Experience of Participants

“CRREM is a very insightful and practical tool that gives us very clear guidance on the environmental performance of our portfolio and supports us in making future investment decisions for both new acquisitions as capex projects.”

Ronald van der Waals, fund manager CBRE Dutch Office Fund, managed by CBRE Global Investors

“EVORA has already begun integrating the use of the CRREM tool into the climate resilience strategies of our clients. The tool’s country and property type specific decarbonisation benchmarks for individual assets has proved a significant step forward, enabling clients to prioritise energy consumption and emission reduction efforts and budgets towards individual assets whilst ensuring overall portfolio decarbonisation targets are met.”

Peter Willcocks, Sustainability Consultant, EVORA Global

“CRREM is a helpful tool that can support companies in assessing the required reduction in carbon emissions at asset level.”

Fernanda Amemiya, Sustainability Reporting Manager, Landsec

“The CRREM tool certainly has a benefit for us as an investor.
Firstly, because it provides us with reduction pathways for properties, we have exposure to, based on a specific property type.
Secondly, it clearly shows us which assets within a certain portfolio will likely be at risk in the near future.
This type of information also allows for better understanding why certain assets are having higher intensity rates, whether additional capex is needed or whether this is due to for example tenant behaviour, or maybe even data gathering issues.”

Mathieu Elshout, Senior Director Private Real Estate, PGGM

“The climate crisis is the defining crisis of our time and it’s happening even faster than we expected. The transition to a low carbon world must accelerate in every corner of the world to meet the commitments made in the Paris Climate Agreement.
The transition pathways for the real estate sector is an important addition to address the challenges in our sector.
The pathways will help us understand and mitigate the climate risks and the requirement for retrofit investment on asset level in our real estate portfolio.”

Filip Elland, Head of Sustainability, Castellum

“An introduction of a carbon pricing, preferred in a market scheme similar to ETS, will lead also in the Real Estate market to a significant and fast decarbonisation, either in the commercial or in the residential buildings.
And it will push the architecture and building technologies to reduce greenhouse gases, during construction and the whole life cycle.”

Olaf Schulze, Director Energy Management METRO + Member of the Task Force for Carbon Pricing in Europe

“BREEAM is proud to be working with CRREM to bring forward clearer guidance to the real estate sector on what a trajectory to a truly decarbonized real estate sector looks like.
The insights from the CRREM research will provide a strong evidence based upon which building certification systems can adopt to further enhance holistic approaches like BREEAM.”

Dr. Shamir Ghumra, BREEAM Director, BRE Global

“The CRREM tool will allow us to measure, through GRESB, to what extent our global portfolio is aligned with a 1.5 degree scenario. It will also inform our investment decisions going forward and it can be used as an engagement tool.
We would like to encourage all investment managers, listed real estate companies but also green certification schemes to use these pathways as the common language to measure Paris Alignment.
This is also the reason we have decided to fund the development of these pathways outside Europe and include also non-commercial real estate.”

Derk Welling, Senior Responsible Investment & Governance Specialist, APG

“UNEP FI is working with leading financial institutions globally to set norms and practices for integrating climate risk into management and governance practices and capital allocation. CRREM is a valuable tool for moving institutions beyond just disclosure of risk toward alignment with the Paris agreement objectives.”

Matthew Ulterino, Principal, UNEP FI

“CRREM helps to mitigate the transitional risk of real estate portfolios by offering the possibility to evaluate the progress of a portfolio’s carbon reduction performance in line with the Paris Agreement (i.e. limiting global warming to 2°C / 1.5°C). For stranded assets, the tool quantifies CAPEX needed on a top-down level to bring the assets back on-line with carbon pathways as per location as well as it guides the environmental risk of the asset for new investment deals. We at Asset Owner Alliance (AOA) recommends the CRREM tool as our recommended approach for risk assessment for one’s portfolio. We are also very thankful for the team behind the tool for their valuable support.”

Sadaf Stutterheim, Real Estate Strategist
Investment Management, Zurich Insurance Company Ltd

“The CRREM tool and pathways allow us to better understand our portfolio’s exposure to climate related risks and the management of these by enabling target-setting aligned with a 1.5C trajectory. It is an important part of integrating climate related risks into investment decision making and risk management.”

Peter Sandahl
Head of Sustainability, Nordea Life & Pension, Representative for the UN convened Net-Zero Asset Owner Alliance

“CRREM is a useful tool for a global investor to understand where the portfolio sits against the pathway that aligns with the Paris Agreement in a globally consistent manner. Therefore, GPIF supports the expansion of CRREM to include major real estate markets outside the EU. We expect more fund/asset managers will be encouraged to assess their own portfolios and disclose the result to investors, through which we hope the market as a whole will become more transparent in terms of carbon risk in the long run.”

Hideto Yamada, Head of Global Real Estate, GPIF (Government Pension Investment Fund)

“I’d like to commend the authors on an exceptional tool and the breadth of its considerations and its practical capacity for implementation into business and real estate life cycle analysis and planning. The ability to be able to examine individual assets and then to a portfolio level provides great capabilities in providing additional guidance to decision-makers in the real estate or funds management areas. Particularly, in identifying stranded assets, but also being able to assess a likely timeframe in which the asset should be retrofitted, or sold on.”

Dr. Georgia Warren-Myers
Senior Lecturer in Property
Faculty of Architecture, Building and Planning
Melbourne School of Design

“The work done so far is impressive, my respect for that.”

Prof. Andy van den Dobbelsteen, PhD MSc
Professor of Climate Design & Sustainability
Faculty of Architecture and the Built Environment
Delft University of Technology

“I think the CRREM tool is especially notable because it approaches carbon risk from the stance and perspective of real estate portfolio owners and managers, presenting results in a manner that is relevant and meaningful for portfolio decision-makers. Two other key strengths of the tool are: a) it allows for inputs and analysis at both the asset and portfolio level; and b) it includes pathways for a host of countries – which is important for companies with global portfolios.  I think the integration with GRESB reduces the data entry burden and improves adoption potential.  I’ve observed growing interest in CRREM from various US stakeholders which bodes well for its application in the US and beyond.”

Dr. Paul Mathew
Staff Scientist and Department Head
of Whole Building Systems,
Lawrence Berkeley National Laboratory (LBNL)

“The CRREM tool helps us to improve our understanding of climate related transition risks in our portfolio, by allowing for an insightful comparison of our portfolio’s carbon intensity against targets in line with the Paris Climate Agreement. All in all, an excellent tool to assess transition risks of real estate investments and with that enhance investment decision making. Special thanks to all involved in its development as well as in the much appreciated ongoing support.”

Dario Bryner, CFA
Investment Analytics Specialist
,
Assistant Vice President, Group Asset Management
Swiss Re Management Ltd

“As in all other parts of the world, the Japanese real estate sector is looking for a practical way to assess their climate risks. There, CRREM is a promising tool with global pathways having been published recently, and the EU tool being already linked to the GRESB participant portal. We, at CSRD, are proud to be a local supporter for CRREM to provide technical inputs from Japan.”

Dr. Tomoko TAKAGI, Executive Officer, Partner, CSR Design Green Investment Advisory, Co., Ltd.

“The current climate crisis and its associated risks pose significant economic threats to investors and investees in the listed real estate sector. As a trade association, we value open access tools like CREEM which enables property companies to assess climate risks and to communicate their carbon exposure to shareholders for better investment decisions.”

Gloria Duci, ESG Manager, EPRA

“The CRREM tool helps us to improve our understanding of climate related transition risks in our portfolio, by allowing for an insightful comparison of our portfolio’s carbon intensity against targets in line with the Paris Climate Agreement. All in all, an excellent tool to assess transition risks of real estate investments and with that enhance investment decision making. Special thanks to all involved in its development as well as in the much appreciated ongoing support.”

“CRREM is a comprehensive tool, that is very helpful in defining the individual carbon reduction pathways of each of our assets and calculating the associated carbon risk, in line with our ambition to work towards science based targets.”

Geert Paemen​Group Sustainability Director

“BuildingMinds leverages data-driven insights for corporates and real estate investment companies to make the best possible decisions for the present and future. Providing a single, centralized and secure platform with a dynamic Digital Building Twin, BuildingMinds consequently integrates decarbonisation strategies for the real estate sector: transparency of carbon emissions, resource efficiency and future-proofing buildings against climate risk, applying CRREM decarbonization pathways to identify stranded assets.”

Jens Hirsch, Domain Expert Sustainability. BuildingMinds

STÉPHANE VILLEMAIN

“Transitioning large real estate portfolios toward a lower carbon future requires access to science-based, easy-to-use, and industry-specific tools to prioritize efforts and set concrete targets. The CRREM tools provide a unique and useful response to this challenge and we look forward to being able to apply these tools to our global property portfolio.”

Stephane Villemain, Vice-president, Corporate Social Responsibility

ECORE ESG Circle of Real Estate stellt ein ESG-Scoring-Modell zur Verfügung, das die Taxonomie-Kriterien sowie die Ziele des Pariser Klimaschutzabkommens berücksichtigt sowie die aktuelle Nachhaltigkeitsperformance von Objekten und Portfolios misst. Anhand einer Punkteskala von null bis 100 soll allen Stakeholdern transparent gemacht werden, inwieweit eine Immobilie oder ein Portfolio die Klima-Ziele und ESG-Kriterien abbildet. Das Scoring-Modell besteht aus den drei Clustern, Governance, Verbräuche und Emissionen sowie Asset Check.

Im „Cluster II – Verbräuche und Emissionen“ sind Energieverbrauch, CO2-Emissionen, Wasserverbrauch und Abfallaufkommen sowie die Bewertung „Paris-Ready“ relevant. Für den Abgleich zu den Zieldaten 2030 und 2050 haben wir das CRREM-Tool implementiert, um aufzeigen zu können, wann eine Immobilie den Dekarbonisierungspfad verlässt und Gefahr läuft, zum „stranded asset“ zu werden.“

Dr. Markus Bell, Bell Management Consultants, Mitinitiator von ECORE

Enis Hasimi

“CRREM provides a holistic view on the energy and environmental performance of a portfolio aiming to align with the Paris agreement on climate change. It assists portfolio managers to create a well-diversified portfolio of sustainable and resilient assets fulfilling one aspect of the ESG long-term strategy for their investors. Through its pathways, investors can undertake capex projects today in order to minimise the transitional risks that might arise in the future. Adhering to such an initiative would make the international real estate market more attractive for international investors.”

Enis Hasimi, ESG Manager, DEKA Immobilien Investment GmbH

“Sound climate impact metrics start with sector-specific data, which is exactly what CRREM provides. We use the CRREM decarbonization target pathways as benchmarks to determine the ‘Temperature Alignment’ of buildings. That is: To calculate how much global warming would occur if the whole world operated as the building under consideration – simply and tangibly in °C. This ‘X-Degree Compatibility’ (XDC) summarizes the differences in the decarbonization pathways in one number and assesses whether that building contributes to achieving the Paris climate goal. Owners and investors can use this information and work together to steer their real estate projects towards a 1.5°C future.”

Hannah Helmke, Founder & CEO, right. based on science GmbH

Peter Cosmetatos

“Commercial real estate lenders could play a critical role in decarbonising the built environment, by using what they can learn from their sophisticated clients to commoditise useful advice as well as finance for the many smaller, less sophisticated landlords out there. But that requires widespread adoption of effective, science-based, decision-useful frameworks for data and disclosures across the real estate market – and CRREM is evidently doing important work to deliver that.”

Peter Cosmetatos, CEO,
CREFC Europe

Annika Dylong, Head of Risk Management, INTREAL

“In CRREM, we implemented a comprehensive, evidence-based and flexible application that enables us to manage a high number of diverse assets worldwide in regard to their transitory risks. Especially the CVaR and the stranding time prediction provide us with important information that is instrumental for decisions regarding future energy optimisation measures and the derivation of portfolio strategies.”

Annika Dylong, Head of Risk Management, INTREAL

Cay Ortel

“Especially for AIF management companies, CRREM as an evidence-based tool is indispensable for appraising economic threats to portfolio properties objectively and rationally in the best interest of the investors.”

Dr. Cay Oertel, Risk Manager,
INTREAL

Christa Clapp

“The CRREM tool is a practical solution that supports a pathway to zero-emissions buildings. We look forward to discussing considerations on material use and climate resiliency with the committee.”

Christa Clapp, Co-Founder & Managing Partner,
CICERO Shades of Green

Jonathan Waite

“CRREM addresses the industry need for one globalcomprehensive science-based route to achieve ‘net zero’. With the recent expansion of the tool to cover the Asia Pacific region, the industry now has a truly global (and importantly transparent) set of pathways that will allow us to understand how our current portfolio is aligned to the Paris Agreement but also to inform future investment decisions going forward. We encourage all market participants to use these pathways.”

Jonathan Waite, Senior Responsible Investment Manager,
APG Asset Management