- CRREM, the leading science-based decarbonization initiative focused on global real estate, has entered its next growth phase.
- The CRREM foundation, a new nonprofit entity, has been established to support further expansion. It has secured €1 million in philanthropic funding to develop more granular pathways and cover more asset types and geographies.
- An interim board comprised of representatives of APG, PGGM, and Norges Bank Investment Management has been established. In 2025, a new CEO will be appointed and a review of strategy and governance will commence.
As
CRREM looks ahead to its continuing evolution and wider adoption in real estate markets globally, the IP owners of the non-profit CRREM initiative have reached the decision to transfer all IP related to the CRREM initiative to the newly established non-profit Stichting Carbon Risk Real Estate Monitor (to be known as the CRREM Foundation). CRREM has published separate decarbonization pathways by asset type across 44 countries. Additional philanthropic funding has been secured to expand countries and asset types covered. This step supports CRREM’s core principles of:
- Independence from narrow commercial and political interests
- Open-source accessibility, ensuring public non-commercial access to decarbonization pathways
- Global scope, assuring market uptake by addressing the needs of diversified RE portfolios
- Scientific integrity, maintaining the highest standards in methodology and data
As part of this transition, and with the gratitude of the team, Prof. Dr. Sven Bienert has decided to step back from the CRREM initiative. The core CRREM team—comprising Julia Wein, Hunter Kuhlwein, and Sebastian Leutner—remains in place as the management and operations team, ensuring the continuity of CRREM’s work and guiding its future evolution. It aims to commence with the next decarbonization pathway update, increasing regional and asset-specific granularity and further strengthen global collaborations.
Representatives of former IP holders, APG Asset Management N.V., PGGM Vermogensbeheer B.V., and Norges Bank Investment Management have formed an interim board, which is expected to expand to include additional stakeholders as part of a revamp of governance in 2025. This review, which will be supported by an independent seasoned industry expert, will consider changes to the board of the CRREM foundation and the role and composition of its Global Scientific Committee and Industry Committee.
Quotes:
“We use CRREM pathways to better understand the potential financial and operational risks associated with each building’s emissions in a low-carbon future. The establishment of the CRREM foundation provides a strong strategic and financial foundation for the next phase of this initiative and will ensure it retains a vital role in further helping real estate markets to decarbonize.” — Christopher Wright, Norges Bank Investment Management & CRREM Foundation Board Member
“We are steering our client’s global real estate portfolio towards 100% CRREM alignment in 2030 or we expect an improvement plan will be in place to meet the CRREM pathways. By transferring the IP to the nonprofit foundation and with additional philanthropic funding in place, we are happy to enable the transition towards a global science-based standard, covering more asset types and geographies. The involvement of global and local stakeholders in the future governance of CRREM, as well as a robust scientific committee, is a prerequisite for this transition.” — Derk Welling, APG Asset Management N.V. & CRREM Foundation Board Member
“We congratulate Prof. Dr. Sven Bienert and the team at Carbon Risk Real Estate Monitor (CRREM) for their contributions to the built environment, and wish Sven the best in his new venture. Global crises require global solutions, and we were pleased to work with CRREM alongside our global alliance partners this year to deliver valuable solutions for the financial sector. We look forward to engaging with the new CRREM foundation as they enhance their governance and continue driving decarbonisation at scale in the finance and real estate sectors.” — Davina Rooney, CEO of Green Building Council of Australia
“At AEW in Europe we are excited to actively support the CRREM initiative since its launch. By establishing the new foundation now it future proofs and solidifies its position as the leading open-source global market decarbonisation standard. CRREM is used extensively by AEW Europe in-house as well as with our investor clients, consultants and other service providers to reach our decarbonisation targets and regulatory requirements.” — Hans Vrensen, AEW Europe
“Decarbonizing buildings is a critical imperative. We congratulate the leaders of CRREM for advancing decarbonization action at scale and establishing the CRREM Foundation to strengthen their reach and governance. We look forward to continuing our work with CRREM and stakeholders across the finance and real estate sectors to accelerate progress towards decarbonization and resilience of the built environment.” — Peter Templeton, President and CEO, U.S. Green Building Council
“At OCBC, we have set a Net Zero target for our financed emissions. For the real estate sector we have adopted CRREM, allowing us to demonstrate the alignment of our dynamic financed portfolio, as well as engaging our clients on their longer-term transition. The establishment of the CRREM foundation is important for CRREM’s future, providing the resources, opportunities, and governance to further refine, develop and contextualize the pathways, helping steer a robust transition of the sector globally.“ — Benjamin Towell, OCBC Bank, Singapore
About CRREM
The Carbon Risk Real Estate Monitor (CRREM) is the leading global initiative for establishing targets for operational carbon emissions for standing real estate investments consistent with the ambitions of the Paris Agreement. CRREM publicly released decarbonization pathways that translate the ambitions of limiting global warming to 1.5°C by the end of the century into regionally- and property-type-specific trajectories against which real estate assets and portfolios can benchmark themselves. The pathways and other resources provided, like the CRREM-tool, to assess asset alignment with relevant pathways, help the market price risks related to carbon emissions from buildings. CRREM is aligned with the leading international accounting and reporting frameworks, disclosure guidelines, and recommendations published by initiatives working within the field of decarbonization and real estate.
For more information, please contact:
CRREM Team
www.crrem.org
