
• The fund is classified as Article 9 under the EU’s SFDR, the most stringent SFDR classification, reserved for funds which have sustainable investment as their objective
• According to the firm, the capital raised in the funding round will be invested in growth-stage companies with proven products and services, with technologies helping to deliver the transition to a sustainable economy.

Mirova plans new agro-forestry fund

• Mirova is planning to launch a second version of its pioneering Land Degradation Neutrality (LDN) fund and hopes to raise as much as $500 million.
• The Paris-based impact specialist launched the fund at the Paris climate summit in 2015, but it didn't reach a final close until July 2021.
• With the fund coming close to allocating its $200 million of capital, Mirova is planning a second fund with the hope of to start raising between $300 million and $500 million after Gautier Quéru, investment director at Mirova, emphasised strong demand from investors and a good pipeline of projects.
• Quéru pointed out that the EU's recent policy on deforestation-free supply chains could help to drive demand for commodities produced by projects the fund would look to invest in.
• LDN provides technical assistance to sustainable land management project developers in the agricultural and forestry sectors. It aims to reduce carbon dioxide emissions by 35 million tonnes and to create jobs or improve livelihoods for over 100,000 people.

Al Gore’s Climate Fund Announces First Investments in Industrial Decarbonisation Solutions Providers

• Climate solutions-focused investment business Just Climate announced its inaugural three investments, backing companies with solutions to help decarbonise the steel sector, accelerate electric mobility, and provide renewable energy for manufacturers.
•  Just Climate aims to deliver impact by focusing on investments in projects and companies in hard to abate sectors and geographies, while simultaneously delivering appropriate risk-adjusted returns.
• The fund targets catalytic climate solutions in sectors including energy, transport, industry, and buildings and natural climate solutions for food, agriculture, and oceans.
• The first three portfolio companies include: ABB E-mobility (provides EV charging solutions); H2 Green Steel (building first large-scale fossil-free steel plant); Meva Energy (provides gasification technology).

J.P. Morgan Invests $500 million in Timberland

• J.P. Morgan Global Alternatives, the alternative investment arm of J.P. Morgan Asset Management, announced the acquisition of more than 250,000 acres of commercial timberland in the Southeastern U.S. (valued at over $500 million).
• The transaction follows the acquisition by J.P. Morgan in 2021 of forest management and timberland investor Campbell Global. At that time a statement was made that “J.P. Morgan Asset Management expects to become an active participant in carbon offset markets as they develop”.
• Timberland investments are positioned to play a significant role towards net zero goals, and asset managers have been increasing investment in the space and launching strategies targeting forest investments to capture the opportunity.
• According to JPMorgan, the properties acquired encompass more than 18 million metric tons of stored CO2 equivalents, including more than half a million tons retained in 2021.

Goldman Sachs Targets Europe Biomethane Opportunity with New Investment Platform

• Goldman Sachs Asset Management (GSAM) announced the launch of Verdalia Bioenergy, a new biomethane-focused business, aimed at addressing opportunities created by the secular trends in Europe of decarbonisation and energy security.
•  Under the new platform, Goldman Sachs stated that it aims to deploy more than €1 billion in biomethane in Europe over the next four years.
• Biomethane, or renewable natural gas (RNG), is expected to play a critical role in the transition to cleaner energy sources, particularly for sectors in which energy solutions such as wind or solar are less practical.
• The expansion of biomethane production capacity forms a key plank of the EU strategy to transition to a climate neutral economy and boost energy independence.
• According to industry sources cited by Goldman Sachs, the biomethane capacity increase outlined under the EU plan would require investments of approximately €80 billion.

Schroders backs nature measurement tech firm

• Multinational asset management firm Schroders was among key investors supporting Natcap, a biodiversity measurement technology firm, in closing a £2.5 million seed round.
• Founded at the University of Oxford in 2018, Natcap develops technology to help companies and financial institutions measure nature-related impacts and dependencies from their operations.
• Sebastian Leape, Natcap’s CEO, told Environmental Finance: “Biodiversity is rapidly rising up the business agenda right now. We must have spoken to several hundred businesses in the last few months that are thinking more seriously about nature related issues”.
• Leape adds that the firms is seeing “particular demand from investors with land assets – like those in the agriculture, forestry and infrastructure”.

WTW Launches ESG Analytics Platform

• Global advisory, broking, and solutions company WTW announced today the launch of ESG Clarified, a new analytics platform aimed at enabling organizations to understand and address climate, sustainability and other ESG risks.
• The new SaaS solution combines external and proprietary data sources, including internal WTW data sources and analytics, to allow companies to analyse and score their ESG exposures in real time and understand financial, human capital, and reputational metrics.
•  The platform aims to enable companies to benchmark ESG risks against peers, create customized reports about ESG risks, meet new reporting and compliance requirements, and enhance ESG risk programs.

Fitch launches climate transition screening tool

• Fitch Ratings has developed a screening tool to measure the vulnerability of sectors’ and entities’ creditworthiness and financial performance to risks associated with the transition to a net zero economy.
• Climate Vulnerability Scores (Climate.VS) assesses the transition risk of entities in over 120 sub-sectors. Its analysis extends to 2050 and provides assessments from 2025 at five-year intervals.
• The credit rating agency believes climate-related policy, market and regulatory risks are “likely to have a more severe credit impact” on corporates as a whole in the first half of this century than the physical risks from climate change itself.
• In order from highest to lowest, Fitch found the following sectors to have the most vulnerable Climate.VS scores: utilities, metals & mining, oil & gas, building materials and industrials.

Sustainability-Linked Loan market 'moving away' from ESG ratings

• The Sustainability-Linked Loan (SLL) market is increasingly “moving away” from using ESG ratings as the basis for changes in interest rate payments, according to the European Leveraged Finance Association (ELFA).
• ELFA stated that ESG ratings – such as those provided by MSCI, EcoVadis and Sustainalytics – are “unlikely” to be included in the ‘model SLL terms’ that the Europe-focused Loan Market Association (LMA) is expected to publish in 2023.
• Instead, SLLs are focused on specific environmental metrics and, increasingly, social key performance indicators.

According to ELFA, 75% of total European leveraged loans in the fourth quarter of 2022 included a margin ratchet linked to performance against an ESG target; following “exponential” growth in these instruments within the leveraged loan space since 2020.

Sustainable Debt Data Webinar, Bloomberg (Hosted March 1^st 3:00pm GMT, Virtual Event)

Ever notice the green leaf or the blue heart or the other sustainable debt indicators on the Bloomberg Terminal? The Sustainable Finance Solutions Team evaluate each instrument before providing the Bloomberg designation. In the webinar, the team walk through the nuances of the Bloomberg review process, which begins at issuance and continues through the life of the bond.

Topics include

• Bloomberg Sustainable Fixed Income designation methodology overview
• Examples of why certain instruments did or did not receive Bloomberg designation
• How Sustainable Fixed Income content could be accessed through Bloomberg Terminal

Watch the replay

2023 Wall Street Green Summit (13th March 1:00pm GMT; Cornell Club, New York City)

This conference will be both in person and on Zoom covering cutting edge content and industry developments and featuring the leading practitioners in sustainability. More importantly, it is aimed at building a sustainable finance system for responsible investing and the changing role of business.

Topics include

• ESG Investing & Reporting
• Carbon Markets and Finance
• Clean Energy Solutions to climate change

Additional details of the event and a link to register

Seminar Series with Latham & Watkins: Sustainable Securitisation and Related Considerations under SFDR (March 15^th 5:30pm GMT; Latham and Watkins London Office)

Join European Leveraged Finance Association and Latham & Watkins or a discussion on the development of a market for sustainable securitisation in the UK and Europe, focusing on current and proposed legal and regulatory frameworks as well as an update on the latest market issues related to SFDR funds.

Additional details of the event and a link to register

Natural Capital Investment 2023 (March 23^rd 9:00am GMT; Hilton Tower Bridge, London)

With the interest in ESG investing at an all-time high, institutional investors are shining a light on a previously side-lined indicator of environmental health: biodiversity. But despite an increasing number of funds being created, natural capital investment opportunities remain limited, and biodiversity needs to be built into consideration of all companies and their investors. Attend this conference to discuss the challenges and opportunities for financial institutions, investors, corporates, and service providers in this evolving space.

Additional details of the event and a link to register

Annual Sustainability Week 2023, Economist Impact (March 29^th 8:45am GMT; Virtual and in London (Business Design Centre)

“We are the independent guide to sustainability, helping our audience cut through the noise and supporting them as they achieve sustainability goals and reach outcomes with actual business value. We help businesses, policymakers, financiers, investors, NGOs and others achieve sustainability goals, faster. In 2023 we will be back with an even bigger and better event to further serve these aims, with a large-scale physical event bringing 1,000 attendees, 300 speakers and 50 exhibitors coming together from March 29th to 31st at the Business Design Centre, London, and online.”

Additional details of the event and a link to register

• Rahel Haque, Vice President, Climate and ESG Capital Markets
• Vishal Saxena, CFA, Associate, Climate and ESG Capital Markets
• Fazl Ahmad, Analyst, Private Finance Structuring and ESG

*For any unfamiliar terms used within this article please refer to our Insights glossary.

References:

1. Managing-transition-risk-in-real-estate.pdf (unepfi.org)
2. Real Assets:The investment case for net zero buildings 2021 (legalandgeneral.com)
3. How the conversation around green real estate is changing | World Economic Forum (weforum.org)