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Work Streams





  • New Project: Investor briefing and new Investor framework - How to integrate Climate and environmental, social and governance (ESG) risks in Real Estate
    The Property Working Group (PWG) in collaboration with the Principles for Responsible Investment (PRI), the Institutional Investor Group on Climate Change (IIGCC), the Royal Institution of Chartered Surveyors (RICS) and the Investor Network on Climate Risk (INCR), is currently developing a synthesized, hands-on operational framework for fund managers to help scale up ESG in Real Estate and drive more widespread market integration at this critical moment. This new framework will be launched in early 2016.
  • New Report: Energy Efficiency – The first fuel for the EU economy. How to drive new finance for energy efficiency investments (Final report, covering Buildings, Industry & SMEs)
    Energy efficiency investment is the most cost-effective manner to reduce the EU’s reliance and expenditure on energy, while also de-carbonising the energy system. Energy Efficiency also meets the EU’s climate and energy strategy as well as providing attractive financial opportunities for real estate investors. Presently, however, there is largely insufficient public and private investment in energy efficiency in buildings, industry and SMEs. With this report, the Energy Efficiency Financial Institution Group (EEFIG), which was jointly convened by the European Commission and UNEP FI, is providing an analysis of the most imminent challenges to, as well as the drivers of demand and supply of, energy efficiency in buildings. Ultimately the report develop recommendations for policy makers and market participants, on a sector-by-sector level, on how to overcome those challenges and scale up energy efficiency investments across the EU.
  • Contribution to G20: G20 Energy Efficiency Investor Statement
    UNEP FI is partnering with the G20 Energy Efficiency Finance Task Group to promote Energy Efficiency (EE) Finance ahead of the G20 Leaders’ Summit in November 2015. The G20 Energy Efficiency Task Group, has drawn up a ‘G20 Energy Efficiency Investor Statement’ to support the G20 EE Finance Principles to demonstrate to G20 leaders that the investment community is supportive of both EE activities and its financing. Investors are encouraged to sign this statement by the end of September, ahead of the Leaders’ Summit. For further information, please contact Annie Degen at annie.degen@unep.org


Property investing is a multi-trillion dollar worldwide industry that can have profoundly positive or negative effects on environmental, social and cultural goals. Issues as diverse as urban poverty, global warming and indigenous people’s rights are affected by decisions about the development, refurbishment, and management of properties. Investors cannot only have a positive influence on these decisions, but also benefit directly from integrating ESG considerations in Real Estate.

"Buildings account for approximately a third of the world’s energy consumption and global greenhouse gas (GHG) emissions. As physical, regulatory and reputational ESG risks are being increasingly felt, real estate professionals, as the building owners and operators, are in a unique position to proactively address those risks. By doing so, they are not only mitigating risk, but also safeguarding and increasing the value of their assets in the long term."

Frank Hovorka
Director, Responsible Property Director, Caisse des Dépôts et Consignations
Tatiana Bosteels
Head of Responsible Property Investment, Hermes Real Estate

Our Work

UNEP FI’s work on property investing is undertaken by the Property Working Group (PWG). It is composed of members of UNEP FI’s Investment Commission with an interest in Real Estate. The PWG’s purpose is to encourage property investment and management practices that achieve the best requisite balance between possible environmental, social and financial results.

The PWG strives to encourage sustainability in property finance and scale up Responsible Property Investment (RPI) as well as increase market spread of ESG in Real Estate investments.

Aims of the Property Working Group

  • Drive innovation in RPI by facilitating access to relevant information and best practice and collaboratively develop the necessary tools to enable property investors and professionals to systematically apply and integrate ESG criteria into investment and lending decisions.
  • Promote and encourage RPI by collecting and providing evidence to show how it can protect or increase financial performance throughout the lifecycle of buildings while simultaneously reducing detrimental environmental and social impacts.
  • Collaborate with policy-makers and the real estate investment community on developing and establishing the appropriate policy and regulatory frameworks for RPI practices to grow.

Ongoing work

The PWG’s objective is to address the most imminent challenges in the field of RPI:

  • Ahead of COP21, the PWG aims are twofold. Firstly, by means of an investor brief that will lay out the business case and take stock of what the industry is already committed to in this regard, the PWG showcases and creates confidence among the policy makers that investors will drive positive policy actions that address sustainability and global climate change targets. Secondly, to scale up ESG in Real Estate and drive more widespread market integration at this critical moment, it will also develop a hands-on new investor framework for fund managers on how to integrate climate and ESG risks in Real Estate.
  • Supporting property investors and property fund and asset managers in adopting RPI practices, by developing practical toolkits and collecting and providing best practice examples.
  • The PWG is also working closely with policy makers and explores public and private financing mechanisms for EE retrofit markets. To this end, the UNEP FI PWG collaborates with the European Commission’s Directorate-General for Energy, and private and public financial institutions to discuss the current market framework, and to bring forward timely solutions.
  • Henceforth, the PWG will aim to share the results of its work with the European Commission and other countries and adapt the model to the regional contexts.
  • Further develop and foster sustainability metrics for property ESG performance.


  • Allianz Real Estate (Allianz SE), Germany
  • Aviva Investors (Aviva plc), UK
  • Axa Real Estate Managers (Axa – Group Management Services), France
  • Bentall Kennedy, USA & Canada
  • BNP Paribas Real Estate Investment Services (BNP Paribas Fortis), France
  • Caisse des Dépôts et Consignations, France
  • Colonial First State Global Asset Management (Commonwealth Bank of Australia), Australia
  • Deutsche Bank, Germany & USA
  • F&C REIT Asset Management, UK
  • Hermes Real Estate, UK
  • Inflection Point Capital Management (UK) Co., Ltd
  • Infrastructure Leasing & Financial Services, India
  • Lend Lease, Australia
  • M&G Real Estate, UK
  • Mitsubishi UFJ Trust & Banking Corporation, Japan
  • RobecoSAM, Switzerland
  • The Link REIT, Hong Kong
  • Sumitomo Mitsui Trust Bank Limited
  • Thomas Lloyd, UK
  • UBS Global Real Estate (UBS AG), Switzerland


  • Tatiana Bosteels, Head of Responsible Property Investment, Hermes Real Estate (2014-2015)
  • Frank Hovorka, Director, Responsible Property Director, Caisse des Dépôts et Consignations (2015-2017)

Advisory Group

  • Michael Brooks, CEO of the Real Property Association of Canada (Canada)
  • Maria Atkinson, Director, XO
  • Gary Pivo, Professor of Urban Planning and Professor of Natural Resources, The University of Arizona
  • Sarah Sayce, Head of School of Surveying, Faculty of Art and Design and Architecture, Kingston University
  • Paul McNamara, OBE, Former Director, Head of Research, PRUPIM
  • David Lorenz, Professor for Property Valuation and Sustainability, University of Karlsruhe


One of the key elements for the development of our work on property investment is the active collaboration with market players with an expertise and deep interest in real estate investments.


Katharina Lütkehermöller
property [at] unepfi.org


Property Publications
  PDF Integrating Climate Risks in Real Estate
(524 KB | 4 pages)
  PDF Energy Efficiency – the first fuel for the EU Economy
(2.7 MB | 127 pages)
  How to drive new finance for energy efficiency investments - Final Report covering Buildings, Industry and SMEs
Executive Summary
  PDF Sustainability Metrics: Translation and Impact on Property Investment and Management
(5.5 MB | 111 pages)
  A report on how property managers and investors can use sustainability metrics in their decisions.
Japanese version
Executive Summary
Press Release
Event Page
  PDF Commercial Real Estate: Unlocking the energy efficiency retrofit investment opportunity
(670 KB | 32 pages)
  A briefing on why investors should invest in retrofit opportunities.
Japanese version
Press release
Event page
  PDF Responsible Property Investment – What the leaders are doing 2nd edition
(3.9 MB | 46 pages)
  A collection of case studies of leading property investors applying RPI principles within their decision-making.  
  MoreAll Publications