Twelve institutional investors from eight countries, convened by UNEP FI and supported by Carbon Delta, have worked throughout 2018–2019 to analyse, evaluate, and test, state-of-the- art methodologies to enable 1.5°C, 2°C, and 3°C scenario-based analysis of their direct property investment portfolios in line with the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD). The outputs and conclusions of this Pilot are captured in this report and aim to enhance the understanding and ease adoption of the TCFD recommendations by real estate investors across the wider investment industry.

This report for real estate investments is a follow-on to the May 2019 Changing Course, also published by UNEP FI as a capstone report to an investors’ pilot to apply the TCFD recommendations focused on listed equities and corporate debt.