2022 Fall Issue - 112

ability markets, such as Climate Vault
and Flowcarbon, which are developing
the carbon credits market from both the
standardization and technology side.
Of note, prices of carbon credits
are expected to rise 10 to 100 times by
2050; such market endorsement could
represent substantial future revenues for
TOD, according to the 2021 report Future
Demand, Supply, and Prices for Voluntary
Carbon Credits from Trove Research and
University College London and the 2021
report A Blueprint for Scaling Voluntary
Carbon Markets to Meet the Climate Challenge
by Christopher Blaufelder, McKinsey
& Company.
6. ESG finance and asset liabilities refer
to the rapprochement of asset and financial
standards. Consolidation of asset
standards such as the Building Research
Establishment Environmental Assessment
Methodology (BREEAM) and LEED
will contribute to a closer link with homolog
financial standards such as that of
the Climate Bonds Initiative. For example,
the borrower's capital cost of green loans
could be directly linked to the GRESB
certification score of the development's
hard infrastructure assets; the higher the
score, the lower the capital cost. This
reckoning could be automated by simplifying
financial and assets standards, followed
by the close coordination of future
ESG markets.
A flexing point toward urban development
paradigms can now be seen.
Today's real estate and road transportation
sectors contribute almost 55
percent of greenhouse gas emissions.
Sustainable projects for the urban fabric
are needed more than ever. This helps
explain why transit-oriented development
is on the agenda of cities for its social,
economic, and environmental benefits.
However, the complexity of its governance
structures, high capital investment,
challenging revenue structures,
and the long-term nature of its financial
returns create difficulties in attracting
private investors. ESG financial tools
could improve TOD's financial viability by
smartly combining assets, policies, financial
vehicles, and legal disclosures with
ESG policies and markets.
These components are reflected in
four simplified structures: financing,
funding, de-risking, and policies. Finally,
a path of six strategic key points can
foster and consolidate the use of green
tools. This could secure private investors'
interests in such an urban and transportation
project that encourages transit,
active mobility, environmental health,
and mixed-use cities. UL
This article is based on a full research
report, by the same authors, to be
released by the MIT Center for Real Estate
(CRE). The research was supported by
CRE's Wang Award.
FÁBIO DUARTE is a principal research scientist
at MIT Senseable City Lab and a lecturer in DUSP.
JUAN HUICOCHEA MASON is a Wang
Fellow researcher in real estate technology and
sustainability development at MIT.
112
URBAN LAND
FALL 2022

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