The session entitled “Sustainability & Resilience: Option or Prerequisite for Real Estate?” will be organised by INZEB within the framework of the 19th Prodexpo, which will take place on November 1st, 2018 at 17:00 at the Megaron – the Athens Concert Hall.
The focus of the session, which is organised by INZEB and is supported by the Green Business Certification Inc. (GBCI), is on developing a broader understanding of how the real estate will contribute to more resilient cities and buildings and explain its role as a modern means of green diplomacy. The panel discussion will explore economics, sociology, policies and conditions for future-proofing developments. The session will provide perspectives from planners, technologists, economists, ecologists, and developers. The objective is to recognise that resilient and future-proofing buildings are a critical step of the roadmap to sustainable and prosperous communities.
Climate change is setting the world against unpredictable challenges at increasing intensities—natural disasters, ecological uncertainty, public health crises, extreme social inequity, rising violence—and yet counters and absorbs risk through acts of resilience. The impacts of climate change are known, and the built environment leads the charge when it comes to planning for a resilient future.
Regulatory risks related to climate change have become increasingly evident, including mandatory disclosure, building codes and laws banning inefficient buildings. Extreme weather events and systematic changes in weather patterns affect the insurability of real estate and lead to questions about the resilience of assets. Changing tenant preferences for green building and investor screening on portfolio sustainability risks lead to market risk related to sustainability factors. This will translate into the risk of obsolescence for poorly-performing developments.
It is the lack of action to adopt climate change adaptation strategies that is the true threat to real-estate; engaging with the problem and mounting solutions represents not only a duty to stakeholders but also a boon for economic growth. While many real estate developers continue to focus chiefly on financial risk management in response to climate change, others are realising that a more proactive, holistic approach to the issue presents significant opportunities to grow revenues, reduce risk and improve brand value.
Some crucial questions that will be discussed in this section, with a view find the initial answers, are:
- Can real estate afford the cost of non-compliance?
- How will real-estate be affected?
- How cities will become more resilient to defend the stresses of climate change?
- How a sustainable and future-proofing built environment will benefit cities and citizens?
The session is moderated by Alice Corovessi, COO/CFO, INZEB