Insurance companies, financial institutions and other stakeholders are facing a challenge how to quantify ESG risk in relation to real estate and (residential) mortgages from both an investment and an insurance perspective. This research project aims to better understand the ESG performance of real estate and mortgages by examining the impact of climate change related to flood risk/weather events/soil subsidence (physical climate risk); the impact of climate related to transition risk (e.g., energy production), such as its impact on wealth inequality; and the spatial heterogeneity in mortgage lending, on real estate value.