This study addresses the critical need for specialized risk identification practices in green retrofit projects within the construction industry, particularly under the increasing pressure to meet the EU's net-zero emissions target by 2050. Focusing on the Netherlands, it investigates how companies navigate the unique challenges posed by updating existing infrastructure to be more sustainable and energy-efficient. Through a mixed-method approach comprising a literature review, field study in Voorburg, and semi-structured interviews with experts, the research identifies distinct risks such as performance risks, supply chain disruptions, and uncertainties in returns on investment. Royal Haskoning DHV's approach, including their Fast-Lane Method, is examined for its effectiveness in predicting energy use but noted for its limitations in estimating carbon emissions and broader retrofit tasks. The study advocates for an integrated approach utilizing Building Information Modelling (BIM) to enhance risk management and project outcomes. It highlights the gap in current risk management practices that fail to fully address sustainability challenges in retrofits and suggests future research directions, including broader studies involving multiple companies and technologies, to develop more comprehensive risk management strategies for green retrofit projects.