2021 Infrastructure Assessment Results

  • This year saw the largest ever increase in asset participation, with 558 assets now reporting, and the second largest increase in fund participation, now at 149
  • Funds completing both assessment components jumped 41% to 106, that is funds obtaining a GRESB Fund Score reflecting overall ESG performance at the portfolio level
  • While few assets have net zero targets, recent commitments by managers representing 40% of reporting assets are expected to drive significant increases in the years ahead
  • Asset participation growth was led by Renewable Power, with a 65% increase from 2020
  • Significant regional growth in asset participation was seen in the Americas (35%) and Asia (48%)
  • Overall, the gross asset value reporting to GRESB has increased by more than 50% since 2019, now covering $343 billion at the fund level and $738 billion at the asset level

 

2021 Infrastructure Assessment Participation

Fund coverage and growth

Despite the continued challenges posed by Covid-19, total participation in the Infrastructure Fund Assessment grew by 26%, to 149 funds completing the Management Component. The number of infrastructure funds completing both the Management and Performance components of the Infrastructure Fund Assessment grew by 41% to 106, that is funds obtaining a GRESB Fund Score reflecting overall ESG performance at the portfolio level.

The fund assessment covers over 30% of the IPE Real Assets Top 100 Infrastructure Investment Managers and over a third of the Infrastructure Investor Top 50, based on participation with at least one fund.

2021 Infrastructure Assessment Asset Participation

Asset coverage and growth

Participation in the Infrastructure Asset Assessment grew by 31% to cover 558 assets. While most assets are based in Europe, significant relative growth in participation numbers came from the Americas (105 to 142) and Asia (21 to 31). The assessment now covers 33 of the 34 industry sectors and 2,096 facilities across 69 countries.

2021 Infrastructure Assessment Participation by Sector

Participation by sector

The average percentage of individual assets within funds reporting to GRESB continues to grow, which is now up to 83%. This increase shows that infrastructure managers are moving closer to asset-level reporting.

By sector, Renewable Power saw the highest growth in participation (65%), followed by Environmental Services (64%), Transport (44%) and Network Utilities (27%).

2021 Infrastructure Assessment Regional Results

Regional scores and GAV

Assets reported on over 2,096 facilities (a 35.4% increase) spread across 69 countries, with coverage continuing to be dominated by OECD countries.

Europe builds upon its track record for transparency with the most funds and assets participating in the benchmark by value. Assets in Europe, Oceania and Asia scored similarly, while the American average was higher.

 

2021 Infrastructure Assessment Results

For assets, the average GRESB score increase was 10 points, largely coming from the Performance Component. By asset type, Diversified and Network Utilities are the top performing assets, with average GRESB scores of 80 and 79, respectively.

The asset types that improved the most since last year were Social Infrastructure, with a 22 point increase, and Diversified, with a 20 point increase.

 

The GRESB Model compares aggregate performance across countries and regions.

GRESB and Component Scores

When it comes to GRESB scores, both funds and assets saw significant increases this year, similar to the impressive increases seen in 2020. On average, overall GRESB scores and component scores increased from 5 to 15 points.

At the fund level, 13 entities scored the maximum 100 for the Management Component, while only two saw score decreases.

Asset performance component indicators

Transparency on performance indicators has increased

The Asset Performance Component indicators show the extent to which assets report on their most material ESG issues. The chart focuses on the main ESG issues covered, showing the proportion of participants that reported on each material indicator. Health and Safety reporting shot up this year, after little to no movement last year.

 

Target setting for 2020 has increased for all performance indicators

The 2021 Infrastructure Asset Assessment shows continued improvement in target setting across all performance indicators, suggesting future improvements in performance that will follow.

As net zero is a growing interest in the industry, GRESB analysed the target setting that fund managers have committed to for their underlying portfolios. We found that – while Scope 1 and 2 GHG targets are often set by managers for at least one asset in their fund (57%) – only 23% of funds participating in the assessment have an asset in their portfolio with a net zero target. Even fewer (9%) have set science-based targets.

That said, fund managers representing just over 40% of all our reporting assets became signatories to the “Net Zero Asset Managers” commitment in December 2020. We expect that in the coming years the number of net zero targets will spike, as assessment reporting reflects these recent commitments.

  • Among infrastructure assets and funds, Diversity has shown little to no improvement. While the average fund has an employee gender ratio of 40:60 between women and men, only 28% of funds’ governance and management roles are filled by women.

Sector Leaders

The GRESB Sector Leaders are the best performers by sector, region and nature of ownership from across the GRESB Assessments.

The entity with the top GRESB Score, as well as the entities with a score within 1 point of the top score in a category will be recognized as Sector Leaders. You can find more information on Sector Leaders here.

Sector Leaders and Most Improved

  • SectorRegionFund nameFund manager
    DiversifiedSwiss Life Funds (Lux) ESG Global Infrastructure Opportunities III, a sub-fund of Swiss Life Funds (Lux) Global Infrastructure Opportunities Umbrella, SCS, SIFSwiss Life Asset Managers Luxembourg
    Renewable PowerCapital Dynamics Clean Energy and Infrastructure III LPCapital Dynamics
    TransportArcus European Trains SCSpArcus European Investment Manager LLP
    TransportArcus A1 Investor Vehicle LLPArcus European Investment Manager LLP
    Sector specific excluding Renewables and TransportArcus Tivana Investor VehiclesArcus European Investment Manager LLP
    AmericasCapital Dynamics Clean Energy and Infrastructure V JV LLCCapital Dynamics
    AsiaTakara Leben Infrastructure Fund, Inc.Takara Asset Management Co., Ltd.
    EuropeArcus Tivana Investor VehiclesArcus European Investment Manager LLP
    Globally diversifiedSwiss Life Funds (Lux) ESG Global Infrastructure Opportunities III, a sub-fund of Swiss Life Funds (Lux) Global Infrastructure Opportunities Umbrella, SCS, SIFSwiss Life Asset Managers Luxembourg
    OceaniaQueensland Airports Limited (Asset Management)Morrison & Co
  • SectorRegionFund nameFund manager
    DiversifiedAberdeen European Infrastructure Partners LPAberdeen Fund Managers Limited
    Renewable PowerAIP Infrastructure IAIP Infrastructure I K/S
    AmericasSocial Infrastructure Fund, L.P.Harrison Street
    AmericasMacquarie Infrastructure Partners IVMacquarie Infrastructure Partners Inc.
    EuropeAberdeen European Infrastructure Partners LPAberdeen Fund Managers Limited
    Globally diversifiedAIP Infrastructure IAIP Infrastructure I K/S
    OceaniaInfratilMorrison & Co
  • SuperclassClassAsset nameAsset manager
    Data InfrastructureTDFTDF
    DiversifiedREDEXIS GROUPREDEXIS
    DiversifiedBUUK Infrastructure No 1 LimitedBUUK Infrastructure
    Energy and Water ResourcesItal Gas Storage S.p.A. (IGS)Ital Gas Storage S.p.A.; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSIP)
    Environmental ServicesSaubermacher Dienstleistungs AGUBS Asset Management
    Environmental ServicesSeven Seas Water CorporationSeven Seas Water Corporation; held by North Haven Infrastructure Partners III (NHIP III), an investment managed by Morgan Stanley Infrastructure Inc. (MSI or MSIP)
    Network UtilitiesCeleo Redes Brasil SACeleo Redes Brasil
    OtherDIG AIRGASDIG Airgas Co., Ltd.
    Power Generation x-RenewablesRed Oak Power FacilityRed Oak Power Facility; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSIP or MSIP)
    Power Generation x-RenewablesBayonne Energy CenterBayonne Energy Center; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSI or MSIP)
    Renewable PowerCollgar Wind FarmCollgar Wind Farm
    Social InfrastructureWoodlawn CommonsUniversity of Chicago
    TransportPorterbrook Leasing Company LimitedAlberta Investment Management Corp
    TransportGlobalviaGlobalvia
    TransportPerth AirportPerth Airport Pty Ltd
    TransportManchester Airports GroupMAG
    Data InfrastructureData TransmissionTDFTDF
    Energy and Water ResourcesEnergy Resource Storage CompaniesItal Gas Storage S.p.A. (IGS)Ital Gas Storage S.p.A.; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSIP)
    Network UtilitiesDistrict Cooling/Heating CompaniesCoolCo CincinnatiCoolCo Cincinnati
    Network UtilitiesGas Distribution CompaniesPhoenix Natural GasPhoenix Natural Gas
    Network UtilitiesWater and Sewerage CompaniesEsvalEsval S.A.
    Network UtilitiesWater and Sewerage CompaniesEssbioEssbio S.A.
    Power Generation x-RenewablesIndependent Power ProducersRed Oak Power FacilityRed Oak Power Facility; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSIP or MSIP)
    Power Generation x-RenewablesIndependent Power ProducersBayonne Energy CenterBayonne Energy Center; held by North Haven Infrastructure Partners II (NHIP II), an investment managed by Morgan Stanley Infrastructure Inc. (MSI or MSIP)
    Renewable PowerHydroelectric Power GenerationSmåkraft ASAquila Capital
    Renewable PowerSolar Power GenerationSonnedix Power HoldingInfrastructure Investments Fund, advised by J.P. Morgan Investment Management, Inc.
    Renewable PowerSolar Power GenerationEcoplexusEcoplexus
    Renewable PowerWind Power GenerationCollgar Wind FarmCollgar Wind Farm
    Social InfrastructureEducation ServicesWoodlawn CommonsUniversity of Chicago
    Social InfrastructureGovernment ServicesTGI Arelia S.A.SArelia S.A.S
    Social InfrastructureGovernment ServicesAmey Lighting (Norfolk) LimitedAmey
    Social InfrastructureHealth and Social Care ServicesPPP Investments I LP/PPP Investments II LPDalmore
    TransportAirport CompaniesPerth AirportPerth Airport Pty Ltd
    TransportAirport CompaniesManchester Airports GroupMAG
    TransportPort CompaniesThe Port of VirginiaThe Port of Virginia
    TransportRail CompaniesPorterbrook Leasing Company LimitedAlberta Investment Management Corp
    TransportRoad CompaniesGlobalviaGlobalvia
  • SuperclassClass  
    Data InfrastructureTowercom, a.s.Towercom, a.s.
    Data InfrastructureLand Services SA Operating Pty Limited ATF Land Services SA Holding TrustLand Services SA
    Energy and Water ResourcesHoward Midstream Energy Partners, LLCAlinda Capital Partners
    Environmental ServicesSydney Desalination Plant Pty LimitedSydney Desalination Plant Pty Limited
    Network UtilitiesMADRILEÑA RED DE GASMADRILEÑA RED DE GAS
    Power Generation x-RenewablesLordstown Energy CenterClean Energy Future - Lordstown, LLC
    Renewable PowerGreen YellowHolding de Participation dans les Centrales Photovoltaïques 1 S.A.S. (HPCP 1)
    Social InfrastructureEscala Vila Franca - Sociedade Gestora do Edificio, S.A.Escala Vila Franca - Sociedade Gestora do Edificio, S.A.
    TransportAlbali SenalizacionAlbali Senalizacion S.A.
    TransportTwin Parking HoldingsAlinda Capital Partners
    Data InfrastructureData TransmissionTowercom, a.s.Towercom, a.s.
    Network UtilitiesElectricity Transmission CompaniesCross-Sound Cable LLCCSC Operations LLC
    Network UtilitiesGas Distribution CompaniesMADRILEÑA RED DE GASMADRILEÑA RED DE GAS
    Network UtilitiesWater and Sewerage CompaniesMiddletown Water Joint VentureSuez Water Services
    Power Generation x-RenewablesIndependent Power ProducersLordstown Energy CenterClean Energy Future - Lordstown, LLC
    Renewable PowerSolar Power GenerationGreen YellowHolding de Participation dans les Centrales Photovoltaïques 1 S.A.S. (HPCP 1)
    Renewable PowerWind Power GenerationInvis Energy (RPP2)Asper Investment Management Limited
    Social InfrastructureEducation ServicesEast Renfrewshire Schools LimitedEast Renfrewshire Schools Limited
    Social InfrastructureGovernment ServicesAuckland PrisonNext Step Partners LP
    Social InfrastructureHealth and Social Care ServicesEscala Vila Franca - Sociedade Gestora do Edificio, S.A.Escala Vila Franca - Sociedade Gestora do Edificio, S.A.
    Social InfrastructureRecreational FacilitiesLinteum (Lewisham) LimitedLinteum (Lewisham) Limited
    TransportAirport CompaniesGeorge Best Belfast City AirportBelfast City Airport
    TransportAirport CompaniesPort Hedland International Airport OperationsPort Hedland International Airport
    TransportPort CompaniesFlinders Port Holdings Pty LtdFlinders Port Holdings Pty Ltd
    TransportRail CompaniesAlbali SenalizacionAlbali Senalizacion S.A.
    TransportRoad CompaniesAutoroute de Liaison Seine SartheALIS