REACHOUT Science Practice Lab: Opening the ‘black-box’ of EU-level climate risk assessment for real estate portfolios
Climate change brings heightened threats to real estate assets in Europe, with increasing risks of flooding, droughts, heatwaves, and rising sea levels.
That is why the EU requires companies to report about their physical climate risk. To support these companies, there are many service providers offering climate risk assessments. However, ‘black-box’ methods lack transparency, making it impossible to compare or improve the outcomes. Divergent results from various providers underscore the need for standardized practices and a level playing field.
Today more than 10 scientific as well as over 30 different financial institutes join us in Amsterdam for a Science Practice Lab about physical climate risk for EU level real estate portfolios. Together we aim to facilitate knowledge exchange between scientists and financial parties, and are committed to addressing and improving this issue of ‘black box’ approaches in climate risk assessments.