- This year saw another large increase in asset participation, with the Infrastructure Asset Assessment growing by 17% to include 652 assets and the GRESB Infrastructure Fund Assessment recording an 11% growth to cover 166 funds across 70 countries. See the full list of 2022 participants here.
- Overall, the gross asset value (GAV) reporting to GRESB more than doubled since 2019, with USD1.1 trillion of GAV in 2022 for infrastructure assets and around USD 662 billion of GAV for infrastructure funds, for a total of approximately USD 1.7 trillion.
- GRESB data is now used by 170 institutional and financial investors with more than USD 51 trillion in assets under management.
Regional Participation
In relative terms, most of the growth comes from Asia (with 64% year-on-year increase, and 20 new infrastructure assets) and the Americas (with 26% year-on-year increase, and 38 new infrastructure assets). At the country level, we saw the number of Indian and Korean assets more than double in 2022, with the Asia region now equaling USD 17.5 billion in GAV.
GRESB Model
On average, GRESB scores have increased across the board for both assets and funds. In 2022 the average GRESB score for assets is 79 points (a 8 percentage points increase compared to 2021) and for funds 82 points (a 5 percentage points increase compared to 2021).
In terms of scoring and at the regional level, if we exclude diversified assets and funds, Europe remains the best performing region in 2022 for both infrastructure assets and funds.
Regional Score Breakdown
Average Scores Per Aspect
Key Indicator Reporting
GRESB Members continue to deepen their data coverage, pushing for more robust reporting across assets, with more participants reporting now on key metrics such as Air Pollution and Biodiversity & Habitat. At the fund level, Funds completing both assessment components now cover 70% of the benchmark with 117 entities in 2022; that is funds obtaining a GRESB Fund Score reflecting overall ESG performance at the portfolio level, with 62% portfolio coverage on average in terms of equity weight.
TCFD Alignment Results
GRESB determines alignment with the TCFD recommended disclosures by the reported existence of leadership structures, risks, and other climate-related processes that relate to the four TCFD core elements. Maximum alignment (full TCFD alignment percentage) indicates the highest level of alignment that GRESB can facilitate through its Assessments. While this assesses whether an entity has successfully reported against each of the 11 TCFD recommended disclosures, a maximum score does not mean that more could not be done to increase the quality and scope of those disclosures.
- On average, the level of TCFD alignment with each of the four TCFD core elements (Governance, Strategy, Risk Management, and Metrics & Targets) increased from 2021 to 2022.
- The Risk Management element at the fund level has shown the largest improvement among the core elements suggesting that this was the next phase of TCFD alignment for those already having aligned on the Strategy element.
- While there was an overall improvement in the Strategy element, the alignment level in Asia and the Americas slightly decreased. In the case of Asia, this is in part due to the significant increase in the share of new participants and their position at the beginning of the TCFD journey.
GRESB Infrastructure Data Coverage
The graph below displays the readiness of the GRESB Universe to report its ESG Performance in line with the SFDR. It represents the share of assets reported to GRESB that have sufficient data to report on each of the mandatory PAI indicators. This shows that a participant subject to SFDR disclosure that is used to collecting and reporting on ESG data for GRESB is more readily prepared to disclose their ESG Performance in accordance with SFDR.
For most European entities, the challenge will be starting or continuing efforts in collecting data for Scope 3 emissions (46% currently reporting) and reporting on male/female diversity (57% currently reporting). Interestingly, the Americas and APAC follow a similar trend, but these regions are not directly subject to the regulation.
The SFDR Reporting Solution for infrastructure will be made available later this year.
Gender Diversity across the GRESB Infrastructure Assessments
On key social metrics such as Diversity, Equity, and Inclusion the gender split across all employees remained constant in recent years at 40:60 (female to male) at the fund level. At the asset level, the benchmark average is less balanced at 30:70. This, however, has improved over the past two years at the aggregate level, where it was previously 25:75. At the sector level, social infrastructure assets have a higher female-to-male ratio compared to the rest of the benchmark.
Infrastructure Fund
Infrastructure Asset
2022 Infrastructure Asset Output Intensities by subsector
The table below provides information on average & median intensities values across Infrastructure Asset entities by subsectors. The file contains both minimum and maximum values as well as output intensities metrics (for a minimum sample size of five entities), it can be downloaded here.
| Sector | Average | Max | Min | Sample Size | Median | Output Intensity Metric | Metric |
|---|---|---|---|---|---|---|---|
| Data Infrastructure: Data Transmission: Fibre networks | 0,013155 | 0,051803 | 0 | 12 | 0,00783 | tCO2e/Terabits (Tb) | Data Transmitted |
| Data Infrastructure: Data Transmission: Telecom Towers | 0,088467 | 0,186149 | 0,000693 | 5 | 0,102569 | tCO2e/Terabits (Tb) | Data Transmitted |
| Energy and Water Resources: Energy Resource Storage Companies: Liquid Storage | 0,01879 | 0,195117 | 0 | 12 | 0,002444 | tCO2e/m3 | Throughput |
| Network Utilities: District Cooling/Heating Companies: District Cooling/Heating Network | 0,042991 | 0,103861 | 0,01211 | 10 | 0,03269 | tCO2e/MWH | Energy Dsitributed |
| Network Utilities: Electricity Distribution Companies: Electricity Distribution Network | 0,065859 | 0,459512 | 0 | 9 | 0,009078 | tCO2e/MWH | Energy Dsitributed |
| Network Utilities: Electricity Transmission Companies: Electricity Transmission Network | 0,010809 | 0,019918 | 0,000778554 | 7 | 0,009672 | tCO2e/MWH | Energy Dsitributed |
| Network Utilities: Gas Distribution Companies: Gas Distribution Network | 0,081414 | 0,959925 | 1,84E-05 | 12 | 0,001489 | tCO2e/MWH | Energy Dsitributed |
| Network Utilities: Water and Sewerage Companies: Water and Sewerage Network | 0,453924 | 0,764579 | 0,08319 | 12 | 0,534074 | tCO2e/ML | Water dsitributed |
| Power Generation x-Renewables: Independent Power Producers: Gas-Fired Power Generation | 0,444993 | 0,740958 | 0,105736 | 13 | 0,41428 | tCO2e/MWH | Energy Generated |
| Renewable Power: Solar Power Generation: Photovoltaic Power Generation | 0,002857 | 0,047591 | 0 | 59 | 0,000852 | tCO2e/MWH | Energy Generated |
| Renewable Power: Wind Power Generation: Off-Shore Wind Power Generation | 0,001568 | 0,004489 | 0 | 26 | 0,001417 | tCO2e/MWH | Energy Generated |
| Renewable Power: Wind Power Generation: On-Shore Wind Power Generation | 0,001179 | 0,022858 | 0 | 39 | 0,000121 | tCO2e/MWH | Energy Generated |
| Social Infrastructure: Education Services: Schools (Classes and Sports Facilities) | 0,252414 | 0,566273 | 0 | 13 | 0,243146 | tCO2e/Number | Avg Student Attendance |
| Social Infrastructure: Education Services: Student Accommodation | 0,00444 | 0,00715 | 0 | 8 | 0,005293 | tCO2e/Bed days | Bed Days Available |
| Social Infrastructure: Health and Social Care Services: Hospitals | 3,700078 | 20,497385 | 0,018847 | 17 | 0,358206 | tCO2e/Bed days | Bed Days Available |
| Transport: Airport Companies: Airport | 0,072765 | 0,725738 | 0,000332 | 25 | 0,003671 | tCO2e/Number | Traffic Units |
| Transport: Car Park Companies: Car Park | 0,000136 | 0,000422 | 0 | 8 | 0,000075 | tCO2e/Vehicle Hours | Vehicle Hours Parked |
| Transport: Port Companies: Container Port | 0,012148 | 0,024292 | 0,003656 | 9 | 0,0125 | tCO2e/TEU | Container Volume Moved |
| Transport: Port Companies: Other Port | 0,001056 | 0,004139 | 3,652E-05 | 7 | 0,000481 | tCO2e/Tonnes | Freight Volume Moved |
| Transport: Rail Companies: Passenger Rail Rolling Stock | 0,002177 | 0,007049 | 1,430E-07 | 7 | 0,000672 | tCO2e/Train KM | Train Kilometres Travelled |
| Transport: Road Companies: Dual-Carriage Way Roads | 0,000009 | 0,000042 | 3,568E-07 | 10 | 0,000006 | tCO2e/Vehicle KM | Vehicle Kilometres Travelled |
| Transport: Road Companies: Motorway Network | 0,000312 | 0,002431 | 1,157E-07 | 8 | 0,000001 | tCO2e/Vehicle KM | Vehicle Kilometres Travelled |
| Transport: Road Companies: Motorways | 0,001667 | 0,038287 | 0 | 23 | 0,000001 | tCO2e/Vehicle KM | Vehicle Kilometres Travelled |
Infrastructure Sector Leaders & Most Improved
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.
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Class Region Fund name Fund manager Region Diversified AINDACK 18 Ainda Energía e Infraestructura Renewable Power Capital Dynamics Clean Energy and Infrastructure III LP Capital Dynamics Renewable Power Aquila Capital European Hydro – Småkraft Growth C.V. Aquila Capital Renewable Power Aquila Capital European Hydropower Fund S.A. Aquila Capital Transport Arcus European Trains SCSp Arcus European Investment Manager LLP Americas AINDACK 18 Ainda Energía e Infraestructura Asia Takara Leben Infrastructure Fund, Inc. Takara Asset Management Co., Ltd. Europe Arcus European Trains SCSp Arcus European Investment Manager LLP Oceania AMP Capital Diversified Infrastructure Trust AMP Capital Oceania -
Superclass Class Fund name GRESB Member Region Data Infrastructure Connexin Limited Patrizia AG Data Infrastructure Asset 1 Morgan Stanley Infrastructure Inc. Diversified REDEXIS GROUP REDEXIS, S.A. Diversified BUUK Infrastructure No 1 Limited Brookfield Utilities UK Infrastructure Ltd Energy and Water Resources Asset 2 Morgan Stanley Infrastructure Inc. Environmental Services Cory Topco Limited Fiera Infrastructure Inc Network Utilities Celeo Redes Chile S.L. Celeo Redes
Network Utilities EDP Redes España, S.L. Viesgo Infraestructuras Energeticas Network Utilities Celeo Redes Brasil SA Celeo Redes
Other GRUPO OHLA Ohla Group
Power Generation x-Renewables Asset 3 Argo Infrastructure Partners LP Renewable Power Ventient Energy S.à r.l J.P. Morgan Investment Management, Inc. Renewable Power Collgar Wind Farm Collgar Wind Farm Oceania Social Infrastructure Escala Vila Franca – Sociedade Gestora do Edificio, S.A. abrdn Social Infrastructure TGI Arelia S.A.S DIF Transport London Luton Airport Operations Limited AMP Capital Investors Transport Alpha Trains (Luxembourg) Holdings S.à r.l. Arcus Infrastructure Partners Transport Porterbrook Leasing Company Limited Porterbrook Leasing Transport Perth Airport H.R.L. Morrison & Co Limited Transport Asset 4 Morgan Stanley Infrastructure Inc. Transport Port Companies GeelongPort GeelongPort Pty Ltd Oceania Data Infrastructure Data Storage Bohao Internet Data Service Limited Macquarie Asset Management
Data Infrastructure Data Storage QTS Manassas Data Center Astatine Investment Partners Data Infrastructure Data Transmission Connexin Limited Patrizia AG Data Infrastructure Data Transmission Asset 5 Morgan Stanley Infrastructure Inc. Energy and Water Resources Energy Resource Storage Companies Asset 6 Morgan Stanley Infrastructure Inc. Energy and Water Resources Energy Resource Storage Companies Buckeye Partners, L.P. Buckeye Partner Network Utilities District Cooling/Heating Companies CoolCo Cincinnati Harrison Street Real Estate Capital, LLC Network Utilities Gas Distribution Companies Summit Utilities, Inc. J.P. Morgan Investment Management, Inc Power Generation x-Renewables Independent Power Producers Asset 7 Argo Infrastructure Partners LP Renewable Power Solar Power Generation Constant Energy Singapore Holding Pte. Ltd. Constant Energy Renewable Power Wind Power Generation Ventient Energy S.à r.l J.P. Morgan Investment Management, Inc. Renewable Power Wind Power Generation Collgar Wind Farm Collgar Wind Farm Social Infrastructure Education Services Amey Belfast School Partnership PFI Co Limited DIF Social Infrastructure Education Services The Renfrewshire Schools Partnership Limited DIF Social Infrastructure Government Services TGI Arelia S.A.S DIF Social Infrastructure Health and Social Care Services Escala Vila Franca – Sociedade Gestora do Edificio, S.A. abrdn Transport Airport Companies London Luton Airport Operations Limited AMP Capital Investors Transport Airport Companies Perth Airport H.R.L. Morrison & Co Limited Oceania Transport Other ITS ConGlobal AMP Capital Investors Transport Port Companies Newcastle Coal Infrastructure Group Infrastructure Capital Group Limited Oceania Data Infrastructure Data Storage AirTrunk Macquarie Asset Management
Oceania Transport Rail Companies Alpha Trains (Luxembourg) Holdings S.à r.l. Arcus Infrastructure Partners Transport Rail Companies Porterbrook Leasing Company Limited Porterbrook Leasing Transport Rail Companies Asset 8 Morgan Stanley Infrastructure Inc. Transport Road Companies Autoroute de Liaison Seine Sarthe PGGM Infrastructure Transport Road Companies Globalvia PGGM Infrastructure Transport Road Companies DBFO2 DIF -
Class Region Fund name Fund manager Region Diversified QIC Global Infrastructure Fund (QGIF) QIC Ltd Oceania Renewable Power Aquila Capital European Hydro C.V. Aquila Capital Americas Harbert Power Fund V Harbert Power Fund V, LLC Europe Aberdeen European Infrastructure Partner II LP Aberdeen Fund Managers Limited Globally diversified QIC Global Infrastructure Fund (QGIF) QIC Ltd Oceania Public Infrastructure Partners Fund H.R.L. Morrison & Co Oceania -
Superclass Class Fund name Fund manager Region Data Infrastructure Bluebird Network Bluebird Network Diversified EP Infrastructure, a.s. EP Infrastructure, a.s. Energy and Water Resources NOGAT B.V. Northern Offshore Gas Transport Environmental Services ECOLYA ECOLYA Network Utilities Horizon Energy Infrastructure Limited Horizon Energy Infrastructure Limited Energy and Water Resources Energy Resource Storage Companies Lochard Energy (Iona Operations) Trust Lochard Energy (Iona Operations) Trust Oceania Power Generation x-Renewables Neerabup Power Station Neerabup Power Station Oceania Social Infrastructure Douai Logi Services S.A.S Douai Logi Services S.A.S Transport MAK Mecsek Autopalya Koncesszios Zrt. MAK Mecsek Autopalya Koncesszios Zrt. Data Infrastructure Data Storage North America Data Centers CIM Group Data Infrastructure Data Transmission Bluebird Network Bluebird Network Data Infrastructure Other Axione SAS Axione Power Generation x-Renewables Independent Power Producers Neerabup Power Station Neerabup Power Station Oceania Energy and Water Resources Natural Resources Transportation Companies Howard Midstream Energy Partners, LLC Astatine Investment Partners Network Utilities Electricity Distribution Companies Loiste Oy Loiste Network Utilities Electricity Transmission Companies Tramway De Dijon TED Network Utilities Gas Distribution Companies Czech Grid Holding Czech Grid Holding Network Utilities Water and Sewerage Companies Veolia Utility Parent, Inc. (formerly SUEZ Utility Holdings Inc.) Veolia Utility Parent, Inc. (formerly SUEZ Utility Holdings Inc.) Transport Port Companies Port of Melbourne Operations Pty Ltd as trustee for the Port of Melbourne Unit Trust Port of Melbourne Operations Pty Ltd as trustee for the Port of Melbourne Unit Trust Oceania Renewable Power PARF Co 2 Pty Ltd Tilt Renewables Oceania Social Infrastructure Education Services Kinland AS Kinland AS Social Infrastructure Government Services Safire BV Safire BV Social Infrastructure Health and Social Care Services Douai Logi Services S.A.S Douai Logi Services S.A.S Social Infrastructure Recreational Facilities AREMA – Orange Vélodrome Arema Transport Airport Companies London Luton Airport Operations Limited London Luton Airport Operations Limited Renewable Power Wind Power Generation PARF Co 2 Pty Ltd Tilt Renewables Oceania Transport Rail Companies Albali Senalizacion Albali Senalizacion S.A. Transport Road Companies MAK Mecsek Autopalya Koncesszios Zrt. MAK Mecsek Autopalya Koncesszios Zrt. Transport Urban Commuter Companies Metro Ligero Oeste, S.A. Metro Ligero Oeste, S.A.