可持续性

Failure to act on sustainability will have immediate and tangible impacts in 2023. Mandatory disclosure requirements and high energy prices will incentivise urgent action from both investors and occupiers. Improving data will provide greater insight into how sustainability is affecting value, allowing better informed decisions on the issue.

关键要点

1. More mandatory disclosure requirements will be introduced in the UK. They will aim to prevent greenwashing and direct investment towards more sustainable practices. New requirements include mandatory net zero transition plans.
2. 能源价格环境变化is set to continue throughout 2023. Despite six months of energy bill support from the Government, high prices will create strong incentives to improve energy efficiency. Sustained high gas prices will make onsite renewable energy sources more attractive.
3. 随着可持续性数据越来越多地整合到资产估值中，将确定对可持续性特征的价值的更好理解。这将越来越准确地测量绿色特征如何防止价值折旧并使资产与过渡风险相关。
4. Greater scrutiny of net zero buildings will occur as demand increases and more come to market in 2023. Despite net zero guidelines, there is a lack of transparency and verification for net zero assets and currently no formalised certification process.
5. 在2022年创纪录的温度和野火之后，将重新关注身体气候风险。预测，适应和抵抗身体风险，对投资者和占用者来说将变得越来越重要。

The need to act on sustainability will become more urgent

在2023年，对可持续性问题的关注将加剧。披露法规和高能源价格的力量将加速整个英国房地产行业的可​​持续性行动。

能源价格环境变化

High energy costs will incentivise energy efficiency, regardless of disclosure or other regulation. Buildings with greater energy efficiency or using onsite renewables, will be insulated from the worst of the price shock.

过去可能没有优先级可持续性的占用者将需要提高能源效率，以使账单降低，因为价格仍然很高。

图7显示，在政府支持能源账单后很长时间，预计汽油价格将在2023年4月结束后保持高涨。采取行动而不是稍后提高建筑效率将以减少账单的形式为占用者带来持久的利益。

Figure 7: Historic and forecast UK gas prices

Source: OBR Forecast, 2022

零净建筑物是什么样的？

The emergence of more net zero buildings on the market in 2023 will spark discussion about defining and verifying net zero status, both at the asset and portfolio level. Questions around ‘net zero ready’, how to accurately measure embodied carbon, the formalisation and transparency of carbon offsets, and whether net zero should be certified, will come to the fore. Attention will be especially focused if disclosure requirements result in more capital being funnelled towards net zero buildings.

More sustainability disclosure requirements

Disclosure aims to prevent greenwashing and direct capital towards more sustainable practices. In 2023, the market will begin to see how large companies and financial institutions plan to use real estate to reduce climate-related risks and reach net zero by 2050. The effect of such disclosures on investment will start to emerge. Upcoming requirements include:

• TCFD– Mandatory for the largest UK-registered companies and financial institutions. The first annual reports incorporating mandatory TCFD disclosure are due in spring 2023
• 净零过渡计划- 2023年英国金融机构和上市公司的计划强制披露。确切日期目前尚不清楚
• SFDR监管技术标准- 扩展现有的SFDR披露适用于欧盟的金融市场参与者或在欧盟中销售其产品。新的强制性报告模板将于20​​23年1月推出。除非在欧盟销售其产品，否则英国公司将不必在此框架下披露。但是，这将影响欧盟投资者对英国房地产的态度

Valuing sustainability

在估值过程中增加可持续性数据将使绿色建筑特征的成本和收益更好地询问。特别是，洞悉此类功能如何保护资产免受价值贬值。这是否导致急于安装绿色功能还有待观察。无论结果如何，房东和投资者都将获得更好的能力，可以就此问题做出明智的决定。