Takeaways from COP29 in Baku

COP29 was, in essence, a financing summit. Parties agreed a new framework for climate finance from rich to developing countries, but many observers view the level as too low to keep the Paris Agreement targets within reach.

For European real estate, the indirect effects matter most. Stronger pressure on national climate plans will likely shape 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 track developments closely, particularly regarding requirements for renovation rates and documentation of energy performance.