About GREEN

About GREEN

GREEN is a network of both direct and indirect institutional investors in real estate focused on financially material climate risks and opportunities. In recognition of real estate’s exposure to climate risks and the financial consequences faced by the sector, the network was founded to improve climate risk management and lift systemic barriers that prevent the industry to speed up decarbonization. GREEN operates through three dedicated workstreams, each aligned with the priorities outlined above:

Engagement workstreams

Two of the workstreams focus on engagements by indirect investors (as shareholders) with real estate companies/funds on climate risk management. Engagements of members of these workstreams are based on a shared investor statement outlining four actions on climate change and sustainability for real estate funds and companies.

• Engagement with Listed Real Estate Companies: This workstream focuses on indirect investors (as shareholders) engaging with publicly listed real estate companies on climate risk management.
• Engagement with Non-Listed Real Estate Funds: This workstream focuses on indirect investors (as shareholders) engaging with non-listed real estate funds on climate risk management.

Read more about GREEN’s listed & non listed workstream.

Systemic Workstream

The third workstream is the systemic workstream and is open for direct as well as indirect investors. This workstream aims to lift systemic barriers that prevent the real estate industry from speeding up decarbonization. The first phase was finalized in the summer of 2024 which resulted in a whitepaper that discusses energy and carbon performance transparency of major certifications and industry benchmarks. The second phase, which officially launched in April 2025, is focused on increasing carbon and energy performance transparency within the market. Members of the systemic workstream endorse the North Star principles to unlock the low carbon real estate market.

Read more about GREEN’s systemic workstream.

The story of GREEN

It all started with the academics Professor Piet Eichholtz from Maastricht University and professor Kees Koedijk from Utrecht University, who recognised that real estate is presently one of the most polluting industries, and even though engagement has a positive impact on business performance, very little engagement is taking place in the sector on this topic.

Piet Eichholtz and Kees Koedijk are also founders of Finance Ideas, a company which focuses on societal capital, and together with Finance Ideas they initially set up GREEN, and developed it to its current form.

“Research shows that real estate presently is one of the most polluting industries worldwide, responsible for 30%-40% of total emissons. Coupled with physical risks, such as floods, fires, and other natural hazards, investors in real estate run significant unmanaged and unrewarded financial risks and contribute to negative impact.” -Piet Eichholtz-

GREEN was formally launched in September 2021 backed by seven smaller to medium sized Dutch pension funds. Funding from the Laudes foundation has ensured that the network quickly grew with some of the largest global investors joining by the beginning of 2022.

Joining forces with LOTUF and the launch of the systemic workstream

Through ongoing engagement, GREEN members identified systemic barriers that are slowing down decarbonization in the real estate sector. A key issue is the lack of clear and consistent climate risk metrics. This shared concern led to conversations between GREEN and Leaders of the Urban Future (LOTUF), an initiative focused on accelerating decarbonization by supporting and connecting efforts across the sector. LOTUF examined what is needed to align the real estate market with a 1.5°C future and found a clear gap: too little transparency on carbon and energy performance, and a mismatch between climate science and what green certifications actually measure.

In 2025, GREEN and LOTUF joined forces. LOTUF’s work now continues within GREEN through a newly established systemic workstream. This workstream is fully focused on lifting the systemic barriers that slow down decarbonization in real estate. Its first priority is to improve transparency and consistency in financially material climate-risk metrics.