Changing course: Real estate – TCFD pilot project report and investor guide to scenario-based climate risk assessment in real estate portfolios
This report, specific to real estate investments, is a follow-on to the May 2019 Changing Course, published by UNEP FI and authored by Vivid Economics. That flagship report was the culmination of the Investor Pilot on TCFD Adoption led by UNEP FI and involving 20 institutional investors, a subset of whom are shown in the logos above.
The Pilot was designed to explore, enhance and apply a methodology for assessing the impact of physical and transition risks and opportunities on listed equities, corporate debt, and direct real estate portfolios. As a guide for investors, the May 2019 report includes a market scan of the approaches, tools, and providers available to investors today to apply the TCFD recommendations, with principal methodological details from the approach followed by Carbon Delta.
However, the main findings excluded modelling and analyses from the investigation into direct real estate investments, now covered through this report