Open course ware

[SQUEAKING] [RUSTLING] [CLICKING] JUAN PALACIOS: So last week, before Kevin, one of the things that we did was going through the whole four-quadrant model to understand how each space, each quadrant in-- any impact in each quadrant will have an implication for the whole market equilibrium and will affect the different parts of the real estate market. Now that is one purpose of the four quadrant model. But still, there is a big question of what is actually the first trigger of climate change on the real estate industry. It's very different if the tenant is the one-- the tenants are the ones that are triggering the first response to climate change or is actually the investors and the owners and the financiers that are the ones that are triggering it. Because the responses from policymakers and the owners and the real estate investors are very different whether you want to actually compensate tenants or you want to reduce risk associated to an asset. Also, when it comes ...

[SQUEAKING] [RUSTLING] [CLICKING] JUAN PALACIOS: I hope that without the coffee, you can still stay awake for the next 90 minutes. Especially the first 45 is going to be mine, and I'm going to take it very personally if you fall asleep. So please don't do it. So in the first part of the course, we've been talking a lot about mitigation. Basically, how do we make investments in the built environment, and how do we understand the business case of reducing emissions to reduce the chances of suffering, climate change, climate disasters, and so forth? That's been the whole first part of the block, brainwashing you into, emissions are bad. Don't do it. It's actually profitable if you do it in a proper way. So please take action. That's the first part. Now we're going to have three sessions into the consequences of climate change. So once we put a lot of these emissions in the atmosphere, we increase the likelihood of a lot of bad stuff to happen....