Low carbon in France: from climate ambition to asset value

The 2026 results mark a turning point. After setting commitments, investors now need to finance and deliver their low-carbon strategies, while showing how these investments contribute to asset value.

Environmental performance is improving: energy consumption across the tertiary portfolio fell by 26% between the 2010–2019 reference period and 2024, while emissions fell by 32%. Yet confidence in the pace of the transition is declining. Only 41.9% of investors believe the French real estate sector is ahead in its low-carbon transition, compared with 53.8% in 2025.

As Pierre Caro, CSR Director at Altarea and panelist during the barometer, noted, “ESG issues have lost some of their momentum.” Low carbon therefore remains a priority, but it is entering a more operational phase, increasingly focused on investment decisions.

A brief summary of the French results and panel discussion.

The French Barometer also brings climate adaptation more clearly into the investment equation. More than half of respondents are currently working on adaptation to extreme heat, while around a quarter plan to introduce measures in the future. None considers their portfolio fully adapted.

For asset owners, this means looking at both climate mitigation and adaptation. Mitigation aims to reduce energy consumption and CO₂ emissions. Adaptation focuses on making buildings more resilient to physical climate risks such as extreme heat, heavy rainfall and flooding. Both dimensions are relevant when assessing alignment with the EU Taxonomy.