Purpose

The purpose of this paper is to investigate the functionality and effectiveness of the Carbon Risk Real Estate Monitor (CRREM tool). The aim of the project, supported by the European Union’s Horizon 2020 research and innovation program, was to develop a broadly accepted tool that provides investors and other stakeholders with a sound basis for the assessment of stranding risks.

Design/methodology/approach

The tool calculates the annual carbon emissions (baseline emissions) of a given asset or portfolio and assesses the stranding risks, by making use of science-based decarbonisation pathways. To account for ongoing climate change, the tool considers the effects of grid decarbonisation, as well as the development of heating and cooling-degree days.

Findings

The paper provides property-specific carbon emission pathways, as well as valuable insight into state-of-the-art carbon risk assessment and management measures and thereby paves the way towards a low-carbon building stock. Further selected risk indicators at the asset (e.g. costs of greenhouse gas emissions) and aggregated levels (e.g. Carbon Value at Risk) are considered.

Research limitations/implications

The approach described in this paper can serve as a model for the realisation of an enhanced tool with respect to other countries, leading to a globally applicable instrument for assessing stranding risks in the commercial real estate sector.

Practical implications

The real estate industry is endangered by the downside risks of climate change, leading to potential monetary losses and write-downs. Accordingly, this approach enables stakeholders to assess the exposure of their assets to stranding risks, based on energy and emission data.

Social implications

The CRREM tool reduces investor uncertainty and offers a viable basis for investment decision-making with regard to stranding risks and retrofit planning.

Originality/value

The approach pioneers a way to provide investors with a profound stranding risk assessment based on science-based decarbonisation pathways.

中文翻译：

---

碳风险房地产监控器：可衡量房地产部门的脱碳

目的

本文的目的是研究碳风险房地产监控器（CRREM工具）的功能和有效性。该项目的目标是得到欧盟“地平线2020”研究与创新计划的支持，目的是开发一种广为接受的工具，为投资者和其他利益相关者提供评估搁浅风险的良好基础。

设计/方法/方法

该工具通过使用基于科学的脱碳途径来计算给定资产或投资组合的年度碳排放量（基准排放量），并评估搁浅风险。为了说明不断发生的气候变化，该工具考虑了电网脱碳的影响以及供热和降温天数的发展。

发现

本文提供了特定于属性的碳排放途径，以及对最新的碳风险评估和管理措施的宝贵见解，从而为低碳建筑铺平了道路。考虑在资产（例如，温室气体排放成本）和汇总水平（例如，处于风险中的碳价值）上进一步选择的风险指标。

研究局限/意义

本文中描述的方法可以作为实现其他国家/地区增强工具的模型，从而导致一种可用于评估商业房地产部门搁浅风险的全球适用工具。

实际影响

房地产行业受到气候变化的下行风险的威胁，导致潜在的金钱损失和减记。因此，这种方法使利益相关者能够根据能源和排放数据评估其资产面临的搁浅风险。

社会影响

CRREM工具减少了投资者的不确定性，并为搁浅风险和改造计划方面的投资决策提供了可行的基础。

创意/价值

该方法开创了一种基于科学脱碳途径为投资者提供深刻的搁浅风险评估的方法。