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Carbon Risk Real Estate Monitor - Framework for science based decarbonisation pathways, toolkit to identify stranded assets and push sustainable investments

Objective

The overall objective of the Carbon Risk Real Estate Monitor Project (CRREM) is to accelerate the decarbonization and climate change resilience of the EU real estate sector by providing appropriate science-based carbon reduction pathways at property, portfolio and company level. Furthermore a framework for financial risk assessment to cost-effectively manage carbon mitigation strategies will be delivered. CRREM aims to integrate carbon efficiency and retrofit requirements into investment decisions by evaluating and clearly communicating the downside financial risks associated with a low energy performance and quantifying the financial implications of stricter regulatory environment regarding carbon intensity on the building stock (so-called risk of stranded-assets).

The poor energy efficiency of existing buildings and the still low refurbishment rates in virtually all member states are among the major risks for the sector, as many assets will become „stranded“ properties that will not meet future energy efficiency standards or whose required energetic retrofit will not be financially viable. CRREM will produce clear Science Based Targets for the sector, a tool/framework to assess risk and qualitative reporting templates, which will contribute to accelerate the decarbonisation of the EU building stock to „2-degree-readiness“.

CRREM will apply a sectoral decarbonization approach to downscale EU’s carbon reduction commitments (INDCs) to the Paris Agreement to sector and building level. The project will also provide investors with reliable risk assessment tools to promote more awareness for the need of climate risk management on corporate level. The project will also support the assessment of the financial, regulatory and administrative barriers for investment and how to overcome them. CRREM aims to reduce carbon emissions and increase investment in sustainable retrofits by making real estate decarbonisation targets more transparent and accessible across Europe.
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Coordinator

IIO INSTITUT FUR IMMOBILIENOKONOMIEGMBH

Address

Josef Steinbacherstrasse 1
6300 Worgl

Austria

Activity type

Private for-profit entities (excluding Higher or Secondary Education Establishments)

EU Contribution

€ 676 777,14

Participants (5)

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UNIVERSITY OF ULSTER

United Kingdom

EU Contribution

€ 223 125

GRESB BV

Netherlands

EU Contribution

€ 314 062,50

STURGIS CARBON PROFILING LLP

United Kingdom

EU Contribution

€ 53 603,08

UNIVERSIDAD DE ALICANTE

Spain

EU Contribution

€ 113 750

TiasNimbas Business School B.V.

Netherlands

EU Contribution

€ 106 585

Project information

Grant agreement ID: 785058

Status

Ongoing project

  • Start date

    1 February 2018

  • End date

    31 January 2021

Funded under:

H2020-EU.3.3.7.

H2020-EU.3.3.1.

  • Overall budget:

    € 1 487 902,72

  • EU contribution

    € 1 487 902,72

Coordinated by:

IIO INSTITUT FUR IMMOBILIENOKONOMIEGMBH

Austria