The signing of the Paris Agreement on 12 December 2015 and the adoption of the UN 2030 Agenda for Sustainable Development on 25 September 2015 marked a noticeable shift in global attitudes towards climate change and environmental degradation. As a consequence, the European Union will establish a common language for sustainable finance, i.e. an EU sustainability taxonomy. The EU-Commission set up a High-Level Expert Group on sustainable finance. The group was tasked to prepare a comprehensive blueprint for reforms along the entire investment chain. The article covers the current status of the expert groups ideas on sustainability with a focus on real estate. It lays out the difficulties and potential consequences for real estate funds and investors.