In 2021, we constituted an Ireland Committee with domestic and international banks, non-bank lenders, real estate investors and advisory businesses participating. Two initial areas of focus are ESG and dialogue with the Central Bank of Ireland. We intend to maintain a collaborative relationship with Irish Institutional Property as we develop this presence in the Irish market.
Also in 2021, in the context of our wider interest in the climate-related component of ESG and mindful of the need for CRE lenders to be informed about (and perhaps have some influence regarding) the development of science-based approaches to assessing carbon and energy performance of buildings and portfolios and indicators for risk management, reporting and disclosure, we were delighted to join the Global Scientific & Investor Committee (GSIC) of CRREM. The Climate Risk Real Estate Monitor (CRREM) is a project seeking to develop a tool that allows investors and property owners to assess the exposition of their assets to stranding risks based on energy and emission data and the analysis of regulatory requirements. As it gains ground among sophisticated real estate investors and aligns with other important initiatives ranging from TCFD and PCAF to GRESB, we hope to ensure that our community of European CRE lenders can make constructive use of a seat at this table.
Please contact Peter Cosmetatos if you would like to know more about either of these international initiatives.