C Change 2025 Impact Report
Mobilising European Real Estate to Decarbonise
ULI’s flagship European programme, C Change mobilises the real estate industry to decarbonise by tackling structural barriers, convening leaders, co-creating practical tools, and scaling solutions that turn ambition into measurable action.
In 2025, the programme made progress across five priority intervention areas: assessing transition risk in valuations, advancing carbon pricing adoption, aligning owners and occupiers, coordinating the investment voice, and delivering neighbourhood-scale solutions
Key highlights include:
- Developing the Preserve tool: 17 leading asset owners and investment managers piloted Preserve - an open-source tool that embeds transition risk into discounted cash flow models - supported by more than 200 professionals engaged through workshops and testing sessions.
- Advancing owner-occupier collaboration: Five workshops convened 50+ property owners, occupiers and managers to address decarbonisation barriers in occupied buildings, and an Asset Sustainability Committees Best Practice Guide was developed with input from 12 organisations.
- Sharing knowledge at scale: 20 interactive workshops were delivered across the programme, covering transition risk, Preserve development, physical climate risk, owner–occupier alignment and investment coordination. Four transition risk case studies were published, showcasing how leading investors are applying the Transition Risk Assessment Guidelines across live assets and portfolios.
- Convening the industry: The fourth C Change Summit welcomed 274 registrations, the largest to date and a 72% increase since 2022, alongside seven interactive co-creation workshops and keynote contributions from senior voices across policy, finance and real estate.
Explore the full 2025 Impact Report to see how C Change is helping the European real estate industry move from commitment to credible, measurable progress.
Report Summary: ULI’s flagship European programme, C Change mobilises the real estate industry to decarbonise by tackling structural barriers, convening leaders, co-creating practical tools, and scaling solutions that turn ambition into measurable action.
In 2025, the programme made progress across five priority intervention areas: assessing transition risk in valuations, advancing carbon pricing adoption, aligning owners and occupiers, coordinating the investment voice, and delivering neighbourhood-scale solutions
Key highlights include:
- Developing the Preserve tool: 17 leading asset owners and investment managers piloted Preserve - an open-source tool that embeds transition risk into discounted cash flow models - supported by more than 200 professionals engaged through workshops and testing sessions.
- Advancing owner-occupier collaboration: Five workshops convened 50+ property owners, occupiers and managers to address decarbonisation barriers in occupied buildings, and an Asset Sustainability Committees Best Practice Guide was developed with input from 12 organisations.
- Sharing knowledge at scale: 20 interactive workshops were delivered across the programme, covering transition risk, Preserve development, physical climate risk, owner–occupier alignment and investment coordination. Four transition risk case studies were published, showcasing how leading investors are applying the Transition Risk Assessment Guidelines across live assets and portfolios.
- Convening the industry: The fourth C Change Summit welcomed 274 registrations, the largest to date and a 72% increase since 2022, alongside seven interactive co-creation workshops and keynote contributions from senior voices across policy, finance and real estate.
Explore the full 2025 Impact Report to see how C Change is helping the European real estate industry move from commitment to credible, measurable progress.