The One with the $4TN Climate Coalition Transforming Real Estate
The Future We Build, A Brave Ideas network affiliated show featuring Alex Edds
In this inaugural episode of The Future We Build, Alex sits down with Vincent Van Bijleveld from GREEN (Global Real Estate Engagement Network) to explore how institutional capital is—or isn't—driving decarbonization in real estate.
The Future We Build - Season 1, Episode 1
Vincent offers a rare investor perspective on the tensions between financial returns and climate goals, the limitations of current rating systems, and why real estate might be easier to transform than we think.
Key Timestamps
[00:03:01] - Why GREEN was founded: where does real estate capital actually come from?
[00:05:09] - Is real estate moving fast enough on climate? Comparing to other sectors
[00:09:13] - The brown discount dilemma: selling problematic assets doesn’t solve the planet’s problem
[00:14:19] - Decarbonization as the dominant focus (and what else matters)
[00:16:13] - Physical climate risk rising up the agenda
[00:18:23] - Would investors accept short-term performance drag for long-term resilience?
[00:23:03] - GRESB under the microscope: praise, criticism, and what needs to change
[00:27:59] - Can regulation move markets? EPBD vs. SFDR
[00:32:01] - What investors expect from fund managers in 2026-2027
[00:34:17] - Impact investing in real estate: what does it actually mean?
[00:37:05] - What would Vincent like to see change from real estate investors?
[00:39:23] - What one thing would Vincent want from government, business, or individuals to make the change we need?
[00:40:42] - The long view: disappointed by one-year changes, encouraged by 20-year progress
What you’ll learn
The Investor Lens on Real Estate Transformation
Why real estate is “relatively easy” to transform compared to oil & gas or cement
The challenge of fragmentation: thousands of managers vs. concentrated sectors
How real estate lags behind wind, solar, and automotive in transition speed
The Brown Discount Dilemma
Institutional capital’s flight from “brown” assets—and where those buildings end up
Why bigger green premiums and brown discounts are essential for market transformation
The moral tension: selling problematic assets doesn’t solve the planet’s problem
Rating Systems Under Scrutiny
GRESB’s critical role in driving industry focus—and its fundamental limitations
Why five-star ratings don’t indicate climate performance
The “beast has grown”: how sustainability metrics became overwhelming and unfocused
What needs to change to differentiate true leaders from laggards
Regulation as Market Maker
Why Europe’s Energy Performance of Buildings Directive (EPBD) may be more effective than SFDR
The difference between top-down capital allocation and bottom-up building standards
The Reality Check on Impact Investing
The gap between board-level sustainability commitments and fund manager incentives
Why most investors won’t prioritize impact if returns diverge
Dutch pension funds as outliers: participants willing to accept modest return trade-off
Universal ownership theory: climate action as financial risk management
What Investors Actually Want
Physical climate risk rising rapidly up the agenda
Transition risk differences between US and Europe
Single vs. double materiality: European willingness to invest beyond immediate ROI
The importance of dedicated real estate expertise at pension fund board level
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