Amsterdam has been named the most ‘climate-resilient’ city in Europe, according to the European City Sustainability Study 2024 from real estate advisor CBRE.
The Dutch capital topped the study, which evaluated some 42 cities on a number of factors, including transition risk, building performance standards, level of air pollution, flooding risk, and implementation of renewable energy.
According to CBRE, the study was developed to provide ‘real estate professionals and investors with insights to help understand different markets, the opportunities and challenges they face’.
In second place was UK city Birmingham, while Gothenburg, Helsinki and London rounded off the top five. Other cities to feature strongly included Manchester, Oslo, Paris, Rotterdam and Stockholm.
Climate readiness
“By improving the understanding of Europe’s key cities in terms of climate readiness, we hope to galvanise not only the property industry and investors, but also broader stakeholders, to take note of the need to prepare against the worst effects of climate change,” commented Jen Siebrits, head of UK research, CBRE.
“While many cities may regard themselves as being leaders, this survey holds some surprises and warns against complacency.”
Need for decarbonisation
The study emphasises the diverse climate risk faced by real estate across Europe, highlighting the need to decarbonise the built environment, responsible for 30% of global carbon emissions.
It assessed three main categories: Transition risk, related to shifts towards a lower-carbon future; Physical climate risk, determining vulnerability to climate change; and Mitigation and Adaptation Measures, evaluating cities’ capacity to implement environmental initiatives for climate change limitation.
“Under our analysis, markets that set more ambitious targets and introduce environmental regulation are more resilient to climate risks,” Siebrits continued. “Likewise, markets at threat from physical risks, which have invested in defence systems and adaptation early are more resilient.
“In terms of mitigating climate change, the generation of renewable electricity and use for building heating is one of the most significant steps a market can make. This provides lessons for markets hoping to become more resilient to climate risks where there remains a huge opportunity to make an impact.”
