När kapital möter klimat
(2026) VFTM01 20261Real Estate Science
- Abstract (Swedish)
- Klimatförändringarna påverkar i allt större utsträckning både samhällen och fastighetsmarknaden. Även i Sverige väntas högre temperaturer och ökad nederbörd leda till större risk för klimatrelaterade skador på fastigheter och infrastruktur. Ett tydligt exempel är översvämningarna i Gävle 2021, som orsakade omfattande ekonomiska konsekvenser för fastighetsägare och försäkringsbolag.
Fysiska klimatrisker har därför blivit en viktig fråga för flera aktörer på fastighetsmarknaden, särskilt banker och försäkringsbolag. Klimatriskerna kan påverka fastigheters värde, försäkringsbarhet och framtida lönsamhet, vilket även får betydelse för kreditgivning och finansiell stabilitet. Samtidigt har myndigheter och tillsynsorgan tydliggjort att... (More) - Klimatförändringarna påverkar i allt större utsträckning både samhällen och fastighetsmarknaden. Även i Sverige väntas högre temperaturer och ökad nederbörd leda till större risk för klimatrelaterade skador på fastigheter och infrastruktur. Ett tydligt exempel är översvämningarna i Gävle 2021, som orsakade omfattande ekonomiska konsekvenser för fastighetsägare och försäkringsbolag.
Fysiska klimatrisker har därför blivit en viktig fråga för flera aktörer på fastighetsmarknaden, särskilt banker och försäkringsbolag. Klimatriskerna kan påverka fastigheters värde, försäkringsbarhet och framtida lönsamhet, vilket även får betydelse för kreditgivning och finansiell stabilitet. Samtidigt har myndigheter och tillsynsorgan tydliggjort att banker i större utsträckning behöver integrera klimatrelaterade risker i sina kreditbedömningar och riskhanteringsprocesser.
Trots att forskningen kring klimatrisker och fastighetsmarknaden har ökat är kunskapen om svenska förhållanden fortfarande begränsad. Tidigare studier visar emellertid att klimatrisker förväntas få en allt större påverkan på fastighetsfinansiering och bankernas framtida arbete.
Syftet med studien är att undersöka hur banker verksamma i Sverige hanterar fysiska klimatrisker vid kreditgivning av kommersiella fastigheter.
För att skapa en djupare förståelse för hur banker verksamma i Sverige hanterar fysiska klimatrisker har en kvalitativ metod med semistrukturerade intervjuer använts. Studien bygger på intervjuer med representanter från sju banker och ett försäkringsbolag. Arbetet inleds med en teoretisk genomgång av relevant forskning och fakta inom området. För att analysera resultaten och besvara studiens frågeställningar kopplas teorin samman med den primärdata som samlats in genom intervjuerna, vilket ligger till grund för studiens slutsatser.
Studien visar att banker verksamma i Sverige i allt större utsträckning har integrerat fysiska klimatrisker i sina kreditbedömningar för kommersiella fastigheter. Samtidigt varierar metoderna och verktygen betydligt mellan bankerna, och någon gemensam standard för hur riskerna ska analyseras saknas. Majoriteten av bankerna hanterar fysiska klimatrisker som en del av den ordinarie kreditrisken, medan endast ett fåtal använder mer avancerade och systematiserade arbetssätt.
Studien visar även att vissa banker ser klimatrisker som en naturlig del av fastighetsvärderingen, då riskerna kan påverka drift- och underhållskostnader. Försäkringslösningar används också som ett sätt att hantera och överföra risk, även om försäkringarnas omfattning och begränsningar varierar. Sammanfattningsvis framgår att fysiska klimatrisker idag främst påverkar kreditgivningen indirekt genom den övergripande kreditriskbedömningen, snarare än genom tydliga förändringar i prissättning och lånevillkor.
Studien visar att ansvarsfördelningen för fysiska klimatrisker bör vara uppdelad mellan stat, kommun och fastighetsägare och utgå från respektive aktörs faktiska möjligheter att påverka risk och skadeutfall. Fysiska klimatrisker kan inte betraktas som helt rena risker och kan i viss utsträckning reduceras genom förebyggande åtgärder. (Less) - Abstract
- Climate change is increasingly affecting both societies and the real estate market. In Sweden as well, higher temperatures and increased precipitation are expected to lead to a greater risk of climate-related damage to properties and infrastructure. A clear example is the floods in Gävle in 2021, which caused extensive financial consequences for property owners and insurance companies.
Physical climate risks have therefore become an important issue for several actors in the real estate market, particularly banks and insurance companies. Climate risks may affect property values, insurability, and future profitability, which in turn has implications for lending and financial stability. At the same time, authorities and supervisory bodies... (More) - Climate change is increasingly affecting both societies and the real estate market. In Sweden as well, higher temperatures and increased precipitation are expected to lead to a greater risk of climate-related damage to properties and infrastructure. A clear example is the floods in Gävle in 2021, which caused extensive financial consequences for property owners and insurance companies.
Physical climate risks have therefore become an important issue for several actors in the real estate market, particularly banks and insurance companies. Climate risks may affect property values, insurability, and future profitability, which in turn has implications for lending and financial stability. At the same time, authorities and supervisory bodies have clarified that banks increasingly need to integrate climate-related risks into their credit assessments and risk management processes.
Although research on climate risks and the real estate market has increased, knowledge regarding Swedish conditions remains limited. Previous studies nevertheless show that climate risks are expected to have an increasingly significant impact on real estate financing and the future work of banks.
The purpose of the study is to examine how banks operating in Sweden manage physical climate risks in the context of lending for commercial real estate.
To gain a deeper understanding of how banks operating in Sweden manage physical climate risks, a qualitative method using semi-structured interviews has been applied. The study is based on interviews with representatives from seven banks and one insurance company. The study begins with a theoretical review of relevant research and facts within the field. To analyse the results and answer the research questions, the theoretical framework is connected with the primary data collected through the interviews, which forms the basis for the study’s conclusions.
The study shows that banks operating in Sweden have increasingly integrated physical climate risks into their credit assessments for commercial real estate. At the same time, the methods and tools used vary significantly between banks, and there is no common standard for how these risks should be analysed. The majority of banks manage physical climate risks as part of ordinary credit risk, while only a few use more advanced and systematic approaches.
The study also shows that some banks consider climate risks to be a natural part of property valuation, as these risks may affect operating and maintenance costs.Insurance solutions are also used as a way to manage and transfer risk, although the scope and limitations of insurance coverage vary. In summary, the findings indicate that physical climate risks currently influence lending primarily indirectly through the overall credit risk assessment, rather than through explicit changes in pricing and loan terms.
The study shows that the allocation of responsibility for physical climate risks should be differentiated between the state, municipalities, and property owners, and based on each actor’s actual ability to influence risk and damage outcomes. Physical climate risks cannot be regarded as purely pure risks and can to some extent be reduced through preventive measures. (Less)
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/student-papers/record/9236512
- author
- Beldja Bengtsson, Selma LU and Sjöstrand, Johanna LU
- supervisor
-
- Åsa Hansson LU
- organization
- alternative title
- When Capital Meets Climate
- course
- VFTM01 20261
- year
- 2026
- type
- H2 - Master's Degree (Two Years)
- subject
- keywords
- Physical climate risk, credit granting, commercial real estate, risk management
- other publication id
- ISRN LUTVDG/TVLM 26/5602SE
- language
- Swedish
- id
- 9236512
- date added to LUP
- 2026-06-15 11:26:59
- date last changed
- 2026-06-15 11:26:59
@misc{9236512,
abstract = {{Climate change is increasingly affecting both societies and the real estate market. In Sweden as well, higher temperatures and increased precipitation are expected to lead to a greater risk of climate-related damage to properties and infrastructure. A clear example is the floods in Gävle in 2021, which caused extensive financial consequences for property owners and insurance companies.
Physical climate risks have therefore become an important issue for several actors in the real estate market, particularly banks and insurance companies. Climate risks may affect property values, insurability, and future profitability, which in turn has implications for lending and financial stability. At the same time, authorities and supervisory bodies have clarified that banks increasingly need to integrate climate-related risks into their credit assessments and risk management processes.
Although research on climate risks and the real estate market has increased, knowledge regarding Swedish conditions remains limited. Previous studies nevertheless show that climate risks are expected to have an increasingly significant impact on real estate financing and the future work of banks.
The purpose of the study is to examine how banks operating in Sweden manage physical climate risks in the context of lending for commercial real estate.
To gain a deeper understanding of how banks operating in Sweden manage physical climate risks, a qualitative method using semi-structured interviews has been applied. The study is based on interviews with representatives from seven banks and one insurance company. The study begins with a theoretical review of relevant research and facts within the field. To analyse the results and answer the research questions, the theoretical framework is connected with the primary data collected through the interviews, which forms the basis for the study’s conclusions.
The study shows that banks operating in Sweden have increasingly integrated physical climate risks into their credit assessments for commercial real estate. At the same time, the methods and tools used vary significantly between banks, and there is no common standard for how these risks should be analysed. The majority of banks manage physical climate risks as part of ordinary credit risk, while only a few use more advanced and systematic approaches.
The study also shows that some banks consider climate risks to be a natural part of property valuation, as these risks may affect operating and maintenance costs.Insurance solutions are also used as a way to manage and transfer risk, although the scope and limitations of insurance coverage vary. In summary, the findings indicate that physical climate risks currently influence lending primarily indirectly through the overall credit risk assessment, rather than through explicit changes in pricing and loan terms.
The study shows that the allocation of responsibility for physical climate risks should be differentiated between the state, municipalities, and property owners, and based on each actor’s actual ability to influence risk and damage outcomes. Physical climate risks cannot be regarded as purely pure risks and can to some extent be reduced through preventive measures.}},
author = {{Beldja Bengtsson, Selma and Sjöstrand, Johanna}},
language = {{swe}},
note = {{Student Paper}},
title = {{När kapital möter klimat}},
year = {{2026}},
}