Planes, Trains, and Electric Vehicles
Welcome to the Q3 edition of the Quarterly Oceania Newsletter!
To say it’s been a hectic quarter at GRESB would be the understatement of the year. With the GRESB reporting deadline arriving like an express train at the start of the quarter, followed by the release of the preliminary benchmark results in September, it’s been a non-stop trip. It certainly hasn’t always been a smooth ride, but at this point, we’re basically seasoned stunt drivers navigating the obstacle course with a coffee (and at times, something much stronger) in our hand.
We want to acknowledge the turbulence some of our Participant Members and Partners faced along the way, and we’re incredibly grateful for your patience and understanding. It’s been a bit like flying by the seat of our pants through some unpredictable weather, but we’ve managed to land safely, thanks to everyone’s continued engagement and support.
Looking ahead, the final quarter is set to be a fast and furious journey with numerous GRESB results events happening across the region. Be sure to book your ticket for the Oceania events here, as that’s when we’ll look at the latest trends in ESG and acknowledge the leaders in our industry. This year’s events are extra special, as we’re celebrating GRESB’s 15th anniversary. Who says you can’t enjoy the ride while driving positive change?
And that’s not all. After 11.5 wild years at GRESB, this train is making its final stop for me as Head of Asia Pacific. I’ll be relocating to Spain with my wife and kids, where we can finally drive on the right side of the road again. To celebrate this milestone, join us for the GRESB Real Estate event’s afterparty at the Rooftop of the Harbour View Hotel on 13 November. Expect drinks, laughs, and the obligatory yet highly questionable musical performance. Register here if you don’t want to miss it!
Lastly, I’d like to use this opportunity to express my deepest Dutch gratitude to everyone who has been part of this incredible journey. As Kermit the Frog once said, “It’s not easy being green.” Similarly, navigating the roads, rails and skies of Asia Pacific to promote sustainable real assets could be bumpy at times. But your commitment to driving positive change and sharing best practices has truly moved the industry forward, which has been (and remains) critical. As we say in Dutch: “Waar een wil is, is een weg.”
Here’s to the next green adventure – whether by plane, train, or electric vehicle!
Tot weerziens,
Ruben Langbroek
GRESB Head of Asia Pacific
All aboard for the 2024 GRESB Real Estate Final Results
To help our Real Estate Participants and Investor Members stay on track and reach their destination with the 2024 Real Estate Final Results, we’ve prepared key resources to make the journey smoother:
Please note that Results Consultations will also be available soon, until January 2025. The Results Consultation (formerly Results Review) is carried out by the GRESB team and features a review of your Assessment results as presented in the Benchmark Report, followed by a discussion call, after which you will receive a Results Consultation report to ensure you’re prepared to navigate your Assessment results.
Sarah remains available, alongside our Member Success Team, for any queries.
Upcoming events & webinars
All tickets now available for our Regional Insights events!
We’re excited to announce that registrations are now open, and we can’t wait to connect with you as we embark on a journey through insightful presentations, engaging panel discussions, and some first-class networking over drinks and canapés. Whether you’re on the fast track to knowledge or cruising through conversations, this is your ticket to impactful insights. Spaces are limited, so secure yours now (registration is free):
GRESB Infrastructure Regional Insights | 7 November | 5pm – 8pm | Sydney
Generously hosted by Dexus, GRESB Infrastructure & Real Estate Participant Member, at the impressive Quay Quarter Tower in Sydney.
We recognise that our Infrastructure participant members are largely based in either Sydney or Melbourne, so we plan to alternate the location of this event moving forward.
GRESB Real Estate Regional Insights | 13 November | 5pm – 9pm | Sydney
Thank you to the generous support of our sponsors. This event will celebrate 15 years of the GRESB Real Estate Assessment at View by Sydney in Walsh Bay:
- Co-hosting Sponsor: Cushman & Wakefield
- Drinks Sponsor: Scaler
Register now [registrations close Friday 25 October]
Final Stop: After Party (in Ruben’s honour) | 13 November | 9pm – late | Sydney
Fasten your seatbelts, because from 9pm until late, we’re celebrating Ruben’s departure at the Rooftop, Harbour View Hotel. This part of the evening will feature a cash bar, so fuel up your conversations accordingly!
Register here and join us for a night of laughs and good company.
GRESB Global Results & Regional Insights events
Held on 15 October 2024, the online GRESB Global Results event reflected on 15 years of industry progress, looked ahead to the next 15, and highlighted the key priorities we need to stay on the path to sustainability and resilience.
Watch the event on-demand and find details on all our planned Regional Insights events at this link.
Webinars available on demand: Catch up at your own speed in your own seat
- GRESB Inside ESG: REAL Solutions: Unlocking real value from asset-level data. Learn more about REAL Solutions, GRESB’s new suite of dynamic tools designed to empower real estate investors and managers to unlock the potential of asset-level data at scale.
Available on demand
- GRESB Inside ESG: Going beyond climate – Biodiversity in focus: During a conversation with industry leaders, attendees hear real-world perspectives on navigating corporate challenges and uncover significant value creation opportunities that biodiversity presents beyond its natural benefits.
Available on demand
- GRESB Inside ESG: How Water Efficiency Drives Environmental Excellence: With water being an invaluable resource, effectively collecting, analysing, and managing water data is essential for businesses striving for environmental excellence.
Available on demand
Join our Industry Partners at upcoming events
Our Industry Partners have exciting events coming up, better pack your suitcase!
- Infrastructure Investor Australia Forum. An opportunity to connect and engage with Australia’s leading investors and the global infrastructure investment community. Sarah will be moderating the impact investing panel – she’s looking forward to seeing you there!
22 October | Sofitel, Melbourne | Register
- ISC Connect Conference. The premier event for sustainable infrastructure, focused on weaving connections that forge our positive legacy for people, planet, and the economy. And for low-carbon yet comfortable transport via road, rail, or sky, of course.
22-24 October | The Venue, Sydney | Register
- Australian Sustainable Finance Summit. The 2024 Australian Sustainable Finance Summit will bring together thought leaders from across the sustainability landscape to share powerful insights on harnessing existing momentum to drive real change. Want to find out what that means? So do we, so we’ll see you there!
31 October | Hilton, Sydney | Register
- IGCC Summit. The climate finance and investment event of the year (their promise, not ours 😉). IGCC have generously provided GRESB Oceania newsletter subscribers a discount code for this event – to get 15% off your ticket price, use code SummitIA24 once you have selected your ticket.
7-8 November | Sofitel, Melbourne | Register
What we’ve been talking about
Jorge Chapa’s outstanding contribution
We’re still riding high on the news that GBCA’s Jorge Chapa was recognised with an award for his tireless commitment to driving sustainable real assets forward. This award honours the exceptional contributions of GRESB Real Estate Standards Committee members. Jorge has been a true co-pilot on this journey, through countless middle-of-the-night committee calls (and sharing some seriously delicious Mexican recipes along the way). We’re excited to continue travelling this road together. Felicidades, Jorge – what a ride it’s been!
Jorge with Sarah Welton, Director GRESB Foundation, and Charles van Thiel, Director Real Estate Standards
Visit to Aotearoa New Zealand
“Transitions aren’t linear, they happen via disruption” – Dr Rod Carr, New Zealand Climate Change Commission
Sarah and I were delighted to be in Aotearoa New Zealand in September, meeting with members from across the Tasman Sea and attending the RIAA Aotearoa Conference.
Our key takeaways from our week across the ditch include:
- Resilience on shaky ground: In a country where earthquakes are as common as road bumps, resilience takes on a whole new meaning. The cost of retrofitting or upgrading existing assets to meet stringent regulatory requirements can be as steep as a mountain pass.
- Climate-related disclosures: The first round of reporting under the Climate-related Disclosure (CRD) regime came with plenty of lessons learnt. The good news? GRESB participants were already in the habit of collecting the data required, thanks to completing the GRESB Assessment. The challenge? Directors are feeling the pressure with personal liability attached to this mandatory reporting regime.
- Data as the fuel for growth: There’s a strong desire to better harness the data already being collected, transforming it into powerful insights. This attracts international investors who can support the transition to green and resilient buildings further, faster, and more efficiently.
The extended GRESB Oceania team after the RIAA Aotearoa Conference
Next stop: Australia’s mandatory climate disclosure regime
After Aotearoa went first, the talk of the town is Australia’s mandatory climate disclosure regime, with its catchy name Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024.
On 22 August 2024, the Senate passed the Bill, which requires certain organisations to make mandatory climate-related financial disclosures in their annual reports for financial years commencing after 1 January 2025.
Core disclosures for the climate statements will include governance, strategy, risk management, emissions (Scope 1 and 2 in year 1; Scope 3 from year 2), financial effects, metrics, and targets.
New destination: Taskforce on Inequality and Social-related Financial Disclosures (TISFD) launch
The TISFD is a global initiative to develop recommendations that enable businesses and investors to effectively identify, assess, and report on their inequality and social-related risks, opportunities, and impacts.
Their aim is to reduce the systemic risks of inequality, strengthen the stability of financial systems, and improve outcomes for all people.
On the social impact topic, we are also delighted to announce the appointment of Dr Matt Trowbridge as GRESB Senior Fellow for Social Sustainability. Matt will focus on identifying opportunities for GRESB to improve transparency and promote social sustainability outcomes in our industry.
What’s fueling our journey: What we’ve been reading / listening to
IREI: Engaging, persuading and allocating
In the latest Sustainability Trends article for IREI, Sarah steers the conversation towards how standardised data, effective leadership, and active engagement are the key tracks for driving responsible investment strategies and achieving meaningful ESG outcomes. She also makes a quick stop to highlight the correlation between sustainability and returns, something GRESB will be focusing on in the months ahead.
ASBEC’s Issues Paper: Embodied carbon emissions in Australia’s built environment
This Issues Paper maps out how Australia’s built environment contributes to carbon emissions and why we need to hit the brakes on upfront embodied carbon now. Based on research from both Australia and abroad, it highlights key issues that need to be addressed to successfully lower embodied carbon and hit Australia’s net zero target by 2050.
NZGBC & JLL’s Turning Green to Gold: The impact of green certifications on rents, prices and values
The first report of its kind in Aotearoa New Zealand, this study analysed data from all Green Star and NABERSNZ-certified office buildings across Auckland, Wellington, and Christchurch, and compared them to buildings in the JLL datasets. According to the report, buildings with sustainable credentials like Green Star and NABERSNZ command higher rents and greater value. Looks like green really is the colour of money!
RIAA’s Nature Investor Toolkit
In partnership with our newest Industry Partner, Altiorem, and launched at the RIAA Aotearoa Conference, this toolkit helps investors fly high by guiding them on identifying nature-related risks and opportunities, nature-based solutions, and stewardship strategies. It’s all about protecting the birds and the bees, while ensuring your portfolio is ready for take-off!
IVSC’s Perspectives Paper on ESG and valuations
IVSC’s latest Perspectives Paper puts the spotlight on ESG’s evolving role in the valuation of tangible assets. Following recent changes to IVS, including the introduction of an ESG appendix, this paper explores how market participants are navigating these new valuation practices. It’s a ride through fascinating territory for anyone curious about how ESG impacts the bottom line.
GRESB’s podcast series The Pulse
GRESB’s podcast series continued this quarter with the following new shows available to stream while you’re on the road:
- Hidden in plain sight: Understanding embodied carbon for real estate
- To peer or not to peer: That is your question
- The accreditation edge: GRESB AP explained
- Brown to green: measuring the impact of sustainable improvements in real estate investments
- Starting at the bottom: the GRESB origin story
Products
A reminder of the products that we’ve launched during 2024:
- Buckle up for REAL Solutions, GRESB’s dynamic suite of tools designed to navigate the sustainability, resilience, and efficiency of real assets. REAL Benchmarks, the first tool to hit the road from the REAL Solutions family, was launched in April, giving real estate managers and listed companies the power to chart a more sustainable course with precision.
Further information, contact us for a demo.
- The GRESB Accredited Professional (AP) Program is now available to everyone. GRESB AP offers individuals the opportunity to deepen their understanding, reporting, and management of sustainability data and performance within the GRESB Real Estate Assessment.
Learn more and contact us to discuss pricing for multiple exams.
Just for fun
To close this GRESB Oceania Q3 newsletter, some GRESB-related “wist u datjes” (“did you know that…”):
- Since its first year, the regional GRESB benchmark grew from 25 APAC participants chugging along like a steam engine to over 500 speeding ahead like electric cars on the autobahn.
- Australia, Hong Kong, Japan and Singapore have been with GRESB since the first year of participation, and these four countries combined submitted over 300 GRESB Real Estate Assessments in 2024.
- The inaugural GRESB Benchmark Reports were released in 2009, in the same month the first International Day of Climate Action was organised, and the same month when the “Aussie Emu Rampage” happened: a rogue emu caused chaos in a small Australian town after escaping from a wildlife sanctuary.
- Back in 2009, Ruben was dipping his toes into sustainability consulting, launching an asset-level sustainability benchmark service at JLL called “The Third Dimension”, while Sarah was making plans for the start of her (short-lived) book publishing career.
- There are 12 times more trees on Earth than stars in the Milky Way. Scientists estimate there are between 200 and 400 billion stars in our galaxy, while there are an estimated one trillion trees on Earth.
- The average tree absorbs an average of 10 kilograms of carbon dioxide per year for the first 20 years.
- Collectively, the buildings included in the GRESB Benchmark reduced their carbon emissions by over 800,000 metric tons in the first 15 years of GRESB. That’s the equivalent of… a whole lot of trees (but a maximum of only five GRESB stars).