Ahead of world leaders meeting at the United Nations in early autumn, which ratified the Paris Agreement on climate change, the Urban Land Institute (ULI) released a summary paper outlining that a significant number of real estate organizations are not adequately prepared to meet the commitments of the agreement.
The report provides an overview of the key issues and implications for real estate, that arise from the Paris Agreement and the steps that the industry can take in response. More specifically the paper:
- Highlights the key elements of the Paris Agreement and the policy, market and climate drivers of change in the post-COP-21 world
- Outlines the nature of the opportunities that exist for the real estate industry, how leaders within the sector can set out to capture them, and the risk for those who choose not to; and
- Sets out the high-level steps that real estate organizations should consider taking to keep themselves relevant and competitive in the post-COP-21 era
According to ULI leader Jon Lovell, cofounder of Hill break and principal author of the report, based on the weight of evidence presented in the report and the value at stake, investors, tenants, and regulators will start turning the screws on real estate companies and asset owners in order to address promptly the implications of the Paris Agreement. Hence, among the real estate organizations priorities should be to audit their resilience against post COP-21 impacts, including review of the risk exposure of their assets, the capabilities and expectations of their stakeholders.
Download a copy of the summary paper here