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ESG regulations, labels & certifications in real estate
In this interactive map, Deepki provides an overview of global sustainability regulations, labels, and frameworks, along with their national equivalents. We invite you to explore the map to discover key deadlines, requirements, and resources needed for compliance.
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ESG initiatives in North & South America
Although the US has been considerably slower than many other developed countries in terms of ESG, significant progress has been made in recent years. The traditional approach has been transformed by the emergence of ESG regulations aimed at involving stakeholders and ensuring competition in the financial landscape. Latin American countries are catching up with ESG global trends and are closely following the steps of regions such as Asia, although with its own challenges, where ESG investments are transitioning from niche to norm.
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European overview
Explore the initiatives for all EU countries below. Hover over initiative names for more information!
FDR
CSRD
SFDR
EU Taxonomy
GRESB
CRREM
EPBD
EPRA
TCFD
IFRS/ISSB
GRI
2050
Net emissions must be reduced to zero to meet EU environmental commitments.
More info on upcoming deadlines
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ESG initiatives in Asia
Asian and Middle-Eastern regulators are progressively adopting similar measures, often basing local regulations on their EU counterparts, with additional consideration to transition financing. For example, many green taxonomies build on the EU’s taxonomy and are then tailored to the local context: Japan, China, Mongolia, Kazakhstan, South, Korea, Malaysia, Sri Lanka, Bangladesh...
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ESG initiatives in Australia
In Australia, the focus is on the decarbonization of building stock & the expansion of renewable energy infrastructure.
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Implementation timeline
Access EU's ESG overview
CSRD applies tocompanies currently subject to NFRD.
CSRD applies to all largeundertakings.
CSRD applies to thirdcountry companies and listed SMEs/small FI.
1st January
1st January
1st January
2025
2028
2024
CSRD applies to listed SMEsand small & non-complex FI on an optional basis.
Second FMP PAI statementunder SFDR Delegated Regulation.
1st January
30th June
2024
2026
About Deepki
The company currently supports over 500 customers and 50,000 users, monitoring the sustainability performance of over €4 trillion in real estate assets under management (AUM) through its platform across 80+ countries. Employing over 400 people, Deepki helps its customers reduce their CO₂ emissions and improve performance across more than 60 asset types. The company serves clients including Generali Real Estate, PGIM, SwissLife Asset Managers, and the French government. Deepki integrates with adjacent technologies and partners with industry leaders through one platform, creating greater efficiencies and value.
Deepki is the leading and most trusted sustainability SaaS solution in real estate. Its complete sustainability platform helps real estate asset owners manage risk through data-driven insights, improve the financial performance of assets and comply with sustainability regulations and investor requirements. Deepki is ISAE 3000 Type 2 certified, guaranteeing the credibility and accuracy of its data collection process, making it fully auditable and providing the same high-quality standards as financial reporting.
National initiatives in France
Other main initiatives:
The Tertiary Decree
This binding regulation that requires the reduction of energy consumption in the French tertiary sector. It specifies the terms of application of Article 175 of the ÉLAN law (Evolution of Housing, Development and Numerical). It is quite simple: all tertiary buildings with a surface area of more than 1,000 m² are concerned. This means office buildings, shops, administration buildings, schools, etc. This applies to both owners and tenants! Check out Deepki’s Guide to learn how to comply.
- The decree for Article 29 of the Climate Energy Law aims at making market participants more transparent about their non-financial practices
- The Building Automation Control Systems (BACS) decree obliges any new tertiary building equipped with an air conditioning or heating system to be equipped with automation and control systems to achieve the performance targets set by the Tertiary Eco-Energy scheme.
- Haute Qualité Environnementale (HQE) certification covers the entire lifecycle of a building: non-residential buildings, residential buildings and detached houses as well as urban planning and development.
- The ISR Label was created to identify and promote sustainable and responsible investments.
In Denmark
It is expected to be amended – expectedly by 1 July 2024 with effect for accounting years starting 1 January 2024 or later – to implement the CSRD into Danish law. Once implemented, certain Danish companies and other business entities will be required to report on sustainability-related matters in line with the requirements outlined in the CSRD and the 12 European Reporting Standards (“ESRS”) (Commission Delegated Regulation of 31 July 2023). The CSRD will gradually enter into effect over a period from 2024 to 2028.
As regards environmental legislation, the Danish Environmental Protection Act serves as the main source of legislation. Setting out to prevent and control environmental pollution and to ensure the protection of the environment as well as nature, the Act transposes numerous EU directives. The Danish Financial Statements Act (Årsregnskabsloven) currently requires certain Danish companies and other business entities to supplement the management commentary in the annual report with a non-financial statement concerning corporate social responsibility, which must include information on certain environmental, social and governance matters.
In Austria
CertificationsAustria has put in place different kinds of certifications for energy consumption related to building exploitation:
The relevant disclosure regulations are mainly contained in the substantive ESG-related EU regulations and directives applicable in Austria, due to the implementation of the European ESG legislation. Recovery and resilience Plan 2021 Austria promotes the replacement of oil and gas heating systems with more eco-friendly alternatives: a ban on oil and coal-fired equipment, and further restrictions on gas from 2025 onwards. All federal states have integrated the OIB guidelines (Institute for Building Regulations) as binding, harmonizing construction and engineering requirements.
- Energy suppliers must comply with governmental regulations and provide a 0,6% reduction plan every year.
- Large companies must contract a government-approved energy auditor for an energy audit every 4 years.
- The Klimaaktiv certification scheme provides a comprehensive evaluation of energetic equipment and performance.
In India
BRSR/BRSR Core Disclosures
The main form of ESG reporting in India is BRSR/BRSR Core. Top 1,000 listed entities (based on market capitalisation) are required to disclose a BRSR in their annual report and for this FY 2023–24, top 150 of these entities would additionally be required to undertake reasonable assurance of BRSR Core. Moreover, from FY 2024–25 onwards, disclosures as per BRSR Core in the annual report are also required for value chain partners of the top 250 listed entities by market capitalisation on a comply-or-explain basis. The annual report is shared with the shareholders, submitted to the stock exchange, and published on the company’s website.
In India, ESG regulations have been gaining traction, driven by growing awareness of ESG risks and opportunities among investors, increasing focus on corporate sustainability, and the regulatory push towards responsible investment practices. The Securities and Exchange Board of India (SEBI), the regulator of the Indian securities market, has been actively promoting ESG investing in India through various initiatives.
Access the website to learn more.
In the United States
SEC’s Climate Disclosures
The Securities and Exchange Commission (SEC) is a U.S. government-funded agency responsible for regulating the securities market and protecting investors. Proposed changes would require periodic reports around four main areas: greenhouse gas emissions, climate risk mitigation planning, climate change financial statement impact, and governance. All publicly listed US companies as well as International companies listed in the US stock exchange are affected. When? Depending on the size of companies, disclosure compliance dates may vary from 2023 to 2026.
What is the current context? • Strong focus on climate change mitigation & higher environmental standards (Biden administration) • Large-scale renewable energies projects (solar & wind) • Development of ESG requirements & disclosure obligations (SEC oversight)
LEED is a rating system developed by the U.S. Green Building Council (USGBC) to evaluate the environmental performance of buildings and measure their sustainability.
Access SEC's website to learn more.
National initiatives in Ireland
CAP23
Home Performance IndexThe Irish Green Building Council developed the Home Performance Index, Ireland’s residential sustainability certification for new homes. It aligns with the EU’s Taxonomy and with Level(s), the new EU sustainable buildings assessment and reporting framework. In April 2022, over 10,000 homes are registered.
The CAP23 defined KPIs for 2025/2030:
- All new dwellings (=residential) to respect NZEB Standards (2025), and ZEB by 2030.
- Existing dwellings retrofitted to BER B2 or cost optimal equivalent, 120K in 25 and 500K by 2030.
- New (170K/280k) and existing dwellings (45K/400K) to install heat pumps by 2025/2030.
Find out more.
Find out more.
National initiatives in Spain
Climate Change and Energy Transition Law Adopted in May 2021, it sets binding renewable targets for 2030. The objective is for Spain to reach climate neutrality by 2050 (including a 100% renewable electricity system).
Basic document on energy saving (DBHE)
- Establishes the climatic zones into which Spain is divided to calculate energy performance.
- Sets limits for total primary energy consumption in residential and non-residential buildings.
Technical Building Code It came into force in 2007 and reunites the regulations of the construction of all types of buildings in Spain. While mainly focused on basic safety in case of fire in buildings, it also establishes the demands for complying with the energy requirements in buildings.
Download Deepki's webinar on the ESG 2023 Regulatory Trends for real estate (in Spanish)!
National initiatives in Norway
The main ESG disclosure regulations are currently the Act on Disclosure of Sustainability Information in the Financial Sector, the Accounting Act and the Transparency Act, the Act on Disclosure of Sustainability Information in the Financial Sector incorporates Regulation (EU) 2019/2088 (Sustainable Finance Disclosure Regulation), and Regulation (EU) 2020/852 (the EU Taxonomy) which entered into force in Norway in January 2023.
ESG in China
Although Chinese ESG-related regulations arrived relatively late compared to many other countries, they have developed rapidly in the past few years. One of the major initiatives is the Guidance for Enterprise ESG Disclosure. The guideline is regarded as China's locally adapted ESG framework with a scientific and measurable data-based evaluation system. It comprises three first-level indicators (E, S, and G), ten second-level indicators, 35 third-level indicators, and 118 fourth-level indicators.
In the Netherlands
Labels
BREEAM-NL: As of 2009, the organization Dutch Green Building Council (DGBC) has made BREEAM suitable for the Netherlands and Dutch legislation and regulations. DGBC is therefore a National Scheme Operator. Nearly 20 million sqm of Netherlands floor space is certified.
Following the Climate Agreement (Klimaatwet) regarding the built environment, the goals are: - Improvement of the energy efficiency of 1.5 million homes.- New buildings will not be heated with natural gas and existing buildings need to make fossil-free heating possible. - Energy tax system with stronger incentives for energy efficiency and CO2-reduction. All new buildings must meet the Almost Energy Neutral Building requirements (BENG). Read more here.
GPR Gebouw: GPR construction certification measures the environmental performance of commercial and residential buildings. The LEED certification also exists in the Netherlands.
In Canada
Climate Investment Taxonomy Regulation
The Climate Investment Taxonomy criteria’s objective is to provide financial market participants with greater clarity on what constitutes a climate investment. Specifically, these regulations were intended to lay out the criteria for investments and other economic activities contributing to Canada’s ambition to reach net zero emissions by 2050. The regulation was introduced by the Canadian Sustainable Finance Action Council (SFAC) in March 2023. In its current form, participation in and engagement with the taxonomy is not mandatory.
Canadian Sustainability Standards Board
In June 2023, the CSSB began operating shortly after the International Sustainability Standards Board (ISSB) released its initial ESG reporting standards – IFRS S1 and S2. The CSSB's role is to interpret and support the adoption of ISSB standards in Canada, tailoring them to the Canadian context and ensuring compatibility with future CSSB standards. Federally regulated financial institutions in Canada, such as banks and insurance companies, are required to commence ESG reporting in the fiscal year 2024.
Learn more here.
Learn more on the website.
National initiatives in Germany
- The German Sustainable Building Council (DGNB – Deutsche Gesellschaft für Nachhaltiges Bauen): Under this voluntary system, the quality of a building is assessed throughout its entire life cycle. This assessment focuses particularly on some 50 sustainability criteria including ecology, economy, socio-cultural aspects, technology, process workflows, and site. If a performance requirement is met, a DGNB certificate is awarded in bronze, silver, or gold. In addition, there is the option of simple pre-certification in the planning phase.
- The German Buildings Energy Act (Gebäudeenergiegesetz, GEG) is a central tool within German energy and climate protection policies. Its aim is to enable the Federal Government to reach its energy policy targets, specifically, achieving a nearly climate-neutral inventory of existing buildings by 2045 and realizing around 40% savings in final energy consumption through efficiency improvements in the building envelope and construction technology compared with 2020. The amended Act raised standards regarding new buildings and reduced the permissible annual energy demand in new buildings from 75% to 55%.
Learn more on the DGNB website.
Click here to learn more on GEG.
In Sweden
The Annual Accounts Act requires large companies to prepare a sustainability report and to address ESG matters within the report.
The main source of environmental legislation is the Swedish Environmental Code, which transposes many EU directives. The Environmental Code regulates, among other things, the management of land and water, environmentally hazardous activities, water operations, chemical products, and waste management. Several legislative instruments at both EU and domestic levels supplement the Environmental Code.
National initiatives in the UK
- BREEAM
- Sustainable Disclosure Regulation (SDR)
- Energy Savings Opportunity Scheme (ESOS)
Find out more on SDR.
ESG in Australia
NABERS est un système national de notation qui mesure la performance environnementale des bâtiments et des locaux en Australie (efficacité énergétique, consommation d'eau, gestion des déchets et qualité de l'environnement intérieur d'un bâtiment ou d'un local). NABERS attribue une note en étoiles, de une (la moins bonne) à six (la meilleure), en fonction de sa performance opérationnelle réelle sur une période de 12 mois.
Australia’s Sustainable Finance Strategy, which will support Australia’s pathway to net zero, by providing an ambitious and comprehensive framework for reducing barriers to investment into sustainable activities. The policy priorities centre around three key pillars: (1) improving transparency on climate and sustainability; (2) financial system capabilities; and (3) Australian Government leadership and engagement.
Green Star is a voluntary sustainability rating system for buildings in Australia managed by Green Building Council of Australia (GBCA).
National initiatives in Italy
- CasaClima
- Bank of Italy
- ITACA
National initiatives in Mexico
New Sustainable Taxonomy
According to Mexico’s Ministry of Finance and Public Credit, sustainable taxonomy is “a classification system that makes it possible to identify and define activities, assets, or investment projects with positive environmental and social impacts, based on established goals and criteria.” The sustainable taxonomy aims to avoid the phenomenon of greenwashing, which refers to companies that claim to provide environmental benefits without carrying out real actions to protect the environment.
Access Deepki's webinar with Fibra Dahnos: "Why is ESG data quality essential for success?"