Environmental, Social and Governance (ESG) for Non-Listed Real Estate Investments

INREV supports the Platform on Sustainable Finance recommendations to improve the EU Taxonomy’s clarity, usability, and ambition but stresses the need for clearer guidance, phased implementation, harmonisation across jurisdictions, and a better understanding of the non-listed real estate investment sector to ensure practical applicability and avoid unintended consequences.

INREV response to the HMT Consultation on the UK Green Taxonomy. INREV believes that if the UK Green Taxonomy be implemented, it should be simplified, interoperable with existing frameworks (especially the EU Taxonomy), and aligned with real estate sector-specific metrics to ensure practicality, reduce reporting burdens, and support sustainable investment while avoiding unnecessary complexity and regulatory divergence.

INREV’s recent paper, Introduction to EU Taxonomy, offers practical insights into aligning real estate activities with the EU Taxonomy framework. During this briefing, Aleksandra Njagulj, Managing Director, Global Head of ESG in Real Estate at DWS, demonstrated how the assessment process works for DWS. Jeff Rupp, Public Affairs Director at INREV, joined her to focus on compliance with Section 7.7 (Acquisition and Ownership of Buildings), addressing the criteria for substantial environmental contributions, the “do no significant harm” principle, and adherence to minimum safeguards.

INREV position paper on TNFD Draft sector guidance – Engineering, construction and real estate

INREV response to TNFD consultation on the draft sector guidance supports the LEAP approach, emphasising the importance of sections on nature-related impacts, risks, and mitigation strategies for real estate companies. INREV highlights the importance of clearer metrics, practical examples, and scalable implementation to ease financial and operational burdens, especially for smaller entities.

The Sustainable Investment Principles aim to help investors and investment managers assess sustainable investments under SFDR Article 2(17) by clarifying the regulation and suggesting additional indicators to align with current market ambitions. Access the paper, infographic, briefing recording and presentation below.

INREV’s snapshot on the Corporate Sustainability Reporting Directive (CSRD) provides information on the applicability of the directive and its interplay with other EU ESG policies.

Louisa Chender, ESG Policy & Advisory at FCA and Shuen Chan, Head of Responsible Investment & Sustainability at Legal & General Investment Management Real Assets discussed the implications and the strategic challenges and opportunities associated with the FCA's recent proposals on SDR and labels for non-listed real estate investment.

Heike Schmitz, Partner at Herbert Smith Freehills presented how policymakers’ evolving pragmatic approach is creating opportunities for real estate transition funds with carbon reduction strategies to disclose under SFDR Article 9.

On 23 January, INREV filed a response to the FCA consultation on Guidance on the anti-greenwashing rule welcoming the views expressed by the FCA aiming to protect investors from misleading information

This survey offers insights into how the real estate industry approaches the definition of sustainable investments and their implementation under the Sustainable Finance Disclosure Regulation (SFDR) and/or the EU Taxonomy.

Read the latest IQ blog interviewing Abigail Dean of Nuveen Real Assets and Justin Travlos of Axa IM Alts for their insights on this survey.

INREV updated the list of ESG-related regulations in EU and UK. 

INREV, PRI and ULI have embarked on a journey to map and compare the most important global ESG regulations, standards and certifications and to assess each of them in relation to the E, S and G components. Join us to find out more about the results of this project, the Mapping ESG Report.

INREV published a list of ESG-related regulations in the EU and UK.

A new paper published by INREV, ‘The Impact of Net Zero Carbon’, outlines the current landscape in terms of energy use and carbon emissions in the built environment and the steps that need to be taken to achieve Net Zero Carbon including the rationale for setting targets and how to execute these targets effectively. 

INREV in collaboration with Ferguson partners and six other industry associations, ANREV, NAREIM, NCREIF, PREA, REALPAC and ULI joined forces in 2021 to track global real estate diversity, equity and inclusion (DEI) data around corporate practices.