The physical impacts of climate change on the built environment are becoming more significant and have the potential to be extremely costly. With their locations fixed, buildings themselves may be at risk of suffering significant damage costs from climate change impacts. More so, buildings are often energy-intensive to build and operate. They are responsible for over a third of global final energy consumption and CO2 emissions, with operational emissions mostly through space heating and cooling, and water heating (IEA, 2019). MSCI’s scenario analysis for commercial and residential real estate enables investors and real estate managers to evaluate both transition and physical climate-related impacts in their portfolios.
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