ESG and Real Estate

Thomas Veith; Christiane Conrads; Florian Hackelberg

doi:10.34157/9783648163504

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Bibliographic data

Copyright year: 2022
ISBN-Print: 978-3-648-16348-1
ISBN-Online: 978-3-648-16350-4
Publisher: Haufe Lexware, Freiburg
Language: English
Pages: 585
Product type: Book Titles

Titelei/Inhaltsverzeichnis No access Pages 1 - 14
Foreword No access Pages 15 - 16
Foreword by the editors No access Pages 17 - 22
1. 1. 1.1 Introduction No access
  2. 1. 1.2.1 International framework for solving the core problems of global change No access
    2. 1.2.2 ESG measures at European level No access
    3. 1.2.3 National sustainability measures No access
  3. 1. 1.3.1 Social rethinking No access
    2. 1.3.2 The establishment of sustainability science No access
    3. 1.3.3 Climate and environmental protection jurisprudence No access
  4. 1.4 Summary and outlook No access
2. 1. 2.1 Introduction No access
  2. 1. 2.2.1 Exogenous parameters of influence on a revolutionizing financial system No access
    2. 2.2.2 ESG-oriented real estate management in the context of the financial revolution No access
  3. 1. 2.3.1 Simplified relationship between the assets or capital, the value and the purchase price of a company and/or a enterprise No access
    2. 2.3.2 Strategic dimension of value-based real estate management No access
    3. 2.3.3 Operational dimension of value-based real estate management No access
    4. 2.3.4 Control-oriented dimension of value-based real estate management No access
  4. 1. References No access
3. 1. 3.1 Introduction No access
  2. 1. 3.2.1 Disclosure of ESG criteria by companies No access
    2. 3.2.2 Stewardship codes No access
    3. 3.2.3 ESG requirements for investors No access
    4. 3.2.4 Taxonomy No access
    5. 3.2.5 National strategies for sustainable finance No access
  3. 1. 3.3.1 United States No access
    2. 3.3.2 Australia No access
    3. 3.3.3 The Netherlands No access
    4. 3.3.4 United Kingdom No access
    5. 3.3.5 Japan No access
    6. 3.3.6 China No access
  4. 3.4 Summary and outlook No access
4. 1. 4.1 Amazing momentum among the public, governments and investors No access
  2. 1. 4.2.1 Causes of climate risks No access
    2. 4.2.2 Physical climate change risks No access
    3. 4.2.3 Transitory climate change risks No access
    4. 4.2.4 Understanding risk No access
  3. 1. 4.3.1 Challenges No access
    2. 4.3.2 New building No access
    3. 4.3.3 Redevelopment projects No access
    4. 4.3.4 Operating real estate No access
    5. 4.3.5 Stranded assets No access
    6. 4.3.6 Value-at-risk approach for all properties No access
    7. 4.3.7 Ratings No access
  4. 1. References No access
5. 1. 5.1 Introduction No access
  2. 5.2 State of digitization and increasing pressure to act through politics and regulation No access
  3. 5.3 Overview of existing initiatives, scoring and ratings to measure sustainability No access
  4. 1. 5.4.1 Collection of ESG-relevant real estate data No access
    2. 5.4.2 Data availability and processing No access
    3. 5.4.3 ESG as a driver of the PropTech universe No access
  5. 1. 5.5.1 Fundamental rights relevance of the protection of personal data No access
    2. 5.5.2 Scope of data protection law and definitions No access
    3. 5.5.3 Duties of the responsible person No access
    4. 5.5.4 The Metering Point Operation Act No access
    5. 5.5.5 Processing of measurement data within the scope of application of the MsbG by real estate companies No access
    6. 5.5.6 The Business Secrets Protection Act No access
    7. 5.5.7 Challenges in the processing of ESG-relevant inventory data No access
  6. 1. References No access
1. 6 Impact of climate change on the real estate industry (Approaches to managing climate opportunities and risks) No access
2. 1. 6.1 Trend topic climate in the real estate industry: What’s behind it? No access
  2. 6.2 Climate risks and their impact: The double materiality No access
  3. 1. 6.3.1 Risk factors and their scientific basis No access
    2. 6.3.2 Methodological approach: Climate scenario analysis No access
  4. 6.4 Generated risk and decarbonization targets No access
  5. 6.5 Example of key figure management for climate risks No access
  6. 6.6 Outlook for climate risk management in the real estate industry No access
3. 1. 7.1 General background No access
  2. 7.2 Sustainable building certificates No access
  3. 7.3 Green rating – GRESB No access
  4. 7.4 EU decarbonization pathway – CRREM No access
4. 1. 8.1 Introduction No access
  2. 1. 8.2.1 Energy law: A brief introduction No access
    2. 8.2.2 Decarbonization No access
    3. 8.2.3 Decentralization No access
    4. 8.2.4 Digitization No access
  3. 1. References No access
5. 1. 9.1 Introduction No access
  2. 9.2 Impact investing in interaction with the UN Sustainable Development Goals (SDGs) No access
  3. 9.3 Differentiation of sustainable investment forms No access
  4. 9.4 What are impact investments and how are they measured? No access
  5. 9.5 Implementation of impact investments in practice No access
  6. 9.6 Social impact investing as a special form of impact investment No access
  7. 9.7 Conclusion and outlook for real estate impact investments No access
6. 1. 1. 10.1.1 Fiscal sustainability reporting No access
    2. 10.1.2 Excursus on public Country by Country Reporting No access
    3. 10.1.3 Application of the GRI Tax Standard in the real estate industry No access
  2. 1. 10.2.1 International level: OECD/IMF Tax Policy and Climate Change report No access
    2. 10.2.2 European level – draft of the new guidelines for climate, environmental and energy aid and decision of the European Climate Change Act No access
    3. 10.2.3 Legislation in Germany No access
7. 1. 11.1 Sustainability in the insurance industry No access
  2. 1. 11.2.1 Private customers No access
    2. 11.2.2 Industrial and commercial customers No access
  3. 11.3 Challenges in the design of sustainable property insurance No access
  4. 1. 11.4.1 Product structure in the insurance market No access
    2. 11.4.2 Market offer No access
  5. 11.5 The property insurance of the future No access
1. 1. 12.1 Preliminary considerations No access
  2. 1. 12.2.1 Real estate in the light of corporate strategy No access
    2. 12.2.2 Different priorities and potential conflicts of interest No access
    3. 12.2.3 Different risk dimensions No access
    4. 12.2.4 Long-lived asset versus granularity of data No access
  3. 1. 12.3.1 Transfer to the real estate segment No access
    2. 12.3.2 Interaction of reporting and standards No access
  4. 1. 12.4.1 Practical excursus: Operation Optimization and Energy Controlling project (BOEC) No access
    2. 12.4.2 Costs and profitability set the pace No access
    3. 12.4.3 Integrating data platform and uniform data language as the key No access
    4. 12.4.4 Digital twin as nucleus No access
    5. 12.4.5 Transparency as the highest premise and benchmarking as the goal No access
  5. 1. References No access
2. 1. 1. 13.1.1 Individual target definition No access
    2. 13.1.2 Strategy definition No access
  2. 1. 13.2.1 Requirements No access
    2. 13.2.2 Responsibility No access
  3. 1. 13.3.1 Service provider No access
    2. 13.3.2 Tenants and users No access
    3. 13.3.3 Investors No access
  4. 1. 13.4.1 Data flow No access
    2. 13.4.2 Profitability calculation No access
    3. 13.4.3 Pilot projects No access
    4. 13.4.4 Outlook No access
  5. 13.5 Vision No access
3. 1. 14.1 Why ESG due diligence? No access
  2. 1. 14.2.1 Who can? No access
    2. 14.2.2 Who must? No access
  3. 14.3 At what stage in the transaction process should ESG due diligence be conducted? No access
  4. 1. 14.4.1 General No access
    2. 14.4.2 Environmental: What are the environmental features of the building? No access
    3. 14.4.3 Social: What are the social features of the building? No access
    4. 14.4.4 Governance: Are stakeholders behaving properly? No access
  5. 14.5 Opportunities/risks No access
  6. 14.6 Outlook No access
4. 1. 1. 15.1.1 The New ESG imperative No access
    2. 15.1.2 Mitigating sustainability risks through transaction management No access
    3. 15.1.3 Sustainability first No access
  2. 1. 15.2.1 Everyday practice No access
    2. 15.2.2 Dealing with new taxonomy requirements No access
    3. 15.2.3 Mind the gap No access
    4. 15.2.4 Built before »Green Day«, 1 January 2021 No access
    5. 15.2.5 Allocation of capital to sustainable refurbishments No access
    6. 15.2.6 Above it all hovers »do no significant harm« No access
  3. 15.3 Conclusion and outlook No access
5. 1. 16.1 Introduction No access
  2. 16.2 Importance of real estate and real estate investments in achieving the climate goals of the EU and Germany No access
  3. 1. 16.3.1 Sustainable finance as a contribution of financial markets to the transformation of social, environmental and economic factors No access
    2. 16.3.2 Integration of ESG criteria for sustainability classification No access
  4. 16.4 Sustainable finance strategy at EU level and ESG integration No access
  5. 16.5 Status quo on ESG integration: From voluntary commitment to the goal of uniform classification standards for sustainability No access
  6. 1. 16.6.1 UN PRI – Principles for Responsible Investment No access
    2. 16.6.2 Agenda 2030: 17 Sustainable Development Goals (SDGs) No access
  7. 1. 16.7.1 Structure of the German Sustainable Finance Strategy No access
    2. 16.7.2 Field of action: Strengthening sustainable finance at the global and European level No access
    3. 16.7.3 Field of action: Improving transparency No access
    4. 16.7.4 Field of action: Strengthening risk management and supervision No access
    5. 16.7.5 Field of action: Improving and implementing impact assessment methods No access
    6. 16.7.6 Field of action: Financing transformation No access
    7. 16.7.7 Field of action: The German federal government in capital markets No access
    8. 16.7.8 Field of action: Strengthening institutions, generating and sharing knowledge No access
    9. 16.7.9 Field of action: Creating efficient structures for implementing the Sustainable Finance Strategy No access
  8. 1. References No access
6. 1. 17.1 Introduction No access
  2. 1. 17.2.1 Assessment occasions No access
    2. 17.2.2 Value and price No access
    3. 17.2.3 Value concepts and value definitions No access
    4. 17.2.4 Evaluation process No access
  3. 1. 17.3.1 Standardized procedures (ImmoWertV) No access
    2. 17.3.2 Basic principles for the valuation of land No access
  4. 1. 17.4.1 Comparison method No access
    2. 17.4.2 Capitalized earnings method No access
    3. 17.4.3 Depreciated cost method No access
    4. 17.4.4 Non-standardized methods and DCF methods No access
  5. 1. 17.5.1 Consideration of the EU taxonomy in the real estate industry No access
    2. 17.5.2 ESG impact on the value of real estate companies No access
    3. 17.5.3 Impact on property valuation No access
    4. 17.5.4 Impact on gross income No access
    5. 17.5.5 Operating costs No access
    6. 17.5.6 Useful life No access
    7. 17.5.7 Capitalization rate/property rate No access
    8. 17.5.8 Interim conclusion No access
    9. 17.5.9 Procedure for the adjustment of the interest rate No access
  6. 1. References No access
7. 1. 18.1 Introduction No access
  2. 1. 18.2.1 Legal requirements No access
    2. 18.2.2 Regulation of common understanding in relation to ESG No access
    3. 18.2.3 Increase transparency and ensure reporting and benchmarking No access
    4. 18.2.4 Compliance (social and governance clauses) No access
    5. 18.2.5 Adjustment of current contracts to changed/higher ESG requirements No access
  3. 1. 18.3.1 Purchase contracts No access
    2. 18.3.2 Rental agreements No access
    3. 18.3.3 Management contracts (property and facility management) No access
  4. 18.4 Recommendations for the design of projects and contract negotiations No access
  5. 18.5 Outlook No access
8. 1. 1. 19.1.1 Classification No access
    2. 19.1.2 Definition of compliance No access
    3. 19.1.3 Compliance in the context of ESG No access
  2. 1. 19.2.1 Creation of a sustainable corporate structure (governance in the narrow sense) No access
    2. 19.2.2 Sustainable compliance organization No access
  3. 19.3 Conclusion No access
  4. References No access
1. 1. 20.1 Introduction No access
  2. 20.2 A classification No access
  3. 20.3 Sustainability: From the introduction of the term until today No access
  4. 20.4 The »Green Deal« as a driving force No access
  5. 20.5 The dovetailing with the project development of new construction and refurbishment No access
  6. 20.6 Certification systems as guides No access
  7. 20.7 Encourage and challenge No access
  8. 20.8 Planning measures No access
  9. 20.9 Conclusion No access
2. 1. 21.1 Introduction No access
  2. 21.2 Property development – legal classification of contracts No access
  3. 21.3 Construction phases No access
  4. 21.4 Define targets and align with ESG strategy early on No access
  5. 21.5 Sustainability requirements beyond EU taxonomy No access
  6. 21.6 Certification: Contracts with certification body and auditor (DGNB) No access
  7. 21.7 Performance descriptions in construction and planning contracts No access
  8. 21.8 Data preparation and collection No access
  9. 21.9 Building Information Modelling (BIM) No access
  10. 21.10 Excursus: Monument protection and § 105 German Building Energy Act (GEG) No access
  11. 21.11 Excursus: Photovoltaics No access
  12. 21.12 Miscellaneous No access
  13. 21.13 Summary and outlook No access
3. 1. 22.1 Human settlements No access
  2. 22.2 From forestry into more and more areas of the economy and society No access
  3. 22.3 Long-term and holistic No access
  4. 22.4 Effective and efficient interventions No access
  5. 22.5 Many stakeholders with high diversity No access
  6. 22.6 Many factors for resilience No access
  7. 22.7 Nothing succeeds without positive externalities No access
  8. 22.8 Planning and development intertwine No access
  9. 1. References No access
The editorial team No access Pages 571 - 572
The authors No access Pages 573 - 585