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T1 Changing Course: Real Estate - TCFD Pilot Project report and Investor Guide to Scenario-Based Climate Risk Assessment in Real Estate Portfolios
A1 United Nations Environment Programme, 
K1 real estate investment
K1 heat
K1 wind
K1 climate
K1 coastal area
K1 flood
K1 cyclone
YR 2019
FD 2019
LK https://wedocs.unep.org/handle/20.500.11822/33633
UL https://wedocs.unep.org/handle/20.500.11822/33633
NO A UNEP FI Investor Pilot on Task Force on Climate-relatedFinancial Disclosures (TCFD) Adoption, a collaborative effort of 20 institutional investors to develop methodologies for forward-looking, scenario-based assessments of the climate-related risks and opportunities faced by their portfolios, was conducted throughout 2018 and 2019. Using the methodology and data of Carbon Delta, the pilot explored, enhanced, and applied the TCFD recommendations through the lens of Carbon Delta’s Climate Value at Risk’ (CVaR) and ‘Warming Potential’ metrics. This report details the results from this UNEP FI Investor Pilot for the investigation intoReal Estate as an asset class. Through working with a sub-group of 12 investors within thetotal group of 20, this report details the experiences of those investors working with thetools of scenario analysis through a series of case studies. Also included is an aggregatedanalysis of those investor’s portfolios from a transition and physical risk perspective. Finally,the report includes a discussion of the benefits of scenario analysis brings to real estateinvestment decision making and where it should be developed further.
DS UN Environment Document Repository
RD Sep 17, 2026