This report was prepared by the OECD Centre for Entrepreneurship, SMEs, Regions and Cities (CFE) led by Lamia Kamal-Chaoui, Director, as part of the of the Programme of Work and Budget of the OECD Regional Development Policy Committee (RDPC), with the financial support and co-operation of the French Ministry for Ecological Transition. The OECD is grateful to Yves-Laurent Sapoval and Régis Meyer from the Ministry of Ecological Transition of France for their excellent collaboration and support throughout the policy dialogue.
The report and the underlying policy dialogue were co‑ordinated by Ji Soo Yoon, Policy Analyst, under the supervision of Aziza Akhmouch, Head of the Cities, Urban Policies and Sustainable Development (CITY) Division in the CFE. The report was drafted by Ji Soo Yoon, Robin Tivy and Gunes Ozcoban in the CFE. The report also benefited from valuable insights and support from Emily Hunter, Laurence Côté-Roy, Eleanor West and Nastja Prusnik in the CFE. Strategic advice and guidance from Nadim Ahmad, Karen Maguire, Soo-Jin Kim and Takahiro Yamada in the CFE helped shape the report throughout the drafting process. Sincere appreciation is extended to Timothy Bishop and Leigh Wolfrom in the OECD Financial Affairs Directorate (DAF) whose insightful comments were instrumental in shaping the analysis. Additional thanks go to Caio De Oliveira (DAF) for his valuable feedback.
The authors would like to thank the stakeholders who provided written feedback on the report: Antoine Bateman (Sustainability Director, Ardian), Kéann Butscher (Sustainability and Real Assets Associate, Ardian), Alexandra Faciu (Real Estate Investment Management Advisor, Alexandra Capital), Pedro Guerter (Senior Associate, E3G), Ryuichi Horie (CEO, CSR Design Green Investment Advisory, Co., Ltd.), Sonny Masero (Managing Director, HINES), Pierre-Antoine Nougue (Lead Consultant, AXA Climate), Aleksandra Smith-Kozlowska (Director, ULI Europe), Julia Wein (Chief Operating Officer, CCREM) and Kai Karolin Wunsch (Senior Manager Strategic Product Development & Alliances, Munich Re Risk Management Partners).
The members of the OECD Future-proof Real Estate Investment Task Force have been invaluable to the advancement of this work. The report builds on the insights gained during the project kick-off meeting, three Task Force meetings on Future-proof real estate investment, and the 4th OECD Sustainable Buildings Roundtable held on 9‑10 October 2025. Participants in these events included: Camille Angue (Deputy Director, EDHEC), Clémence Arto (Director, Government Affairs and Public Policy, EMEA, Autodesk), Antoine Bateman (Sustainability Director, Ardian), Arnaud Berger (Partner, Energiga), Sam Carson (Senior Director, CBRE), Helena Cawley (General Counsel, First Street), Anne Chataigne (Senior Programme Manager Adaptation & Resilience, IIGCC), Jin Suk Choi (Head of Sustainable Investment Team, Korea Investment Corporation), Robert Dijksterhuis (Envoy Sustainable Construction, Ministry of Interior and Kingdom Relations The Netherlands), Gina Ding (Head of Public Affairs, Europe, RICS), Zoe Duvall (Principle Consultant, Mott MacDonald), Kenza El Araki (Head of ESG, ATREAM), Rémy Estran (CEO, Scientific Climate Ratings, EDHEC), Pierre Evrard (Associate Director, Synergiec), Alexandra Faciu (Real Estate Investment Management Advisor, Alexandra Capital), Laura Frances (Senior Planner, One Architecture and Urbanism), Hugh Garnett (Senior Specialist Real Assets, IIGCC), Pedro Guertler (Senior Associate, E3G), Ryuichi Horie (Co-founder and CEO, CSR Design Green Investment Advisory, Co., Ltd.), Roland Huniziker (Director, Built Environment at WBCSD), Ryan Jude (Built Environment Programme Director, GFI), Nathanael Koehler (Sustainability Projects Advisor, One Planet Sovereign Wealth Fund Network), Nikolay Kolev (Director, Equans), Kalliopi Kouroupaki (Legal Advisor of the General Secretary, Hellenic Ministry of Environment & Energy), Jooyoung Lee (Director, Seoul Metropolitan Government), Sacha Lehmann (AI, Climate Risks & Biodiversity Lead, Deepki), Christine Lemaitre (CEO, German Sustainable Building Council), José Lopez (Co-Secretary, PEEB), Oliver Marchand (Global Head of Climate Research, MSCI), Sonny Masero (Managing Director, Hines), Marine Morelli (Investment Director, Real Estate, Ardian), Pierre-Antoine Nougue (Lead Consultant, AXA Climate), Makoto Okubo (GM, International affairs, Nippon Life Insurance Company), Kalliopi Papadaki (Consultant & Scientific Advisor of the General Secretariat of Spatial Planning & Urban Environment, Hellenic Ministry of Environment and Energy), Cyril Pecoraro (Data Scientist, MSCI), Chris Pyke (CIO, GRESB), Carlos Quintas (Project Manager, One Planet Sovereign Wealth Fund Network), Salvatore Serravalle (Program Lead, E3G), Aleksandra Smith-Kozlowska (Director, ULI Europe), Sébastien Soleille (Director of the Sustainable Finance Department, FBF), Joe Speicher (CSO, Autodesk), Hideki Takada (Director for Strategy Investment, Financial Services Agency Japan), Raphael Tessier (Senior Manager ESG Advisory for the Real Estate Sector, Deepki), Thomas Van Rompaey (Global Responsible Investment Manager, AXA IM), Julia Wein (COO, CCREM), Kai Karolin Wunsch (Senior Manager Strategic Product Development at Risk Management Partners, Munich Re), and Jurei Yada (Director and Head of EU Sustainable Finance, E3G).
The report was also guided by the OECD Future-proof Real Estate Investment Survey, which received responses from: Djoumo Amadou (Senior Engineering and Ecology Consultant, Wild Trees), Rindra Andrian (Project Manager, SEVAIA), Sorelle Assonna (Sustainable Real Estate Project Manager, Perial Asset Management), Antoine Bateman (Sustainability Director, Ardian), Juliette Berthon (Director of Strategy, Sogaris), Emmanuelle Ernst Bourdarios (National Head of Business Project Management, La Poste Immobilier), Parag Cameron-Rastogi (Director of Real Asset Analytics, GRESB), Sam Carson (Head Of Sustainability, Valuations and Advisory Services, CBRE UK), Adrien Collet (Real Estate ESG Analyst, Swiss Life Asset Managers France), Stefano Corbella (Sustainability Officer, COIMA), Guillaume Dagan (Chief Impact Officer, Groupama Immobilier), Lionel Daras (Portfolio Manager, Velto Renewables), Anne-Laure Declaye (Director of CSR and Institutional Relations, Groupe Habitat en Région), Maxime Dumargne (Energy and Carbon Consultant, Wild Trees), Antoine Dusseux (CSR Manager, IMMO MOUSQUETAIRES), Zoe Duvall (Principle Consultant, Mott MacDonald), Kenza El Araki (ESG Director, ATREAM), Alexandra Faciu (Real Estate Investment Management Advisor, Alexandra Capital), Laura Georgelin (Climate Project Manager, Step one to Transition), Andres Guzman (Head of ESG, Europe, Tishman Speyer), Marion Hérisson (Assistant CSR and ESG Director, UXCO Group), Ryuichi Horie (CEO, CSR Design Green Investment Advisory, Co., Ltd.), Clément Jeannin (Group Director of Sustainability, Unibail-Rodamco-Westfield), Nikolay Kolev (Director, Equans), Sophie Labrousse (Director, Agence Locale de l'Energie et du Climat ouest Essonne), Jooyoung Lee (Director, Seoul Metropolitan Government), Marc Legrand (Renewable Energy Consultant, A4MT, Energy Innovation and Programs Manager, Emmaüs Habitat), Christine Lemaitre (CEO, DGNB - GSBC), Julie Lozeron (ESG Project Manager, Advenis REIM), Sonny Masero (Managing Director, Hines), Reinier Mijsberg (Head Valuation Team, ABN AMRO), Frédéric Motta (Director of the National Sustainable Hub, SOCOTEC), Alexis Murgat (Head of the Construction Control, DEKRA), Sabine Nevers (Director of Sustainable Development, Euryale), Pierre-Antoine Nougue (Lead Consultant, AXA Climate), Baptiste Péricard (Asset and Property Director, Nhood), Salma Raboudi (SOCOTEC), Paul Saraïs (Head of the Architecture, Quality of Use & Biodiversity Department, Union Sociale pour l'Habitat), Maria Scolan (Project Manager for Climate Change, Caisse des Dépôts), Katie Sheehan (Director, Sustainability, Breakthrough Properties), Julia Wein (COO, CRREM Foundation), Derk Welling (Senior Portfolio Manager Responsible Investments Real Estate, APG).
The report was submitted for comments to the OECD Working Party on Urban Policy (WPURB) on 3 October 2025, under cote [CFE/RDPC/URB(2025)/26]. The publication process was led by Jack Waters (CFE). The Policy Highlights of this report were pre-released at COP30 on 20 November 2025.