Hållbar utveckling är ett omtalat ämne i dagens fastighetsbransch. Med flera färdplaner och globala mål som främjar en långsiktig hållbar utveckling har det framkommit system för hur man ska miljöanpassa byggnader. Miljöbyggnad och Svanenmärkning är två system som utvecklats i Sverige. För att följa ett hållbart strategiskt arbetet följer flera fastighetsbolag uppmaningen om ett netto noll utsläpp av växthusgaser 2045 i fastighetsbranschen. Detta föranleder ett ökat initiativ av att bygga hållbart och miljöanpassa redan befintliga byggnader.   Syftet med uppsatsen är att utföra en studie på hur de svenska miljöcertifieringssystemen, Miljöbyggnad och Svanen, förhåller sig till ett hållbarhetsarbete samt hur dessa certifikat värderas i fastighetsvärderingsprocessen. Studien kommer i förhållande till certifieringarna granska värderingsprocessen för att undersöka om certifikatet har ett ekonomiskt värde och analysera sambandet mellan miljöcertifiering och marknadsvärdet.  Resultatet av denna undersökning antyder att bostäder som är miljöcertifierade inte påvisar ett tydligt ekonomisk värde i relation till marknadsvärdet. Dock konstateras det att avgiften som erläggs på dessa bostadsrätter är betydligt lägre än de konventionella bostadsrätterna. Ett resultat av detta visar att miljö- och hållbarhets attributerna som existerar i dessa bostäder resulterar till en lägre avgift i jämförelse med de icke-miljöcertifierade bostadsrätterna. Småhusen påvisar ingen ökning av marknadsvärdet om en Svanenmärkning finns. Slutsatsen som tagits i detta arbete är att värderingen kring både bostadsrätter samt småhus vare sig dessa är miljöcertifierade eller ej ger en svår bedömning om det finns en tydligt korrelation mellan miljöcertifieringen och marknadsvärdet. / Sustainable development is an ongoing topic in today's real estate industry. With several roadmaps and global goals that promote a long-term sustainable development, systems for how to adapt buildings to the environment have emerged. Environmental Building and Nordic Swan Ecolabel are two systems developed in Sweden. In order to follow sustainable strategic work, several real estate companies follow the goal for a net zero emission of greenhouse gases by 2045 in the real estate industry. This leads to an increased initiative of sustainable development and adapting existing buildings to the environment. The purpose of the thesis is to carry out a study of how the Swedish environmental certification systems, Environmental Building and Nordic Swan Ecolabel, relate to sustainability work and how these certificates are valued in the property valuation process. In relation to the certifications, the study will investigate the valuation process to examine whether the certificate has an economic value and analyze the connection between environmental certification and market value. Results of this survey suggest that homes that are environmentally certified do not show a clear economic value in relation to the market value. However, it is noted that the fee paid on these condominiums is significantly lower than the conventional condominiums. A result of this shows that the environmental and sustainability attributes that exist in these homes result in a lower fee in comparison with the non-environmentally certified condominiums. The single-family homes do not show an increase in market value for houses with a Nordic Swan Ecolabel.  The conclusion drawn in this study is that the valuation of both a condominium and a single-family home, whether these homes are environmentally certified or not, is difficult to assess whether there is a clear correlation between the certification and the market value.

Com a crescente demanda do mercado de tintas por produtos mais sustentáveis, toda a cadeia produtiva tem se movimentado para oferecer soluções neste âmbito. Para contemplar o pilar ambiental da sustentabilidade, a redução de Compostos Orgânicos Voláteis (VOC), de alquilfenol etoxilados (APEO) e a substituição de matérias-primas de origem fóssil por vegetal nas formulações de tintas são algumas das práticas em expansão neste setor. No presente estudo, os perfis de impactos ambientais de duas tintas imobiliárias base água foram comparados aplicando-se a metodologia de Avaliação do Ciclo de Vida (ACV) (ABNT NBR ISO 14040 e 14044). Primeiramente, foram desenvolvidas duas fórmulas genéricas não comerciais de tinta standard (ABNT NBR 15079): \"Tinta A\" com matérias-primas de uso convencional e \"Tinta B\" com algumas matérias-primas alternativas, que hipoteticamente contribuiriam com um melhor desempenho ambiental do produto final. Em seguida, ambas fórmulas foram reproduzidas em laboratório, as amostras das tintas foram submetidas a testes de desempenho técnico e com os dados obtidos determinou-se os fluxos de referência para cumprir a unidade funcional definida por cobrir 36 m2 de parede de alvenaria interior por um período mínimo de 4 anos (ABN NBR 15575-1). A ACV tem quatro fases: objetivo e definição do escopo, análise de inventário, avaliação do impacto ambiental e interpretação. Com os objetivos e escopo do estudo definidos, foi realizada uma abrangente coleta de dados, majoritariamente secundários, para possibilitar a Análise de Inventário (ICV). Posteriormente, o ciclo de vida das tintas foi modelado e analisado no software SimaPro 8.2 e na fase de Avaliação de Impactos do Ciclo de Vida (AICV) foi selecionado o método ReCiPe Midpoint (H) v.1.12. Para as sete categorias de impacto analisadas, a \"Tinta B\" apresentou perfil de impactos ambientais reduzido em relação a \"Tinta A\": Mudanças Climáticas (-18,6%), Formação de Oxidantes Fotoquímicos (-19%), Toxicidade Humana (-17,7%), Ecotoxicidade (-30,5%), Depleção de Recursos Fósseis (18,8%), Depleção de Recursos Minerais (-21,4%) e Depleção de Recursos Hídricos (-18,7%). Os resultados do estudo, reforçam a importância da ACV como uma ferramenta eficaz para mensurar o desempenho ambiental de tintas. No entanto, a falta de disponibilidade de dados primários dos processos de toda a cadeia produtiva de tintas dificulta a execução de estudos e compromete a precisão dos resultados. Destaca-se ainda, que a perspectiva do ciclo de vida de produtos e processos foi incluída como requisito da nova versão da norma ISO 14001, que é do interesse de toda a cadeia de valor, portanto, vale considerar a aplicação da ACV na indústria de tintas. / The demand for sustainable products in the paint market has been steadily growing and is pushing the whole production chain to offer solutions following this scenario. The reduction of Volatile Organic Compounds (VOC), alkylphenol ethoxylates (APEO) and the substitution of raw materials of fossil origin by vegetable in the formulations of paints are some of the practices increasing among this sector to meet the environmental sustainability pillar. In the present study, the environmental impact profiles of two water-based architectural paints were compared applying the Life Cycle Assessment (LCA) methodology (ABNT NBR ISO 14040 and 14044). Firstly, two generic non-commercial formulas of standard paint (ABNT NBR 15079) were developed: \"Paint-A\" with conventional raw materials and \"Paint- B\" containing some alternative raw materials, which would hypothetically contribute to a better environmental performance of the final product. Then both formulas were reproduced in the laboratory and the samples of the paints were submitted to technical performance tests. With the data obtained, the reference flows were determined to fulfill the functional unit defined by covering 36 m2 of interior masonry wall by a minimum period of 4 years (ABN NBR 15575-1). The LCA has four phases: goal and scope definition, inventory analysis, environmental impact assessment and interpretation. After goal and scope definition, a comprehensive data collection was carried to enable the Inventory Analysis (LCI). Afterwards, the life cycle of the paints was modeled and analyzed in the SimaPro 8.2 software and in the Life Cycle Impact Assessment (LCIA) phase the ReCiPe Midpoint (H) v.1.12 method was selected. Within seven impact categories analyzed, \"Paint-B\" presented a reduced environmental impact profile compared to \"Paint-A\": Climate Change (-18.6%), Photochemical Oxidants Formation (-19%), Human Toxicity (-18.5%), Ecotoxicity (-30.5%), Fossil Resources Depletion (18.8%), Mineral Resources Depletion (-21.4%) and Water Resources Depletion (-18.7%). The results of the study strengthen the importance of LCA as an effective tool for measuring the environmental performance of paints. However, the lack of availability of primary process data throughout the paint production chain makes it difficult to carry out studies and compromises the accuracy of the results. It is also relevant to highlight that the product and process lifecycle perspective was included as a requirement of the new version of the ISO 14001 standard, which is a matter of concern to the entire value chain, so it is worth considering the application of LCA in the paints industry.

L’attenzione verso la sostenibilità ambientale da parte di istituzioni, società civile e imprese, ha condotto alla diffusione di molteplici strumenti utilizzati delle imprese per dimostrare il proprio impegno per ridurre l’impatto ambientale dei propri prodotti e processi. Tra questi spiccano le eco-label, certificazioni di qualità ambientale. Attraverso una ricerca esplorativa questa tesi intende chiarire i meccanismi che regolano la comunicazione tra istituzione, impresa e cliente, quali siano i i gap informativi più rilevanti in tale triangolazione e le aree di intervento su agire per ridurre le asimmetrie informative aumentando l’efficacia dell’eco-label, le imprese come fonte di vantaggio competitivo e i certificatori come sistema di riduzione dell’impatto ambientale. La ricerca multi-metodo condotta conferma un diffuso interesse dei consumatori verso la sostenibilità ambientale e l’intenzione di contribuire attivamente, tuttavia, sottolinea anche l’esistenza di numerosi malfunzionamenti della comunicazione sia da parte delle imprese che da parte degli enti certificatori. Spunti interessanti emergono sulle modalità attraverso cui i consumatori vorrebbero essere informati e sulle loro necessità informative circa le eco-label. Emerge chiaramente la necessità di investimenti di marketing da parte delle istituzioni e, per le imprese, la necessità di integrare l’eco-label nella visione strategica per valorizzarne il potenziale di vantaggio competitivo. / During the last two decades, the interest in environmentally-conscious production and consumption has been considerably increasing. In response to these environmental concerns, a growing number of third-party certified eco-labels has been developed. Through eco-labels companies can demonstrate their commitment in lowering the environmental impact of their products and processes. The aim of this thesis is to provide a better understanding of: 1) the communication mechanisms among issuer, firm and customer; 2) the nature of the main information gaps within this triangulation; 3) the areas of intervention as to reduce the information asymmetries and increase the effectiveness of eco-labels, in terms of competitive advantage for firms and increased beneficial effects on the environment for the issuers. The multi-method explorative research conducted confirms a wide interest towards sustainable consumption issues among consumers and their willingness to actively contribute; although it highlights numerous communication failures involving both firms and issuers. Interesting suggestions emerge about the consumers’ preferred ways to be informed on eco-labels and about their information needs. It also clearly emerges the need for marketing investment from the issuers, and the need of integrating the eco-label in the strategic vision for the firms in order to value its competitive advantage potential.

Com a crescente demanda do mercado de tintas por produtos mais sustentáveis, toda a cadeia produtiva tem se movimentado para oferecer soluções neste âmbito. Para contemplar o pilar ambiental da sustentabilidade, a redução de Compostos Orgânicos Voláteis (VOC), de alquilfenol etoxilados (APEO) e a substituição de matérias-primas de origem fóssil por vegetal nas formulações de tintas são algumas das práticas em expansão neste setor. No presente estudo, os perfis de impactos ambientais de duas tintas imobiliárias base água foram comparados aplicando-se a metodologia de Avaliação do Ciclo de Vida (ACV) (ABNT NBR ISO 14040 e 14044). Primeiramente, foram desenvolvidas duas fórmulas genéricas não comerciais de tinta standard (ABNT NBR 15079): \"Tinta A\" com matérias-primas de uso convencional e \"Tinta B\" com algumas matérias-primas alternativas, que hipoteticamente contribuiriam com um melhor desempenho ambiental do produto final. Em seguida, ambas fórmulas foram reproduzidas em laboratório, as amostras das tintas foram submetidas a testes de desempenho técnico e com os dados obtidos determinou-se os fluxos de referência para cumprir a unidade funcional definida por cobrir 36 m2 de parede de alvenaria interior por um período mínimo de 4 anos (ABN NBR 15575-1). A ACV tem quatro fases: objetivo e definição do escopo, análise de inventário, avaliação do impacto ambiental e interpretação. Com os objetivos e escopo do estudo definidos, foi realizada uma abrangente coleta de dados, majoritariamente secundários, para possibilitar a Análise de Inventário (ICV). Posteriormente, o ciclo de vida das tintas foi modelado e analisado no software SimaPro 8.2 e na fase de Avaliação de Impactos do Ciclo de Vida (AICV) foi selecionado o método ReCiPe Midpoint (H) v.1.12. Para as sete categorias de impacto analisadas, a \"Tinta B\" apresentou perfil de impactos ambientais reduzido em relação a \"Tinta A\": Mudanças Climáticas (-18,6%), Formação de Oxidantes Fotoquímicos (-19%), Toxicidade Humana (-17,7%), Ecotoxicidade (-30,5%), Depleção de Recursos Fósseis (18,8%), Depleção de Recursos Minerais (-21,4%) e Depleção de Recursos Hídricos (-18,7%). Os resultados do estudo, reforçam a importância da ACV como uma ferramenta eficaz para mensurar o desempenho ambiental de tintas. No entanto, a falta de disponibilidade de dados primários dos processos de toda a cadeia produtiva de tintas dificulta a execução de estudos e compromete a precisão dos resultados. Destaca-se ainda, que a perspectiva do ciclo de vida de produtos e processos foi incluída como requisito da nova versão da norma ISO 14001, que é do interesse de toda a cadeia de valor, portanto, vale considerar a aplicação da ACV na indústria de tintas. / The demand for sustainable products in the paint market has been steadily growing and is pushing the whole production chain to offer solutions following this scenario. The reduction of Volatile Organic Compounds (VOC), alkylphenol ethoxylates (APEO) and the substitution of raw materials of fossil origin by vegetable in the formulations of paints are some of the practices increasing among this sector to meet the environmental sustainability pillar. In the present study, the environmental impact profiles of two water-based architectural paints were compared applying the Life Cycle Assessment (LCA) methodology (ABNT NBR ISO 14040 and 14044). Firstly, two generic non-commercial formulas of standard paint (ABNT NBR 15079) were developed: \"Paint-A\" with conventional raw materials and \"Paint- B\" containing some alternative raw materials, which would hypothetically contribute to a better environmental performance of the final product. Then both formulas were reproduced in the laboratory and the samples of the paints were submitted to technical performance tests. With the data obtained, the reference flows were determined to fulfill the functional unit defined by covering 36 m2 of interior masonry wall by a minimum period of 4 years (ABN NBR 15575-1). The LCA has four phases: goal and scope definition, inventory analysis, environmental impact assessment and interpretation. After goal and scope definition, a comprehensive data collection was carried to enable the Inventory Analysis (LCI). Afterwards, the life cycle of the paints was modeled and analyzed in the SimaPro 8.2 software and in the Life Cycle Impact Assessment (LCIA) phase the ReCiPe Midpoint (H) v.1.12 method was selected. Within seven impact categories analyzed, \"Paint-B\" presented a reduced environmental impact profile compared to \"Paint-A\": Climate Change (-18.6%), Photochemical Oxidants Formation (-19%), Human Toxicity (-18.5%), Ecotoxicity (-30.5%), Fossil Resources Depletion (18.8%), Mineral Resources Depletion (-21.4%) and Water Resources Depletion (-18.7%). The results of the study strengthen the importance of LCA as an effective tool for measuring the environmental performance of paints. However, the lack of availability of primary process data throughout the paint production chain makes it difficult to carry out studies and compromises the accuracy of the results. It is also relevant to highlight that the product and process lifecycle perspective was included as a requirement of the new version of the ISO 14001 standard, which is a matter of concern to the entire value chain, so it is worth considering the application of LCA in the paints industry.

Svanen är en av världens ledande miljömärkningar och firade nyligen 20 års jubileum. Det har under ett antal år varit möjligt att förutom produkter även svanenmärka tjänster och verksamheter, så som exempelvis restauranger och hotell. För att miljöarbetet inom en verksamhet ska fungera så bra som möjligt är kommunikationen i denna av yttersta vikt. Det har inte utförts några kända studier kring hur kommunikationen på Svanenmärkta hotell fungerar vilket är motivet bakom denna studie. Det finns en misstänksamhet i samhället mot miljömärkta varor och greenwashing har blivit ett allt vanligare begrepp, vilket innebär att företag utnyttjar miljömärkningar för att få ett bättre anseende på marknaden och inte för att egentligen gynna miljön. Syftet med denna studie har varit att titta på hur miljökommunikationen fungerar inom Svanenmärkta hotell. Ett delsyfte har även varit att ta reda på huruvida medarbetarna på hotellen uppfattar att verksamheten genomsyras av en miljömedvetenhet, något som Svanen strävar efter med sin miljömärkning. En fallstudie av två Svanencertifierade hotell har utförts genom intervjuer av personal från olika avdelningar på dessa hotell. Intervjumaterialet har sedan transkriberats och analyserats för att kunna dra slutsatser utifrån den fakta som framkommit. Även en litteraturstudie har genomförts i syfte att studera tidigare forskning i ämnet. Dessutom har material gällande hotellens miljörutiner granskats och analyserats. Resultaten från fallstudien visar att medarbetarna på hotellen är nöjda med kommunikationen över lag, detta trots att det i princip inte finns någon kommunikation mellan avdelningarna på hotellen. Visst utrymme för förbättring finns dock och både koncernen samt inom hotellen skulle det förmodligen tjänas på att decentralisera miljöfrågorna. På båda hotellen anses även att en miljömedvetenhet genomsyrar verksamheterna. Detta skulle kunna vara en följd av Svanencertifieringen, det kan även bero på andra orsaker.

In the midst of climate change and growing concern about social aspects, investors want to make informed sustainable choices regarding their consumption and investments. Many companies are trying to stay ahead of the curve by engaging in Corporate Social Responsibility. Mutual funds have noticed this trend and subsequently have started to offer ethical mutual funds as a result. These ethical claims are difficult to scrutinize for investors creating a problem of asymmetric information. This study analyses how ethical claims and how eco-labels, in this case, the Nordic Swan Ecolabel relate to demand for equity mutual funds. In a world where more investors are seeking ethical investments, how is ethical commitment communicated in a trustworthy way? Data on daily Net Asset Value (NAV) and monthly Total Net Assets (TNA) between 2016-01-01 and 2019-12-31, for 217 equity mutual funds sold on the Swedish market were collected from Thomson & Reuters database Eikon. These mutual funds were categorized into three groups, conventional, non-labelled ethical, and eco-labelled mutual funds. The data was structured as panel data and both random effect and fixed effect models were used to estimate the factor loadings. The study shows that Nordic Swan Ecolabelled mutual funds tend to experience higher demand than both non-labelled ethical mutual funds and conventional mutual funds. In other words, the Nordic Swan Ecolabelled group distinguishes itself from the other mutual fund groups. Hence, the results of the study suggest that the Nordic Swan Ecolabel sends a signal that relates positively to the demand for mutual funds. Further, the results implicate that mutual fund companies that aim to introduce mutual funds that are truly ethical or sustainable should consider acquiring the Nordic Swan Ecolabel to signal their sustainability commitment since the results suggest that Nordic Swan Ecolabelled mutual funds have a positive relation to demand, both compared to conventional mutual funds and non-labelled ethical mutual funds. / I en tid präglad av klimatförändring och ökande medvetenhet om sociala aspekter vill investerare ta informerade beslut angående sin konsumtion och angående sina investeringar. Många företag försöker ligga i framkant för en hållbar utveckling genom att ägna sig åt Corporate Social Responsibility. Fondföretag har märkt av denna trend och har därför börjat erbjuda etiska fonder till sina kunder. Huruvida dessa fonder faktiskt är etiska kan vara svårt för investerare att undersöka vilket skapar asymmetrisk information mellan fondföretag och investerare. Denna studie analyserar hur aktiefonders påståenden om att investera etiskt relaterar till efterfrågan på dessa aktiefonder och hur eko-märkningar, i detta fall Svanen-märkningen relaterar till aktiefonders efterfrågan. Hur ska fonders etiska åtaganden kommuniceras på ett trovärdigt sätt i en värld där mer och mer investerare söker sig till etiska investeringar? Dagligt nettoandelsvärde (NAV-kurs) och månatlig fondförmögenhet (TNA) för 217 aktiefonder sålda på den svenska marknaden under tidsperioden 2016-01-01 och 2019-12-31 samlades in från Thomson & Reuters databas Eikon. Dessa fonder delades in i tre grupper, dessa var konventionella, icke-märkta etiska fonder samt eko-märkta fonder. Datan strukturerades som paneldata och både random effects och fixed effects modeller användes för att estimera faktorerna i regressionen. Studien visar att Svanenmärkta fonder tenderar att ha högre efterfrågan än både icke-märkta etiska fonder och konventionella fonder. Med andra ord så utmärker sig de Svanen-märkta fonderna jämfört med de andra grupperna. Resultatet av studien tyder därför på att Svanen-märkningen sänder en signal som relaterar till efterfrågan för en fond. Resultatet av studien implicerar även att fondföretag som ämnar att introducera fonder som faktiskt uppfyller de etiska och hållbara krav de påstår sig göra, bör överväga att förvärva Svanen-märkningen för att signalera sina etiska och hållbara åtaganden, då resultatet föreslår att Svanenmärkta fonder har en positiv relation till efterfrågan, både jämfört med konventionella fonder och icke-märkta etiska fonder.