GRESB benchmark grows but participants lag on net zero targets

The 2023 GRESB results show a rise in participation and average scores across the industry, but initial data on net zero show a relative lack of firm targets.

More than 2,000 listed and non-listed real estate portfolios took part in the 2023 GRESB assessment, covering assets worth $7.2 trillion across 75 countries. This represents a 15% rise in asset value from 2022. 

Average GRESB scores increased by a point to 75 for the standing investments benchmark and by two points to 83 in the development benchmark. 

In relative terms, Oceania stood out as the fastest-growing region, recording 23% year-on-year increase in participation. On a global scale, Europe had the highest number of new participants, rising to 1,013 from 907. At the market level, the United States recorded the highest number of new participants, up to 433 from 380.

In 2023, GRESB also increased the granularity of the information it collects on net zero, ranging from net-zero policies to commitments and targets, enabling the tracking of this data for the first time.

However, while 72% of participants reported a net zero policy, only 56% of global participants have made a public net zero commitment and 50% have established a net zero target. 

During the early years of GRESB, the organisation says, an emphasis was placed on enhancing data coverage, ensuring participants could collect and disclose a growing portion of their ESG data consistently. Today, the focus has shifted towards enhancing performance by boosting energy efficiency and reducing overall emissions.

“Benchmark growth across real estate and infrastructure this year is not just about numbers—it’s about the depth, breadth and usefulness of the data. This increasing dedication and awareness of data quality demonstrates the commitment of global real assets to transparency and sustainability on a broader scale,” said Sebastien Roussotte, CEO at GRESB.