May newsletter: Last chance to request a Response Check; New GRESB CIO and case studies

We’re officially past the halfway point of the GRESB reporting period and we are excited to share that we expect another record year.

​​​​As a reminder, the deadline to complete the GRESB Assessments is July 1. For any questions, please contact us.

The deadline to request a Response Check is fast approaching and we are now almost at capacity. With only a few days left until the June 1 deadline, this is your last chance to request and schedule a Response Check.

A Response Check helps reduce errors that may adversely impact your Assessment results and ensures that your submission is as complete as possible. Schedule a Response Check now so you don’t overlook important details in your submission and get the opportunity to ask for additional guidance and clarification.

You can request a Response Check in the GRESB Portal via the shop icon. For more information visit our Response Check page or contact our helpdesk.

For those participants that have already purchased a Response Check, please remember to schedule the Response Check call using the scheduling link in the confirmation email.

The Q2 edition of our quarterly Americas newsletter is out!

Supported by GRESB Global Partner Verdani Partners, this edition shares some important updates and helpful resources, including additional support regarding the ongoing Assessment period and an article by Verdani Partners on financing commercial real estate’s net-zero transition with green bonds.

Read the latest edition. Want to get this in your inbox? Sign up for the newsletter here.

TCFD alignment on climate-related opportunities
Earlier this month, the GRESB Foundation Board approved the first changes for the 2024 Infrastructure Standards, including the alignment of Physical Climate Risks (PCR) and Transition Risks (TR) with TCFD-related indicators.

These updates had been previously endorsed by the Infrastructure Standards Committee and include changes to better integrate climate-related opportunities into the Standards to align more closely with the TCFD framework. This includes an update to an existing indicator, two new indicators, and the introduction of scoring across three indicators. Total scoring in the risk management section will remain unchanged, and the total points will be reassigned across indicators.

TCFD alignment on climate-related opportunities
Earlier this month, the GRESB Foundation Board approved the first changes for the 2024 Infrastructure Standards, including the alignment of Physical Climate Risks (PCR) and Transition Risks (TR) with TCFD-related indicators.

These updates had been previously endorsed by the Infrastructure Standards Committee and include changes to better integrate climate-related opportunities into the Standards to align more closely with the TCFD framework. This includes an update to an existing indicator, two new indicators, and the introduction of scoring across three indicators. Total scoring in the risk management section will remain unchanged, and the total points will be reassigned across indicators.

Embodied carbon
The GRESB Foundation has approved a new indicator on embodied carbon for the 2023 Real Estate Standard. This change will encourage the collection of embodied carbon data as part of carbon accounting and commitments. Embodied carbon emissions data will be collected from New Construction assets and Major Renovation projects separately, alongside the life cycle stages and building layers included in the entity’s embodied carbon analysis for assets/projects completed during the reporting year.

For more information, read our recent GRESB Insights article on what is embodied carbon in the real estate sector and why does it matter.

Biodiversity
Biodiversity has been deemed an issue of importance by both Standards Committees, but it was also recognized that the issue is not as mature as other topics, and therefore not as high a priority as Net Zero, DEI, and Physical Climate Risk.

As further context, the Taskforce for Nature-related Financial Disclosures (TNFD) was launched in 2022 with an initial version under consultation at the moment and a planned publication of its final recommendations in Q4 2023. It is anticipated that this framework will be adopted by several investors and managers in the future, although the framework is still a work in progress and the practicalities of its implementation are still to be defined.

In terms of timing, it means that the earliest reporting year when biodiversity could be incorporated further in the Standards would be the 2025 GRESB reporting cycle. GRESB has engaged an independent consultant to help the Standards Committees evaluate and measure the significance of biodiversity on real estate and infrastructure. A literature review is underway and stakeholder interviews will begin in the coming weeks.

Net Zero Working Groups
The Net Zero Working Groups for real estate and infrastructure have successfully concluded their research and delivered their outputs to the GRESB BV team secretariat.

The Real Estate Net Zero Working Group provided a technical examination of different approaches to the assessment of critical net-zero elements, including energy performance, GHG accounting, offsets, lifecycle stages, and data availability. The Infrastructure Net Zero Working Group provided an evaluation of how industry-leading frameworks address various aspects of net zero, including the treatment of Scope 3 emissions, offsets, target-setting, governance, and disclosure.

The deliverables have also been shared with the Standards Committees, who will use them to inform the integration of net zero into the GRESB Standards.

Reminder: You can learn more about the GRESB Foundation Standards Committees by visiting our website and can apply to join the Real Estate or Infrastructure Standards Committees by completing this nomination form.

GRESB case studies explore the many ways our community uses GRESB, looking at how our investor members and managers engage with our data and integrate GRESB into their investment processes and decision-making.

View our latest case studies and features below:

• PATRIZIA Infrastructure | Manager case study
• Alecta Fastigheter | First-year participant interview

View all GRESB case studies here.

Through GRESB Insights, we seek to highlight case studies on ESG integration in real assets, data-driven analyses into how the industry is responding to sustainability challenges, and educational articles exploring topics covered in the GRESB Assessments.

The theme this month was “Sustainable Finance.” Below are the latest GRESB Insights:

• Cracking the Code to Decarbonizing Finance | Schneider Electric
• Sustainability is the new “must-have” | Deepki

See all of our GRESB Insights here. Next month’s topic is Data Quality.

Maximizing tech to create and achieve your net zero strategy | July 11, 2023 | Online

Join Scaler and CRREM for a webinar about the importance of implementing a decarbonization strategy and employing technological solutions that will help you achieve it.

The GRESB Standard: Systematics, Experiences and Challenges in Practice | June 19, 2023 | Online

With GRESB growing in popularity in the German real estate market, this webinar dives into the GRESB Standard and discusses its importance for German real estate asset managers engaging with international institutional investors.

PEI Women in Private Markets Summit: New York 2023 | June 20-21, 2023 | New York, NY

Join PEI for the Women in Private Markets Summit held in New York. This two-day conference offers four different forums dedicated to women in private equity, infrastructure, real estate, and private debt.

APREA China REIT Conference | July 11-12, 2023 | Shanghai

Learn and connect with key stakeholders shaping the future of China’s real assets industry. The conference will feature insightful discussions on emerging trends, winning strategies, and untapped opportunities in the Chinese REITs market.

BOMA International Conference & Expo 2023 | June 24-27, 2023 | Kansas City, MO

Join the BOMA International Conference & Expo to keep up with industry advancements, from groundbreaking building technologies and new occupant expectations, to the next phase of hybrid work environments and promising decarbonization efforts.

IMN ESG & Decarbonizing Real Estate Forum | July 18-19, 2023 | Dana Point, CA

IMN is holding its second annual ESG and Decarbonizing Real Estate event. This forum will discuss the future of ESG in the real estate market, touching on developing regulations and what is needed to drive profound change.

See our events calendar for a full overview of upcoming events.

GRESB is growing and looking for new people! Please feel free to share with your network.

Our most recently added open positions:

• Marketing and Events Internships (Sustainability) | Amsterdam
• Business Analyst | Amsterdam
• Climate Data Analyst – Intern (Asset Impact) | Paris or Berlin
• Full Stack Developer (Asset Impact) | Paris or Berlin
• Back-End Developer (Asset Impact) | Paris or Berlin

> ESG Insights in Non-listed Fund Performance | INREV & GRESB  

> Pensions & Investments ESG Special Report | Pensions & Investments

> Deep dive: ESG moves down private real estate’s priority list | PERE

> Improving the benchmarking of ESG in real estate investment | Journal of Property Investment and Finance

> Der Countdown läuft | Portfolio institutionell (in German)