Episode 5: For buildings, transformational EU energy law was already unstoppable – War is the accelerant

EV interviews Krzysztof Grzesik The scale of the damage and the nature and challenges of any attempt at assessing it   The European Valuation Standards Board’s challenge: a methodology for assessing the loss of value to individually damaged properties and businesses in support of compensation claims in Ukrainian and international courts   Problem areas Date of valuation Where to draw the line in any compensation claims Articulating war damage assessment with assessing the cost of “Building Back Better” to the European Green Deal’s building energy performance standards

EV interviews Rolph Limpens The EU regulatory background The evolution of the Dutch legislator’s approach to desktop valuation Desktop valuation without inspection and with AVMs Are Dutch valuers equipped to understand all the AVM’s  inputs and assumptions as mandated by the European Banking Authority’s Guidelines? Certifying the reliability of the AVM The need for EVS guidance for valuers working with AVMs

The Ireland of the past: Red Book and nothing else The financial and property crisis proved to be the catalyst for the introduction of European Valuation Standards How IPAV supported by TEGOVA persuaded the Central Bank of Ireland to take up EVS  The hard slog of getting valuation-commissioning government departments and banks to rewrite their procedures and template valuation reports to accommodate EVS

From national to European sovereignty TEGOVA’s vision of European sovereignty: standards by and for Europeans, in lock-step with EU law For the REV and TRV qualifications: TEGOVA provides the procedural framework and inspects the Awarding Member Associations, but the rest falls to the members The importance of EU imprimatur: Respect for TEGOVA’s qualifications flows from respect for EVS.

Comes in the context of proposals to again raise the EU targets for share of renewables and for reduction of energy consumption Very tight deadlines for installation Types of buildings covered and exempted Comes with further EU legislation limiting the length of permitting procedures for rooftop solar installations The catalyst was war and the need to immediately compensate permanent loss of Russian energy supplies Owners to foot the bill

Massive, step-change renovation of the worst-performing building stock in time to meet the 2030 55% GHG emission reduction requirement. An across-the-board renovation obligation for the 15% worst-performing building stock, all building types included. The revolution:  absolute renovation deadlines, regardless of the building renovation cycle. The litmus test: “The exemplary role of public bodies’ buildings” ...

The emergence of new technologies for financial sector valuations is catalysing a transformation of valuers’ practice and skills The future is neither valuer ‘business as usual’, nor stand-alone AVMs The key is training: To enable valuers to expand into new, more complex fields To learn how to work with AVMs