The document discusses how climate change poses risks and opportunities for the commercial real estate market in Canada. It notes that commercial buildings are a major source of greenhouse gas emissions. While significant potential exists to improve energy efficiency and reduce emissions from buildings, adoption of energy efficiency measures has been slow. The document outlines emerging climate change regulations in North America that could affect the commercial real estate sector. It also discusses risks related to regulatory non-compliance, reputation, and financial impacts that owners and operators should manage.