Content EN ESG Interactive Map

ESG regulations, labels & certifications in real estate

In this interactive map, Deepki gives an overview of ESG (Environmental, Social, and Governance) regulations, labels, and frameworks at a global level, and their equivalents implemented nationally. We invite you to go through the map to discover the deadlines, requirements, and resources needed to comply.

Contact us

Move forward

ESG initiatives in North & South America

Contact us

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.

European overview

Explore the initiatives for all EU countries below. Hover over initiative names for more information!

2050

Net emissions must be reduced to zero to meet EU environmental commitments.

FDR

SFDR

The SFDR defines sustainable investments and requires financial market participants (FMP) to disclose specific information about their approaches to the integration of sustainability risks and the consideration of adverse sustainability impacts (regardless of whether their products promote sustainable characteristics or not). Check out Deepki's Guide on SFDR!

EU Taxonomy

The EU Taxonomy establishes a framework to facilitate sustainable investment. It establishes specific criteria that economic activities must fulfill to be classified as environmentally sustainable under any of the six designated environmental objectives. Check out Deepki's Guide on Taxonomy!

+ info

EPBD

The EPBD requires member states to lower the energy consumption of buildings and all new buildings from 2021 onwards (public buildings from 2019) to be nearly zero-energy buildings (NZEB). Learn more on EPBD here!

GRI

The GRI Standards are a set of guidelines that provide a framework for sustainability reporting. These standards cover a wide range of economic, environmental, and social topics and are used by organizations around the world to report their sustainability performance and impacts. Learn more on GRI standards here.

TCFD

The Task Force on Climate-Related Financial Disclosures has developed a voluntary climate-related financial disclosure framework to enable investors, lenders, and insurance underwriters to understand material risks. Learn more on TCFD!

CSRD

In 2022, the Corporate Sustainability Reporting Directive (CSRD) has replaced the NFRD. The CSRD will extend the scope of application to encompass smaller companies, introduce more stringent and detailed information to be disclosed, require information to be audited, and ask companies to provide the report in a specific machine-readable digital format. Click here to learn more on CSRD.

GRESB

The GRESB (Global Real Estate Sustainability Benchmark) assessment is an ESG performance and sustainability best practice assessment for real estate and infrastructure funds, companies and properties worldwide. Check out Deepki's webinar on GRESB 2022 results!

CRREM

The CRREM is an Excel tool assessing and benchmarking real estate assets carbon emission pathways and financial risk. Check out Deepki's webinar with Prof. Dr. Sven Bienert MRICS REV from CRREM.

EPRA

The European Public Real Estate Association has developed sustainability disclosure recommendations to guide publicly traded real estate companies. Access EPRA's timelines here!

More info on upcoming deadlines

IFRS/ISSB

IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate to investors about the sustainability-related risks and opportunities they face over the short, medium and long term. IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1. Both fully incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The primary objective of the LuxFLAG Environment Label is to reassure investors that the majority of the investment product's assets are responsibly invested in environment-related sectors. The eligibility criteria for the Environment Label require applicants to have a portfolio of investments in environment-related sectors corresponding to at least 75% of the fund’s total assets. Launched in July 2011, the LuxFLAG Environment Label helps to unlock capital from private and institutional investors to support the financing of environmental assets. Learn more on LuxFlag here.

+ info

+ info

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...

To remove interactivity ... It’s as easy as clicking on the icon, making the changes you want, and clicking on Save.

ESG in Hong Kong The Hong Kong Monetary Authority and the agency Green and Sustainable Finance Steering Group has adopted a three-phased approach to promote green and sustainable banking. One initiative is to adopt the common ground taxonomy developed by the IPSF Working Group on Taxonomies co-led by China and the EU.

ESG initiatives in Australia

Contact us

In Australia, the focus is on the decarbonization of building stock & the expansion of renewable energy infrastructure.

CSRD applies tocompanies currentlysubject to NFRD.

2025

2024

2028

2024

2026

CSRD applies to all largeundertakings.

CSRD applies to thirdcountry companies andlisted SMEs/small FI.

Second FMP PAI statementunder SFDR Delegated Regulation.

CSRD applies to listed SMEsand small & non-complex FIon an optional basis.

1st January

30th June

1st January

1st January

1st January

Implementation timeline

Access EU's ESG overview

About Deepki

Founded in 2014, Deepki has developed a SaaS solution that uses data intelligence to guide real estate players in their net zero transition. The solution leverages customer data to improve assets’ ESG (Environmental, Social, and Governance) performance and maximize asset value. Deepki operates in 52 countries, with more than 300 team members across offices in Paris, London, Berlin, Milan, and Madrid.

The company serves clients including Generali Real Estate, SwissLife Asset Managers, and the French government helping to make their real estate assets more sustainable at scale. In March 2022, Deepki raised €150 million in a Series C round of funding which High Land Europe and One Peak Partners jointly led. Other investors include Bpifrance, through their Large Venture fund, and Revaia.

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 Tertiary Decree

National initiatives in France

Other main initiatives:

• 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.

• 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.

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 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.

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 2021Austria 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.

In Austria

CertificationsAustria has put in place different kinds of certifications for energy consumption related to building exploitation:

• 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.

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.

In India

BRSR/BRSR Core Disclosures

Access the website to learn more.

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)

In the United States

SEC’s Climate Disclosures

Access SEC's website to learn more.

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.

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.

National initiatives in Ireland

Find out more.

Find out more.

• 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.

The CAP23 defined KPIs for 2025/2030:

Climate Change and Energy Transition LawAdopted 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).

National initiatives in Spain

Download Deepki's webinar on the ESG 2023 Regulatory Trends for real estate (in Spanish)!

Technical Building CodeIt 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.

• 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.

The most common environmental certifications for buildings in Spain are BREAAM, VERDE (certification developed by the Green Building Council España (GBCe) and LEED.

Basic document on energy saving (DBHE)

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.

National initiatives in Norway

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 theGuidance 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.

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.

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.

GPR Gebouw: GPR construction certification measures the environmental performance of commercial and residential buildings.The LEED certification also exists in the Netherlands.

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.

In Canada

Climate Investment Taxonomy Regulation

Learn more here.

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.

Canadian Sustainability Standards Board

Learn more on the website.

• 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%.

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.

Click here to learn more on GEG.

Learn more on the DGNB website.

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.

In Sweden

The Annual Accounts Act requires large companies to prepare a sustainability report and to address ESG matters within the report.

• BREEAM

The BREEAM standards are favored in the UK for certifying the entire life cycle of buildings, from planning and usage through to refurbishment.

• Sustainable Disclosure Regulation (SDR)

The UK SDR, led by the UK Financial Conduct Authority (FCA), aims to provide investors with more comprehensive, consistent, and comparable sustainability information from issuers and investment managers. The regulation applies to issuers of bonds and shares listed on a UK-regulated market and UK-based investment managers.

National initiatives in the UK

Find out more on SDR.

• Energy Savings Opportunity Scheme (ESOS)

UK launched ESOS Regulation in 2014 to improve energy efficiency. ESOS is a mandatory energy assessment scheme for organizations in the UK that meet the qualification criteria. The assessment must be performed every 4 years and audited (it includes third-party audits and site visits). The objective is to save energy and reduce emissions.

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.

ESG in Australia

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).

• ITACA

As other rating systems verify the environmental performance of a building from different perspectives (expenditure of energy, water, and other resources); ITACA also promotes the construction of increasingly innovative buildings and the use of sustainable materials.

National initiatives in Italy

• CasaClima

This standard represents an absolute reference in Italy in the field of energy-efficient and sustainable buildings. Assets designed according to the standards can save over 90% in energy compared to traditionally built residences – thereby resulting in both CO2 reductions and financial savings.

• Bank of Italy

On April 8th, 2022, the Bank of Italy published a list of non-binding supervisory expectations regarding the integration of climate-related and environmental risks into business strategies, governance and control frameworks, the risk management framework, and the disclosure of supervised banking and financial intermediaries. The document is addressed to all entities whose activities are subject to authorisation and supervision by the Bank of Italy in accordance with the Consolidated Law on Banking and the Consolidated Law on Finance.

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.

New Sustainable Taxonomy

National initiatives in Mexico

Access Deepki's webinar with Fibra Dahnos: "Why is ESG data quality essential for success?"