CRREM has developed a science-based downscaling methodology to derive decarbonisation pathways that are consistent with the goals of the Paris Climate Agreement (i.e. limiting global warming to 2 or 1.5°C) as well as individual target setting. These pathways have been derived at the level of specific building types in individual countries. CRREM has constructed a freely available and easy-to-use tool (available via www.crrem.eu/tool).
The CRREM tool helps to identify which properties will be at risk of stranding. The tool also enables an analysis of the (positive) effects of refurbishing single properties (i.e. undertaking energetic retrofits) on the total carbon performance of a portfolio. The trade-off between operational savings and embodied carbon related to refurbishment measures can be analysed. To sum up, the tool:
•clearly provides an added value for the industry, by enabling a transparent analysis of carbon risks, calculation of abatement costs and timing of retrofit measures.
•provides the perfect opportunity to start a very important dialogue between investors and fund managers about the carbon performance of their assets and possible ways to reduce the carbon footprint.
•can help asset managers report carbon risks in line with other major reporting initiatives, including the TCFD and the EU Taxonomy and PCAF.
•clearly guides a way towards Paris-proof and net-zero real estate.
Additionally, CRREM expanded its pathways to the global real estate markets and residential real estate.
The EIC helped to make sure that the CRREM tool fulfils industry needs by ensuring contextual relevancy and alignment to industry expectations.
By the end of the project the EIC has gained over 40 members, and has now been changed into the Global Scientific & Investor Committee.
To sum up:
•Stakeholder-Engagement was much more intensive than expected: Besides testers from the industry the project team got involved with more than 30 organizations and initiatives globally (like EPRA, INREV, UNEPFI, IIGCC, NZAOA, E-Core, DEEP, and others). Dissemination and industry take up as well as sound content-wise results were supported by massive and far-reaching support from the sector
•a whole special issue of the Journal of European Real Estate Research, focussing on “Decarbonization and Real Estate Investment”. After publication in 07/20, the Special Issue became the most successful one in the history of the Journal
•CRREM engaged Europe’s most prestigious and well-known real estate investors in testing (like Allianz, DWS, Deutsche Bank, CBRE, Savills etc.)
•The consortium was invited to major industry events like ULI Product Council Day, Covenant of Mayors' Investment Forum, New Data in Real Estate Data Lab, ZIA Energietage, Asset Owners Alliance etc.
•The investors and CRREM EIC members PGGM, NBIM and APG supported the CRREM consortium in the derivation of global pathways for all sectors/countries and including residential real estate. The additional pathways have gone much beyond the original project scope
•Successful workshops and seminars held, often with over 200 attendees per event. Examples include the successful CRREM-ERES industry seminar, E-CREDA Workshop, UNEP-FI CCCA Group and more
•CRREM is now mentioned as a strategic partner for many initiatives as stated for example by ULI Greenprint in their last report
