Altera has completed a climate audit of its residential and retail property portfolios in collaboration with BlueLabel. This exercise was prompted by the increasing risk of damage and disruption as a result of more extreme weather conditions.
The results have been clustered, translated into objectives and – working with local authorities and water boards – incorporated into both Altera’s investment plan and its environmental, social and governance (ESG) plan.
“Climate change is having a major impact upon quality of life,” says Erwin Wessels, Chief Investment Officer at Altera. “Disruption caused by excessive rainfall is affecting more and more real estate worldwide, and hence also owners and tenants. At the same time, periods of higher temperatures and drought can adversely influence living and shopping conditions and so mar tenant satisfaction. BlueLabel has therefore mapped out the climate risks to our portfolios, thus improving our information position. To push ahead with climate adaptation, we are now seeking co-operation with key stakeholders.”
“A climate label, A-E, has been determined for each property,” explains Mees Rijs of BlueLabel. “Label A indicates that a building is relatively resilient to climatic influences, whilst E means that it is very vulnerable. Specifically, the labels provide an insight into the risks from flooding due to heavy rainfall or dyke breaches, heat stress in the immediate vicinity of the building and aridification of the subsoil.”
A joint venture by insurer Achmea, engineering firm Royal HaskoningDHV and water consultancy Nelen & Schuurmans, BlueLabel is an initiative to make climate resilience tangible and measurable by developing climate labels. For more information, visit www.bluelabel.net.