The GRESB Foundation Board is pleased to share that all changes for the 2023 GRESB Standards have been approved. This decision was taken at a recent GRESB Foundation Board meeting held on September 14, 2022, where the Board reviewed the proposed changes for the 2023 Standards, as recommended by the Real Estate and Infrastructure Standards Committees. More detail on the process, the objectives, and the changes is available below.
This is an important outcome of the new GRESB Standards Development Process, which puts the voice and priorities of GRESB Members and Partners at the forefront of this work. The 2023 changes represent the first set of Standards developed by the GRESB Foundation.
GRESB New Standards Development Process – Evolving the GRESB Standards Going Forward
Evolving the 2023 Standards required the GRESB Foundation Board and Standards Committees to adopt a new formalized process, designed to ensure the independence of the Foundation and the transparency of all decisions. The new process allows the GRESB Foundation, representing GRESB Members and Partners, to fulfil its mission and ensure that the standards remain by the industry, for the industry, and investor led.
You can learn more about the new Standards Development Process that is now driving the evolution of the GRESB Standards in this document. This details the working relationship between the GRESB Foundation and GRESB B.V., the different stages and processes that enable the development and implementation of specific changes, as well as the more strategic evolution of the Standards.
Changes to the 2023 GRESB Standards – Process and Outcomes
2022 has been a transition year to establish the new GRESB Standards Development Process and for the GRESB Foundation to take on responsibility for setting the GRESB Standards.
The key objectives for the 2023 Standards changes were to:
- Focus on the most pressing issues, as expressed by global stakeholders through live engagement sessions and surveys
- Maximize the number of changes that could be reasonably achieved in the 2023 Standards
- Minimize the possible disruptions to participants, providing sufficient advance notice, and allowing participants to adequately prepare and adjust to the changes
- Follow the new process to prioritize, design, formalize, and validate the changes for 2023
For a detailed description of the implementation of the new Standards Development Process this year and the work done to prioritize key topics, as well as a high-level outline of the design of the changes across all Standards, please refer to this document.
2023 GRESB Standards – List of Changes
The changes for 2023 broadly cover Net Zero; Physical Climate Risk and Transition Risk; and Diversity, Equity, and Inclusion. This reinforces that the GRESB Foundation views climate as one of the most pressing issues for enhancement in the Standards in the current period, but also reflects that social elements of the ESG landscape are becoming more important.
Please refer to the documents below for a detailed description of the changes across the GRESB Real Estate, Infrastructure Fund, and Infrastructure Asset Standards, including information on the background and purpose of the changes, a detailed description of each change, and the impact on scoring and requirements.
Looking Ahead
The GRESB Foundation Board and Standards Committees will continue their work on evolving and updating the Standards and will provide a Roadmap that outlines the direction and milestones for the further development of the Standards in Q1 2023.
GRESB Foundation Update & 2023 Standards Changes Events
Join us online for our upcoming GRESB Foundation Update & 2023 Standards Changes events on November 29 & 30 to learn more about the new governance structure, the GRESB Standards Development Process, and the changes for the 2023 GRESB Standards. The events will provide an excellent opportunity to hear directly from us and to ask any questions you may have. Learn more about the webinars and register here.
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