Reflections from COP29 in Baku

COP29 largely became a financing meeting. A new framework for climate finance from rich to developing countries was agreed, but many observers consider the level too low to keep the Paris Agreement targets within reach.

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