Science Practice Lab

Opening the ‘black-box’ of EU-level climate risk assessment for real estate portfolios

Date: December 6th 2023

Location: APG, Basisweg 10, 1043 AP Amsterdam 

On December 6th, 2023, more than 10 scientific as well as over 30 different financial institutes from across Europe gathered at APG to discuss the way forward for EU-level climate risk assessments.

The Science Practice Lab aimed to achieve three key objectives:

  • Clarity on the components of climate risk analysis for real estate portfolios that can be supported at the EU level.
  • Gaining an overview of the fundamental building blocks of an EU-level approach.
  • Ideas for concrete next steps in establishing an EU-scale level playing field for climate risk assessments.

The takeaways for us from the event are as follows:

  • It is critical to establish a starting point and create a common language for EU-level physical climate risk assessment.
  • We need to build a community of practitioners, it is prudent to engage international organizations with extensive networks, such as ULI and Green Building Councils.
  • There is a need for an overview of the best available national-level data (e.g., BAT-ADAPT, GIS-ImmoRisk, Dutch Climate Impact Atlas). A tailored overview specific to the real estate sector would be invaluable.
  • Continuing efforts to enhance an open, transparent European method allowing pan-European comparisons is essential.
  • Colleagues expressed a desire to reduce dependence on black box providers, highlighting the necessity for open access approaches and in-house capacity on physical climate risk.

To advance this, we will use the next year of the REACHOUT project to:

  • Work towards a final event next year, ideally outside the Netherlands, to further expand our coalition. If you are interested in participating, please reach out to us.
  • Release the free and open flood risk tool developed by IVM-VU, in collaboration with a European platform (ongoing discussions with ULI), and establish a community of practice.
  • Explore possibilities to include more relevant climate hazards in the open approach for real estate physical climate risk at the EU level (CICERO is willing to assist us in this improvement).

We welcome any further engagement and look forward to the next step.

This event is part of REACHOUT (, a European Commission-funded research and innovation project that supports the implementation of the Green Deal.

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