建筑行业环境可持续性市场前景及投资研究报告-培训课件外文版2024.5万达万科恒大碧桂园

INDUSTRIES&

MARKETSEnvironmental

sustainability

inthe

building

sectorATrend

report

on

environmental

sustainability

inthe

realestate

andconstruction

sectorsHow

is

the

building

sector

driving

decarbonization?Executive

summaryTherecord-high

temperatures

ofsummer

2023

issued

yetanother

reminder

aboutthe

urgency

to

acton

climate

change.Toavoid

atipping

pointintheclimatesystem,

world

leaders

and

environmental

experts

havestressed

theneed

tolimitglobal

warming

to

1.5

degrees

Celsiusabovepre-industrial

levels

–

thatis

thethreshold

set

bythe

Paris

Agreement,

alegally

binding

international

treaty

adoptedby196

partiesatthe

United

Nationsclimateconference

in2015.Anotherreason

for

actionisthatthe

changingclimatepatterns,legislation,

andmarket

preferences

pose

agrowing

risk

to

thesector.

Thoughmore

work

isneeded,

thefirststepstoward

decarbonization

are

inprogress:•

Sustainability

is

animportantaspect

among

homebuyers,

commercial

propertytenants,andinvestors,

contributingtoagrowing

demand

forgreen

buildings.•

Thenumberof

real

estate

and

construction

companies

optingforsustainabilitybenchmarking

is

increasing

worldwide,

especially

intheAmericas,

Europe,andAsia;businesses

areexcelling

inenvironmental,

social,andgovernance(ESG)management

butlagginginimplementing

theseprinciples

across

theirexisting

portfolios.Sincethen,many

regional

andnationalgovernments

haveset

targets

toreachclimate

neutralityby2050.

Thebusinesscommunity

hasalsorecognized

theneedtotransition.A2022

report

bythe

consultancy

firmDeloitte

found

thatC-suiteexecutives

ranked

climate

changeasthe

second-most

pressing

issuewithin

theirorganizations.•

Theconstruction

industryhasbeen

researching

how

to

manufacturebuildingBuildingsare

responsible

forabout40

percent

ofglobal

greenhouse

gas(GHG)emissions,

making

themacrucial

avenueforaction.

Emissions

arise

throughoutthe

whole

lifecycle

ofabuilding

–

from

rawmaterial

extraction

todemolition–which

makes

decarbonizing

the

sector

acomplex

taskthatrequires

asystematicapproach

across

variousstakeholders,

such

asgovernmental

bodies,

the

energysector,

the

real

estateandconstruction

industry,businesses,

and

individuals.materials

suchascement

and

steel

more

sustainably.•

There

hasbeen

agrowing

interest

inimproving

the

energy

efficiency

of

existingbuildingsand

energy

labels.Thisreport

explores

some

of

the

most

noteworthy

sustainabilitytrendswithinthereal

estateandconstruction

industry,focusing

on

climateaction,benchmarking,sustainabilityinconstruction,andthe

energy

efficiency

ofbuildings.3Sources:

Deloitte;

JLL;

UNFCCC01The

need

for

sustainability•

Carbonfootprint

of

the

buildingsector•

Risksandsolutions•

Physicalrisks•

Transition

risks•

Net-zero

goals•

Regulatory

instruments•

Market-based

instrumentsWhat

is

the

carbon

footprint

of

the

building

sector?Thecarbon

footprint

ofbuildingsexplainedDistribution

of

global

CO2emissions

in

2022,

bysectorWithclimate

changethreatening

the

naturalenvironment

and

more

countries

setting

net-zero

goals,the

need

to

reduce

thebuilding

sector’s

carbon

footprint

hasbecome

more

urgentthan

ever.Carbondioxide

emissions

from

buildings

andotherconstruction

amounted

toroughly

40

percent

oftheglobal

totalin2022.About13

percent

resulted

from

construction,

while

direct

andindirect

emissions

from

buildings

were

responsible

for27percent.

Direct

emissions

includethe

useof

naturalgas,coal,and

oil

inbuildings,whereas

indirect

emissions

refer

totransportation

or

off-site

energy

generation.5.11.1%Althoughmost

of

the

sector’s

emissions

were

generated

duringtheoperation

of

buildings,

itisimportant

toconsider

theirentire

lifecycle,

including

theirembodied

carbon.

Thatrefers

tothe

emissions

released

duringthe

extraction,

manufacturing,andtransportation

oftheconstruction

materials

usedinthebuilding,

on-site

construction,

andprocessing

of

the

waste

afteritsdemolition.7.4%60.4%13.0%Inorder

totacklethe

climate

crisis,

the

sector

needstobecome

more

sustainable.

Thiscanonlybeachieved

byusingrenewable

energy,

improving

theenergy

efficiency

of

buildings,

usingmore

sustainablebuilding

materials

andconstructionpractices,

and

other

measures

explored

throughout

thisreport.ResidentialDirectDirectIndirectIndirectNon-residentialConstruction

(incl.

infrastructure)Othersectors5Notes:Worldwide;

June

2023Sources:

IEA,

ID:1400356Climate

change

exposes

the

building

sector

to

physical

and

transition

risksSummary

ofrisksandmeasuresPhysical

risksClimate

changemitigationAcuterisks:

Damagebyextreme

storms,winds,flooding,andwildfires.Regulatory

instruments:

Buildingstandards,energy

audits,banson

fuel-

and

gas-heatingsystems,

banson

the

saleor

leasing

ofcertainproperties,

additionalreporting

standards.Chronic

risks:

Higher

cooling

or

heatingcosts.Market-based

instruments:

Emissions

tradingandcarbon

taxes.Transition

risksClimate

changeadaptationIncreasing

regulation

andpolicy

pressure,

costof

indirect

emissions,

shifting

marketpreferences,

changeininvestor

sentiment,reputational

risks,transition

risk

guidance.Regulation

onclimate-sensitive

urbandesignandbuilding

structures,

improving

theclimateresilience

of

the

built

environment.6Sources:

JLL;

MSCI;

UNEPFIExtreme

weather

events

come

with

a

high

price

to

payPhysicalrisksNatural

disasters

causehundredsof

billions

of

U.S.dollars

in

economic

lossesEconomiclosses

inbillionU.S.dollarsfrom2013

to

2022Asclimate

patternschange,scientistswarn

aboutthe

growing

intensityandmagnitudeofstorms,

floods,

fires,

and

other

extreme

weather

events.

Naturaldisasters

causesignificantdamageto

buildingsand

infrastructure,

resulting

insizeable

reconstruction

costs.

Butthe

impact

onareas

and

regions

does

notstopthere.

Inaddition,there

areemergency

response

costs,

disruptiontoeconomicactivity,long-term

healtheffects,andlives

lost.584383327338328313293291214210In2022,

the

global

economic

losses

fromnaturaldisasters

amountedto313

billionU.S.dollars.

Tropical

cyclones

accounted

foraboutone-third

of

thoselosses,followed

byflooding,

drought,and

severe

convective

storms.

These

estimatedlosses

consider

arangeof

data

sources,

includingclaimsdata,

loss

adjustments,anddisasterandclimatemodels.

Losses

covered

bythe

insurancesectoramounted

toaround133

billion

U.S.dollars,

lessthanhalf

of

the

overall

figure.

Theprotection

gapwas

notablylargeforperils

suchasearthquakes,

flooding,drought,andtropical

cyclones.2013201420152016201720182019202020212022Asmall

shareof

global

economic

losses

from

naturaldisasters

areinsuredEconomic

and

insured

losses

inbillionU.S.dollarsin20221056612512538131561While

natureis

notoriously

difficultto

control,

thebuilding

industrycanmitigatethephysicalrisks

throughproper

risk

assessment

andpricing.Additionally,companiescanminimize

thephysicalrisksthrough

prevention,

suchas

investment

inresilience,

climate

changemitigation,andadaptation.TropicalcycloneFloodingDroughtSevere

Earthquake

WinterEUWildfireconvectivestormweather

windstorms*7Notes:(1)

Worldwide;

2013

to

2022;

(2)

Worldwide;

2022;

*EU

windstorms

referto

atype

ofcyclone

observedin

Europe

that

produces

arangeofweather

effects,including

blizzards

and

storms,

causing

severe

economic

lossSources:

(1)

Aon,

ID:510894;

(2)

Aon,

ID:510922;

ID:1423220Pricing

of

climate

risks

is

a

major

challenge

in

the

industryReal

estateinvestors’

opinions

onthestateof

climaterisks

pricinginthe

U.S.

in2023Areclimaterisks

appropriatelypricedin

proformas

andvaluations?Buildingsare

madetolastdecades,

which

iswhy

investors

often

employ

long-termstrategies

when

making

aninvestment.

Before

finalizingadeal,investors

gothroughanextensive

process,

including

valuation,cashflow

analysis,andriskassessment

of

the

asset.Asregulations

changeand

market

preferences

shift,pricing

climateriskswillbecome

more

challenging.

Historical

data

will

no

longer

bereliable

formakingfutureprojections.

Investors

may

faceunforeseen

costsdueto

stricter

regulations,suchasbenchmarking,

obtainingacertain

energy

efficiency

label,renovating

thebuilding

tocover

highercriteria,

or

switching

torenewable

energy.Strongly

disagree

18%Disagree

68%A2023

survey

among

international

investors

activeinthe

U.S.

property

marketfoundthat86

percent

ofrespondents

were

not

happy

with

the

way

the

industryprices

climate

riskinproformas

andvaluations.How

to

account

fortheserisks

isone

ofthemajor

challenges

forbusinesses

across

various

economic

sectors.Agree

11%Initiativesbycharitiesandorganizations

suchas

CDP(CarbonDisclosure

Project)andGRESB(Global

Real

EstateSustainability

Benchmark)

provide

guidelines

forthereporting

of

ESGrisksandhavebeen

gainingincreased

attention

inthe

pastdecade.

Thetopic

of

ESGisexamined

indetail

on

page14

andinchapterthree.Strongly

agree

3%8Notes:United

States;

Q12023;

180

international

investorsactive

in

the

U.S.

propertymarketSources:

AFIRE;

PwCLLP,ID:1414765Major

cities

plan

to

reach

net

zero

by

2050Alook

atthenet-zero

emissions

goalsoflocal

andnationalgovernmentsMany

citiesaround

the

world

havetaken

atrailblazingrole

insetting

climateChina’splantobeclimateneutral

by2060

isparticularly

important.

Thecountryneutrality

goals.

London

and

Helsinki

strive

to

achieve

net

zero

by2030,

followed

by

released

more

GHGemissions

in2021

than

theUnitedStates,India,and

theEUSydney,Munich,Düsseldorf,

and

Frankfurt

in2035.combined.

Thenexttwo

pagesintroducesome

of

the

regulations

thatlocal

andnationalgovernments

canimplement

todecrease

theembodied

carbon

emissionsof

buildings.TheEuropean

Union

introduced

theEuropean

ClimateLawin2021,

enshrining

acommitment

tomaketheblocnetzero

by2050,

as

well

asachieving

other

interimtargets.

Despite

thepositive

step,some

EUcountries

want

toreach

theirtargetseven

earlier:

Finlandhassetanet-zero

emissions

target

by2035,

Austriaby2040,andGermany

and

Sweden

by2045.2030London,

Helsinki20352040Melbourne,

Toronto,2045Berlin2060Sydney,Munich,Düsseldorf,

FrankfurtLosAngeles,Mexico

City,Amsterdam,

Montréal,Vancouver,

Boston,Tokyo,Miami,

WashingtonDC,Chicago,

NewYork

City,Seoul,Paris,

Singapore,Mumbai,

HongKong,DubaiShanghaiManchester,

SanFrancisco,

Hamburg,Stockholm9Notes:Worldwide;

May

2022Sources:

JLL;

Text:Energyand

Climate

Intelligence

Unit;

EuropeanCommissionPolicies

push

the

sector

toward

sustainabilityRegulation

used

bygovernments

toreduce

the

carbon

footprint

of

buildingsInformationIncentives

andmarket-based

instrumentsRegulation•

Mandatory

benchmarking

policies

requirebuildingsto

perform

energy

auditsand

disclosetheirefficiency.•

Some

governments

offerfiscal

incentives

topromote

sustainabilityinbuildings.

For

example,Argentina,Colombia,Bulgaria,andJapanoffertax

deductionsorexemptions

forcertainrenewable

energy

technologies

or

energyefficiency

products.•

Building

codesand

minimumstandards

canset

stricter

environmental

andefficiencyrequirements

thatallproperties

need

to

meet

inorder

to

besold

or

rented.

These

regulations

canapplyto

new

projects

and

existing

buildings.•

Certain

building

typesinsome

U.S.

citiesandstatesneed

tomonitor

theirenergy

and

resourceusageusinggovernment-backed

EnergyStarcertifications.

Meanwhile,

energyperformancecertificates

are

mandatory

inEUcountries.•

Forexample,

some

territories

havemadeitmandatory

forallbuildingstoeliminate

fuel-based

heatingsystems

byaspecific

date.•

Non-fiscal

incentives

arealsopossible,

such

aseasing

permitting

requirements

and

expeditingthe

process

forcertified

buildings.•

Thishelpspeople

make

informed

decisions

whenrenting

or

buying,and

itmay

allow

firms

to

self-regulate

and

keep

agreen

real

estateportfolio.Theopening

pagesofchapterfiveprovide

moreinsightinto

energy

efficiency

certificates.•

Requirements

or

incentives

formanufacturers

ofconstruction

materials

to

comply

with•

Carbon

taxesand

cap-and-trade

systems

canencourage

industriestodecrease

theirfootprint.sustainabilitycriteria

related

to

thelifecycleandembodiedemissionsoftheirproducts.10Sources:

Text:EuropeanCommission;

GRESB;

IFCGrowing

costs

of

GHG

emissions

are

likely

to

change

marketdynamicsEmissions

inthe

EU

cost

the

most,

but

China

facesthehighestprice

increaseAveragecarbon

price

expectations

worldwide,

byemissions

tradingsystemPriceineurospermetrictonofCO₂Carbonpricing

isamarket-based

instrument

thatincentivizes

companies

to

reduceGHGemissions

byinternalizing

the

costs

oftheircarbon

footprint.

Althoughthe

methoddoes

notdirectly

applytoconstruction

and

real

estate,itsindirect

effect

shouldnot

beunderestimated.

Carbonpricing

affectsenergy-intensive

industriessuchas

energy

andmining,leading

tomore

expensive

construction

materials

or

higher

operational

costswithin

the

building

sector.

Asthe

cost

of

emissions

increases,

market

dynamicswilllikely

shiftinfavorof

materials

and

services

with

alower

carbon

footprint.020406080100EUETSUKETS18%17%47%27%36%42%31%45%ChinaETSThere

were

73

carbon

pricinginitiativesworldwide

in2023,

covering

23

percent

of

theannual

global

GHGemissions.

These

initiativesincludetaxationonemissions

andemissions

tradingsystems,

which

are

schemes

allowing

companies

totradeemissionpermits.

TheEUemissions

tradingsystem

had

thehighestaverage

carbon

priceintheperiod

between

2022

and

2025.

Onthe

other

hand,China’s

emissions

tradingsystemwas

forecast

to

increase

the

most

by2030.New

Zealand

ETSSouthKorea

ETS2022-20252026-2030RegionalGreenhouseGas

Initiative

(RGGI)*WCICarbonpricing

isagrowing

market.

Datafrom

World

Bank,aninternational

financialinstitution,shows

thattheglobalrevenue

from

carbon

pricing

hit86

billion

U.S.dollarsin2022,

up

from

12

billionU.S.

dollarsin2012.

Most

of

thatgrowth

occurred

inthe

pastfew

years

asanincreasing

number

ofregional,

national,and

subnationaljurisdictionsannounced

carbon

pricinginitiatives.(California-Quebec)Global

EmissionsOffset(GEO)Percentage

increase11

Notes:(1)

Worldwide;

April

5

to28,

2023;

basedon

asurveyamong

187

IETA

memberrepresentatives;

*the

initiative

is

a

cooperativeeffortamong

Connecticut,Delaware,Maine,

Maryland,

Massachusetts,

New

Hampshire,

New

Jersey,New

York,

Pennsylvania,

Rhode

Island,

Vermont,and

VirginiaSources:

(1)

IETA;

PwC

UK,ID:1334906;

Text:WorldBank,ID:139973702Attitude

towardenvironmental

sustainability•

Thepath

to

net

zero•

Commercial

occupiers’

perspective•

Investors’

perspective•

Homebuyers’

perspective•

Energy-efficient

mortgagesEnergy

efficiency

and

sustainable

construction

pave

the

way

to

net

zeroEnergy

intensity

mustdecline

sharply

to

stayon

trackwith

net

zeroFloor

areaof

buildings

worldwideand

energyintensityAreainbillionsquaremetersThefloor

area

of

buildings

worldwide

isprojected

to

increase

by15

percent

by2030,

with

emerging

anddeveloping

countries

accounting

formost

of

thatincrease.Meanwhile,

the

energy

intensity,or

theenergy

used

persquaremeter,

will

need

todecline

by34

percent

until

2030

to

stayon

track

withthe2050

net-zero

emissionstarget.200169Asshown

onpagefive,buildingsand

construction

areamajor

source

ofGHGemissions.

Because

oftheembodied

carbon,emissions

released

duringtherenovation

ofexisting

buildings

–

throughconstruction

or

demolition

activities–

areoften

more

environmentally

friendly

than

new

construction.

Thatmeans

thatdeveloping

countries

with

agrowing

need

to

expand

theirbuilding

stock

will

needtoincreasingly

incorporate

sustainableconstruction

practices.

Indevelopedcountries

where

most

ofthestock

exists,thesolution

lies

inimproving

efficiency.Chaptersfourandfivedelve

deeper

into

sustainabilityinnew

construction

andexisting

buildings.150100501459602010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

20222030Thesuccess

ofthegreen

transition

dependsontheparticipationof

awide

rangeofstakeholders,

includinggovernments,

investors,

businesses,

andhomeowners.

Thefollowing

pagesprovide

insights

intothe

sustainabilitysentiment

withintheresidential,

commercial,

andinvestment

sectors.EmerginganddevelopingeconomiesAdvancedeconomiesEnergy

intensity

inkWh

persquare

meter13

Notes:Worldwide;

2010

to

2022

with

a

projection

for2030;

considering

that

the

sectoris

on

trackto

reachthe

net-zeroemissions

targetuntil

2030Sources:

IEA,

ID:1414826Businesses’

climate

commitments

fuel

the

demand

for

sustainable

buildingsCommercial

occupiers‘

perspectiveCompanies

already

feeltheimpact

of

climatechangeTransition

risksof

climatechangearealready

areality

formany

businesses.

Aglobalsurvey

ofmore

than2,000

C-level

executives

foundthatalmost

half

of

themsaidresourcescarcity

or

cost

ofresources

was

the

top

climateissue

impactingcompanies.

Justover

40percent

of

respondents

feltshareholder

pressure

asaresult

of

climate

change.Resource

scarcityandcostRegulatory

andpolitical

uncertainty46%45%43%42%Operational

impact

ofclimate-related

disasters

41%andweather

eventsCompanies

increasingly

commit

to

sustainabilityinitiatives.

In2022,

more

than

18,600companies

submitted

climate-related

datathroughCDP,anot-for-profit

charityprovidinganenvironmental

impactdisclosure

system

forentitiesincludinginvestors,

companies,cities,states,andregions.

Aspartof

the

disclosures,

companies

report

performance

onvarious

metrics,

includingthe

carbon

footprint

ofbuildings,

which

is

amajorpartof

thescope

1and2emissions.Changingconsumption

patternsRegulationofemissionsShareholder

pressure41%Businesses

increasingly

strive

for

transparencyNumberofentitiesdisclosing

theirclimateimpactthrough

CDPinthousandsAsthe

focuson

the

performance

of

buildings

grows,

sodoes

the

pressure

on

the

industrytodecarbonize

and

meet

therising

demandforenvironmentally

sustainablecommercialbuildings.Insome

of

the

world’s

largest

office

markets,

thesupply

of

sustainablebuildingsisinsufficient

to

meet

companies’

targetstoreach

net

zero

by2050.

SuchisthecaseintheUnited

States:According

toJLLestimates

in2023,

there

is

23

million

squarefeet

ofcurrentspacewith

LEEDnet-zero

certifications.

However,

thetotaloffice

spaceofthetop20

officeoccupiers

thathavemade2050

net-zero

commitments

is310

million

square

feet.18.62014.102012201320142015201620172018201920202021202214

Notes:(1)

Worldwide;

October

2022;

2,016

C-level

executives;

(2)

Worldwide;

2012

to2022Sources:

(1)

Deloitte;

KS&R,ID:1414840;

(2)

CDP,ID:1414857;

Text:Deloitte;

JLLAre

investors

willing

to

pay

the

price

for

ESG?Real

estateinvestors‘

perspectiveInvestors

inthe

Asia-Pacific

regionweremostlikely

topayapremiumfor

anESG

asset

in2023Real

estateinvestors

areacornerstone

in

thegreentransition.

They

facegrowing

pressure

frombanks,pension

funds,hedgefunds,and

high-valueinvestors

toconsider

ESGcriteria

intheirportfolio

allocation.

Someof

themany

strategies

investors

utilizeincludebuildinggreener

portfolios

byupgradingexisting

assetstogreencertification,

consultingexternal

rating

partiesinassetacquisition,participating

ingreen

financing,anddivesting

assetswith

poor

ESGperformance.4.7%2.5%8.0%24.4%30.4%22.4%APACU.S.51.0%Europe3.6%1.7%39.0%67.0%Asurvey

bytheproperty

advisor

CBRE

foundthatalargeshareof

investors

were

unwilling

to

payapremium

forESG-friendly

assets.

InEurope,

about30

percent

ofrespondents

were

open

topayingextra,with

themajority

of

thembeingwilling

topayapremium

of

over10

percent.

Meanwhile,

investors

inthe

U.S.

and

theAsia-Pacific

region

were

more

likely

topayapremiumbut

less

willing

topaymore

than10

percent

extra.42.8%No

premiumLess

thanfivepercentSix

to10percentMore

than11percent15

Notes:APAC;

EMEA,

U.S.;

December2022

toFebruary

2023;

the

respondents

in

the

survey

include

realestatefunds,

investment

trusts,

developers,owners,

operators,

high

net

worthindividuals,private

equity

funds,

insurance

companies,

and

banks;

figures

areestimatesSources:

CBRE;Homebuyers

care

about

sustainability,

but

the

costs

are

a

barrierSustainability

intheresidential

sector

intheUnitedKingdomImportance

of

differentfactors

among

prospective

homebuyers

in

the

UKAsshown

onpagefive,theresidential

sector

accountsforasubstantialshare

ofglobal

GHGemissions

(17

percent),making

itanimportantavenue

forclimateaction.

Energy-efficient

homes

cansave

homeowners

money

inthe

long

run.Forinstance,ahousewith

better

isolation

requires

less

heatingor

cooling,

resulting

inlower

energy

bills.Regardless

ofthemotivation–

economic

or

environmental

–energy

efficiency

is

important

to

homeowners.

A

2023

survey

foundthat40

percentof

UKadults

planning

tobuyahome

inthe

next

10

yearsdeemed

theenergyperformance

certificate

ratingasavery

important

factor.68%63%60%54%40%CostofpropertyPropertylocationFeaturesofpropertyRiskoffloodingEnergycertificateBiggest

barriers

toimproving

the

environmental

performanceof

homes

in

the

UK74%Thesame

survey

foundthefinancial

cost

tobethe

major

obstacle

preventinghomeowners

fromimproving

the

environmental

performance

of

theirproperty.Access

to

financingforhome

renovations

is,therefore,

animportant

stepindecarbonizing

the

residential

sector.

Green

mortgages

incentivize

homeowners

tocarry

out

renovations

andachieve

better

energy

performance

throughlower

ratesandmore

favorable

fees.

They

alsoencourage

homeowners

to

consider

the

energyassessment

of

the

property

subject

to

arenovation

–

alender

may

require

acertainenergy

efficiency

ratingtoapprove

aproperty

forcredit,

and

buildingswithpoorperformance

may

find

itmore

difficultto

obtainfinancing.TheextenttowhichtheThecost

oftheworkrequired19%environmental

sustainability

oftheproperty

couldbeimprovedTheimpact

onthereduction

inmonthly

energy

bills

after

theimprovements32%29%Thelevel

ofdisruptiontheworkwouldcause19%Theavailability

offinancing

options16

Notes:(1)

(2)

United

Kingdom;

Q2

2023;

1,500

individuals

aged18

to

64Sources:

(1)

(2)

Ipsos

MORI;

NatWest;

S&PGlobal,ID:1414861;

ID:1414864Green

mortgages

help

homeowners

improve

energy

efficiencyCrédit

Agricole

ItaliaSpA

led

therankingongreen

mortgages

inEuropeLeadinggreenmortgage

lenders

in

Europe

as

of

Q22023,

bynumberof

greenloansNumberofloansinthousandsTheEnergy

EfficientMortgages

Initiativeaimsto

support

the

energy

efficiencyeffort

inthebuildi