Reflections from COP29 in Baku

COP29 was primarily a finance meeting. A new framework for climate finance from wealthy to developing countries was agreed, but many observers say the level is too low to keep the goals of the Paris Agreement within reach.

For the European real estate sector, the indirect effects are most relevant. Increased pressure on national climate plans will likely influence the pace of the EU Buildings Directive, the introduction of carbon limits for construction materials, and taxonomy criteria. Norwegian owners of commercial buildings in Europe should follow developments closely, particularly regarding requirements for the pace of renovation and for documentation of energy performance.