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INREV welcomes the European Commission’s review of the EU Taxonomy Climate and Environmental Delegated Acts and calls for clearer definitions, streamlined DNSH criteria, full recognition of deep renovations and regulatory harmonisation and interoperability to ensure a usable, proportionate and effective framework for the non-listed real estate investment sector.

Heike Schmitz, Partner from Herbert Smith Freehills Kramer, presented the European Commission’s proposed revisions to the Sustainable Finance Disclosure Regulation (SFDR) and outlined the key changes. She was joined by Aleksandra Njagulj, Managing Director, Global Head of ESG in Real Estate at DWS Group, and Anisha Galli, Consultatnt at Linklaters, to assess the potential implications for non-listed real estate funds. 

INREV called for a balanced SGEI framework that grants State aid only where genuine market failure exists and ensures equal access for public and private providers while maintaining fair competition on the market.

• Regulatory Technical Standards (RTS) on open-ended Loan Originating Funds under AIFMD II deemed “non-essential”
• Interpretation and alignment issues under the ELTIF Regulation
• Luxembourg AIFMD II implementation bill closely follows the EU directive

INREV responded to the European Commission’s consultation on the European Affordable Housing Plan, advocating for a framework that mobilises institutional capital through clear, neutral, and proportionate rules designed to expand housing supply without distorting competition.

Download the Position Paper on the European Commission Revision of State Aid Rules for Services of General Economic Interest – Housing. INREV supports the initiative emphasising the importance of ensuring that support measures do not distort market competition and that any benefits are equally accessible to all market participants.

Download the INREV’s Position Paper on the UK Transition Planning Consultation