Further Readings


Caldecott (2018): Stranded Assets and the Environment: Risk, Resilience and Opportunity. Routledge, Abingdon-on-Thames.

Caldecott (2018): Stranded Assets: Developments in Finance and Investment. Routledge.

Christensen | Robinson | Simons (2018): The influence of energy considerations on decision making by institutional real estate owners in the US. In: Renewable and Sustainable Energy Reviews, Vol. 94, p. 275-284.

Day (2006): Degree-days: Theory and Application. The Chartered Institution of Building Services Engineers, London.

Ekardt | Wieding | Zorn (2018): Paris-Abkommen, Menschenrechte und Klimaklagen. Rechtsgutachten im Auftrag des Solarenergie-Fördervereins Deutschland e. V.

Gasser | Kechiar | Ciais | Burke | Kleinen | Zhu | Huang | Ekici | Obersteiner (2018): Path-dependent reductions in CO2 emission budgets caused by permafrost carbon release. In: Nature Geoscience.

Gignac | Matthews (2015): Allocating a 2 °C cumulative carbon budget to countries. Environmental research letters Vol. 10, No. 7.

Goodwin, P. (2018): On the time evolution of climate sensitivity and future warming. In: Earth’s future.

Habert | Röck | Steininger | Lupisek | Birgisdottir | Desing | Chandrakumar | Pittau | Passer | Rovers | Slavkovic | Hollberg | Hoxha | Jusselme | Nault | Allacker | Lützkendorf (2020): Carbon budgets for buildings: harmonising temporal, spatial and sectoral dimensions. In: Buildings and Cities, Vol. 1, No. 1, p. 429–452.

Hirsch | Braun | Bienert (2015): Assessment of Climatic Risks for Real Estate. In: Property Management, Vol. 33, No. 5, p. 494-518.

Matthews | Zickfeld | Knutti | Allen (2018): Focus on cumulative emissions, global carbon budgets and the implications for climate mitigation targets. In: Environmental Research Letters, Vol. 13, No. 1.

Mercure | Pollitt | Viñales | Edwards | Holden | Chewpreecha | Salas | Sognnaes | Lam | Knobloch (2018): Macroeconomic impact of stranded fossil fuel assets. In: Nature Climate Change, Vol. 8, p. 588-593.

OECD (2022) |  Decarbonising Buildings in Cities and Regions, OECD Urban Studies, OECD Publishing, Paris

OECD (2022) | Assessing the climate consistency of finance, Environment Working Paper No. 200

Oxford Economics (2020): Estimating the impact of global warming.

Peel | Finlayson | McMahon (2007): Updated world map of the Köppen-Geiger climate classification. In: Hydrology and Earth System Sciences, Vol. 11, p. 1633-1644.

Petoukhov | Rahmstorf | Petri | Schellnhuber (2013): Quasiresonant amplification of planetary waves and recent Northern Hemispheric weather extremes. In: Proceedings of the National Academy of Sciences of the United States of America, Vol. 110, No. 14, p. 5336–5341.

Petri | Caldeira (2015): Impacts of global warming on residential heating and cooling degree-days in the United States. In: Nature - Scientific Reports.

Ricke | Drouet | Caldeira | Mavoni (2018): Country-level social cost of carbon. In: Nature Climate Change, Vol. 8, p. 895-900.

Roberts | Lafuente | Darviris (2015): Climatic Risk Toolkit

Rockström | Gaffney | Rogelj | Meinshausen | Nakicenovic | Schellnhuber (2017): A Roadmap for Rapid Decarbonization. In: Science, Vol. 355, No. 6331, p. 1269-1271.

Rogelj | Schaeffer | Friedlingstein | Gillet | van Vuuren | Riahi | Allen | Knutti (2016): Differences between carbon budget estimates unravelled. In: Nature Climate Change, Vol. 6, p. 245-252.

Rovers | Rovers (2008): 0-energy or Carbon neutral? Systems and Definitions

Simpson | Banfill | Haines | Mallaband | Mitchell (2015): Energy-led domestic retrofit: impact of the intervention sequence, Building Research & Information. In: Building research and information, Vol. 44, No. 1, p. 97-115.

Smith | Edmonds | Hartin | Mundra | Calvin (2015): Near-term acceleration in the rate of temperature change. In: Nature Climate Change, Vol. 5, No. 4, p. 333-336.

Spinoni | Vogt | Barbosa | Dosio | McCormick | Bigano | Füssel (2018): Changes of heating and cooling degree-days in Europe from 1981 to 2100. In: International Journal of Climatology, Vol. 38, Suppl. 1, p. e191-e208.

Steffen | Rockström | Richardson | Lenton | Folke | Liverman | Summerhayes | Barnosky | Cornella | Crucifix | Donges | Fetzer | Lade | Scheffer | Winkelmann | Schellnhuber (2018): Trajectories of the Earth System in the Anthropocene. Proceedings of the Royal National Academy of Sciences.

Steininger | Meyer | Nabernegg | Kirchengast (2020): Sectoral carbon budgets as an evaluation framework for the built environment. In: Buildings and Cities, Vol. 1, No. 1, p. 337-360.

Strachan | Banfill (2017): Energy-led refurbishment of non-domestic buildings: ranking measures by attributes. In: Facilities, Vol. 35, No. 5|6, p. 286-302.

Ürge-Vorsatz | Tirado Herrero (2012): Building synergies between climate change mitigation and energy poverty alleviation. In: Energy Policy, No. 49, p. 83-90.

Xing | Hewitt | Griffith (2011): Zero carbon buildings refurbishment - A Hierarchical pathway. In: Renewable and sustainable energy reviews, Vol. 15, No. 6, p. 3229-3236.


Aberdeen Standard Investment: Net zero – idle promises?

Absolut Research: Carbon Risk Real Estate Monitor: CO2-Reduzierung bei Gewerbeimmobilien

Better Buildings Partnership BBP: 2017 Real Estate Environmental Benchmarks

BPIE: 97% of buildings in the EU need to be upgraded.

BPIE: A snapshot of national renovation strategies. Examples from selected EU Member States

BPIE: Boosting renovation with an innovative service for home-owners. BetterHome: An industry-driven one-stop-shop solution, subject of the BPIE Innovation Briefing

CarbonBrief: Analysis: How far would Germany’s 2038 coal phaseout breach Paris climate goals?

CDP: Carbon Pricing Corridors - The Market View 2018

Climate Action: Spain will switch to 100% renewable energy by 2050

Climate Home News: Dutch government to appeal landmark climate ruling, again

Climate Strategy & Partners / Peter Sweatman: Finance & Investing in Decarbonising Europe’s Buildings

de Volkskrant: Nederland zet zelf stok achter de deur: nieuwe Klimaatwet gaat veel verder dan internationale verplichtingen

Der Tagesspiegel: Braunkohle verdient oft kein Geld. Braunkohlekraftwerke laufen laut Aussage von Analysten meist im Minus

eceee: Between a Rock and a hard place. How the cost of energy efficiency has been inflated

eceee: Money time for EU carbon market reform in the Euopean Parliament

Eco Business: Energy efficiency cuts carbon from buildings: With the highest efficiency standards, countries can cut household carbon emissions at no cost to consumers—and achieve the UN’s climate goals

Eco-Business: 4 ways companies can price carbon: Lessons from India that can work anywhere

Eco-Business: How can companies own their climate narratives?

Eco-Business: Limiting global warming to 1.5C would have ‘significant economic benefits’

Euractiv: 10 countries demand net-zero emission goal in new EU climate strategy

Euractiv: Breaking down the barriers to renewable heating in the UK

Euractiv: Business lobby prepares pushback against EU climate goals update

Euractiv: Energy-efficient buildings: Why MEPs should ban the staged renovation approach

Euractiv: EU carbon prices expected to rise quickly and accelerate energy transition

Euractiv: France to push for EU carbon price floor and border tariff

European Commissions: Heating and cooling

European Environment Agency: Heating and cooling degree days

Independent: Carbon emissions hit record high in 2017 due to rising energy demand

Munich RE: Natural catastrophe review: Series of hurricanes makes 2017 year of highest insured losses ever

Neue Zürcher Zeitung: Allianz will keine Kohlekraftwerke mehr versichern

Observatoire BBC: L’observatoire des batiments bepos et basse consummation

Reuters: What is driving a rally in EU carbon permit prices?

Standard Chartered: Position statement. Power generation

Süddeutsche Zeitung: EU-Kommission gibt offenbar ehrgeizigeres Klimaziel auf

The Guardian: Earth is warming 50x faster than when it comes out of an ice age A major new study includes some scary implications about how rapidly humans are changing the Earth’s climate

The Guardian: Met Office: global warming could exceed 1.5C within five years

Studies & Reports

OECD Environment Working Papers (2022) - Assessing the climate consitency of finance: Taking stock of methodologies and their links to climate mitigation policy objectives

EVORA Global Limited (March 2023) -

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CBRE (March 2023) - Decarbonizing Commercial Real Estate

IIGCC (February 2023) - Measuring and Managing Whole Life Carbon in Real Estate Portfolios

UN-convened Net-Zero Asset Owner Alliance (January 2023) - Target Setting Protocol—Third edition

CDP (September 2022) - Missing the Mark

Right.based on science (December 2022) - Immobilien mit Impact

IVSC (November 2022) - Survey: ESG & Valuation

IIGCC (October 2022) - Delivering Net Zero: A data catalogue for investors

Hines (April 2022) - Embodied Carbon Reduction Guide

UNEP-FI (Carlin D., April 2022) - 40% of emissions come from real estate; here’s how the sector can decarbonize

MSCI (Panagiotopoulos A.; Teuben B., February 2022) - Breaking Down Real Estate Net-Zero Targets

NZAOA- UN - Convened Net-Zero Asset Owner alliance: Target Setting Protocol - Second Edition

AEW Research Report (June 2021): Climate Informed Real Estate Returns In Europe

BuildingMinds White Paper Report (Jan 2020): Nachhaltigkeit in der Immobilienwirtschaft

DGNB (Dec 2020): Market feedback from testing the proposed EU Taxonomy Technical Screening Criteria for Buildings

URBAN LAND INSTITUTE-ULI: Blueprint for Green Real Estate. Executive Summary

URBAN LAND INSTITUTE-ULI: Blueprint for Green Real Estate. Report

URBAN LAND INSTITUTE-ULI: Global Goals: A Primer on the U.N. Sustainable Development Goals for Real Estate

NZAOA- UN - Convened Net-Zero Asset Owner alliance: Draft 2025 Target Setting Protocol.

World Economic Forum (Sept 2020): Measuring Stakeholder Capitalism. Towards Common Metrics and Consistent Reporting of sustainable Value Creation. White Paper

IIGCC, The Institutional Investors Group on Climate Change: Net Zero Investment Framework

TEG Taxonomy Report: Financing a Sustainable European Economy. Technical Report

Building Minds: Nachhaltigkeit in der Immobilienwirtschaft

Action Energy: Energy Consumption Guide 19 – Energy use in offices

alstria AG: Sustainability report 2017/2018

Bax & Company | RICS | Savills: Revalue project

Better Buildings Partnership BBP: Low Carbon Retrofit Toolkit - A roadmap to success

Bionova Ltd.: The embodied carbon review. Embodied carbon reduction in 100+ regulations & rating systems globally

BPIE | ECN | Ecofys | Enerdata | Seven: EU Building Stock Observatory

BPIE: Europe’s buildings under the microscope

BPIE: Renovating Germany’s building stock. An economic appraisal from the investors’ perspective

Caledcott | Dericks | Pfeiffer | Astudillo: Stranded Assets: the transition to a low carbon economy. Overview for the insurance industry. Innovation Series: Society and Security. Emerging Risk Report 2017. Lloyd’s of London, London.

Carbon Tracker | Grantham Research Institute on Climate Change and the Environment: Unburnable Carbon 2013: Wasted capital and Stranded Assets

Carbon Tracker: Carbon Countdown, Prices and Politics in the EU-ETS


CDP Carbon Disclosure Project | WRI | WWF: Sectoral Decarbonization Approach (SDA)

Circle Economy: The Circularity Gap Report 2020

Circle Economy | World Business Council For Sustainable Development: Scaling the Circular Built Environment: pathways for business and government

Citynvest: Increasing capacities in Cities for innovating financing in energy efficiency. A review of local authority innovative large scale retrofit financing and operational models

Climact: Net zero by 2050: From whether to how. Zero emissions pathways to the Europe we want

Copenhagen Economics:  Multiple benefits of investing in energy efficient renovation of buildings

Department for Business, Energy and Industrial Strategy (UK): 2017 Government GHG conversion factors for company reporting. Methodology Paper for Emission Factors - Final Report

Department for Business, Energy and Industrial Strategy (UK): Building Energy Efficiency Survey (BEES)

Department for Business, Energy and Industrial Strategy (UK): Coal generation in Great Britain: The pathway to a low-carbon future.

Department for Business, Energy and Industrial Strategy (UK): Updated energy and emissions projections: 2017

DG Energy: De-Risking Energy Efficiency Platform (DEEP)

DWS: Green, healthy buildings as economic stimulus.

ECIU Energy | Climate Intelligence Unit (2017): Heavy weather. Tracking the fingerprints of climate change, two years after the Paris summit

Ecofys: Guidance document for national plans for increasing the number of nearly zero-energy buildings

Ecofys: Panorama of the European non-residential construction sector

Enerdata: EnerFuture: Global Energy Forecasts

Enerdata: Nearly Zero-Energy Building Strategy 2020

Enerdata: POLES: Prospective Outlook on Long-term Energy Systems

Energy Saving Trust: Fabric first: Focus on fabric and services improvements to increase energy performance in new homes

EPRA: Enhancing transparency with the TCFD

European Commission: Energy Roadmap 2050

European Commission: EU Reference Scenario 2016. Energy, transport and GHG emissions trends to 2050. Decarbonisation - Carbon Intensity Indicators

European Commission: Practices and opportunities for Energy Performance Contracting in the public sector in EU Member States

European Environment Agency: Overview of electricity production and use in Europe

European Environment Agency: Trends and projections in Europe 2017: 3. Progress towards Member States' greenhouse gas emission targets

Global Alliance for Buildings and Construction: 2019 Global Status Report for Buildings and Construction Sector

GPIF: ESG Report 2019

INREV | EPRA: Real Estate in the real economy

IPE Investment & Pensions Europe | Alphen: Cutting carbon emissions could cause losses of up to 25%, says consultant

Marszal | Bourrelle | Musall | Heiselberg | Gustavesen | Voss: Net Zero Energy Buildings - Calculation Methodologies versus National Building Codes

Mercer: Investing in a time of climate change

NHBC Foundation: Designing Homes for the 21st century – Lessons for low energy design

NOAA National Oceanic and Atmospheric Administration: Global Climate Report - August 2018

NOAA National Oceanic and Atmospheric Administration: Globally averaged marine surface monthly mean data

NREL: Net-Zero Energy Buildings: A Classification System Based on Renewable Energy Supply Options

OCI Oil Change International: The sky’s limit. Why the Paris climate goals require a managed decline of fossil fuel production

OPEC Organization of the Petroleum Exporting Countries: 2018 OPEC World Oil Outlook 2040

PBL Netherlands Environmental Assessment Agency: Trends in global CO2 and total greenhouse gas emissions - 2017 report

TCFD Task Force on Climate-related Financial Disclosures: TCFD homepage

ULI Urban Land Institute | Bienert: Climate Change Implications for Real Estate Portfolio Allocation: Industry Perspectives

ULI Urban Land Institute | Bienert: Extreme weather events and property values. Assessing new investment frameworks for the decades ahead

Umweltbundesamt (Austria): Klimaschutzbericht 2018

UN DESA Department of Economic and Social Affairs | Population Division: World Population Prospects 2017

UNEP United Nations Environment Programme: Emissions Gap Report 2018

UNEP FI & PRI: Inaugural 2025 Target Setting Protocol

World Bank | Ecofys: Carbon Pricing Watch 2017

World Bank Group: Decarbonizing Development. Three Steps to a Zero-Carbon Future

World Bank Group: State and Trends of Carbon Pricing 2021

World Business Council For Sustainable Development: The Building System Carbon Framework

World Business Council For Sustainable Development: Decarbonizing Construction: Guidance for investors and developers to reduce embodied carbon

World Green Building Council: Bringing Embodied Carbon Upfront

World Resources Institute: CAIT Climate Data Explorer