Physical Climate Risk in the Built Environment: An Institutional Investor View
通过访谈和调查，研究了机构房地产投资者如何将物理气候风险纳入承保、估值和投资组合管理，发现不同气候风险分析提供商的结果差异大，且存在监管不确定性和内部专业不足等障碍。
This article investigates how institutional real estate investors incorporate physical climate risk into decision-making. Developed through two rounds of semi-structured interviews with investment professionals and a related survey, the article analyzes how climate risk analytics are applied in underwriting, valuation, and portfolio management. Investors report climate-related strategies including resilience-focused capital expenditures and adjustments to capitalization rates. Findings reveal wide variation in outputs from different climate risk analytics providers, driven by varied modeling methodologies, input data, and time horizons. These inconsistencies, along with regulatory uncertainty and limited internal expertise, create barriers to consistent application. Still, many firms are beginning to treat physical climate risk as a material consideration alongside traditional financial metrics. This article expands on prior research by offering a detailed view into the operational realities of integrating climate data into investment decision-making. It concludes with implications for risk management, valuation practices, and reflects on actions that might improve data transparency and consistency in the real estate investment sector.