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This paper investigates the impact of CO2 vs CO2 “equivalents” (CO2e) by analyzing fugitive emissions, with a particular focus on Fluorinated gases (F-gases), arising from refrigerant leakages in buildings. F-gases are an especially powerful set of GHGs with a global warming potential hundreds to thousands of times greater than that of CO2.

The significant impact of CO2e is tested by means of an empirical study with current consumption data from German food retail warehouses. This evaluation involves the analysis of the Carbon Risk Real Estate Monitor's country- and property-type specific pathway, coupled with a paired samples t-test to examine the hypotheses. The assessment is undertaken by evaluating the type of gas and the amount of leakage reported in the baseline year, subsequently converting these values to CO2e units.

On average, F-gases account for 40% of total building emissions and nearly 45% of cumulative emissions until 2050. In light of ongoing climate change and the rising number of Cooling Degree Days (CDDs), it becomes imperative to assess both the environmental and economic impact of F-gases and to transition toward environmentally friendly refrigerants.

The analysis sheds light on the seldom-addressed threats posed by CO2e emissions stemming from refrigerant losses. By identifying these threats, investors can devise strategies to mitigate potential future costs and carbon risks.