2022 Infrastructure Assessment Results

  • 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.

 

SectorAverageMaxMinSample SizeMedianOutput Intensity MetricMetric
Data Infrastructure: Data Transmission: Fibre networks0,0131550,0518030120,00783tCO2e/Terabits (Tb)Data Transmitted
Data Infrastructure: Data Transmission: Telecom Towers0,0884670,1861490,00069350,102569tCO2e/Terabits (Tb)Data Transmitted
Energy and Water Resources: Energy Resource Storage Companies: Liquid Storage0,018790,1951170120,002444tCO2e/m3Throughput
Network Utilities: District Cooling/Heating Companies: District Cooling/Heating Network0,0429910,1038610,01211100,03269tCO2e/MWHEnergy Dsitributed
Network Utilities: Electricity Distribution Companies: Electricity Distribution Network0,0658590,459512090,009078tCO2e/MWHEnergy Dsitributed
Network Utilities: Electricity Transmission Companies: Electricity Transmission Network0,0108090,0199180,00077855470,009672tCO2e/MWHEnergy Dsitributed
Network Utilities: Gas Distribution Companies: Gas Distribution Network0,0814140,9599251,84E-05120,001489tCO2e/MWHEnergy Dsitributed
Network Utilities: Water and Sewerage Companies: Water and Sewerage Network0,4539240,7645790,08319120,534074tCO2e/MLWater dsitributed
Power Generation x-Renewables: Independent Power Producers: Gas-Fired Power Generation0,4449930,7409580,105736130,41428tCO2e/MWHEnergy Generated
Renewable Power: Solar Power Generation: Photovoltaic Power Generation0,0028570,0475910590,000852tCO2e/MWHEnergy Generated
Renewable Power: Wind Power Generation: Off-Shore Wind Power Generation0,0015680,0044890260,001417tCO2e/MWHEnergy Generated
Renewable Power: Wind Power Generation: On-Shore Wind Power Generation0,0011790,0228580390,000121tCO2e/MWHEnergy Generated
Social Infrastructure: Education Services: Schools (Classes and Sports Facilities)0,2524140,5662730130,243146tCO2e/NumberAvg Student Attendance
Social Infrastructure: Education Services: Student Accommodation0,004440,00715080,005293tCO2e/Bed daysBed Days Available
Social Infrastructure: Health and Social Care Services: Hospitals3,70007820,4973850,018847170,358206tCO2e/Bed daysBed Days Available
Transport: Airport Companies: Airport0,0727650,7257380,000332250,003671tCO2e/NumberTraffic Units
Transport: Car Park Companies: Car Park0,0001360,000422080,000075tCO2e/Vehicle HoursVehicle Hours Parked
Transport: Port Companies: Container Port0,0121480,0242920,00365690,0125tCO2e/TEUContainer Volume Moved
Transport: Port Companies: Other Port0,0010560,0041393,652E-0570,000481tCO2e/TonnesFreight Volume Moved
Transport: Rail Companies: Passenger Rail Rolling Stock0,0021770,0070491,430E-0770,000672tCO2e/Train KMTrain Kilometres Travelled
Transport: Road Companies: Dual-Carriage Way Roads0,0000090,0000423,568E-07100,000006tCO2e/Vehicle KMVehicle Kilometres Travelled
Transport: Road Companies: Motorway Network0,0003120,0024311,157E-0780,000001tCO2e/Vehicle KMVehicle Kilometres Travelled
Transport: Road Companies: Motorways0,0016670,0382870230,000001tCO2e/Vehicle KMVehicle 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.

  • ClassRegionFund nameFund managerRegion
    DiversifiedAINDACK 18Ainda Energía e Infraestructura
    Renewable PowerCapital Dynamics Clean Energy and Infrastructure III LPCapital Dynamics
    Renewable PowerAquila Capital European Hydro – Småkraft Growth C.V.Aquila Capital
    Renewable PowerAquila Capital European Hydropower Fund S.A.Aquila Capital
    TransportArcus European Trains SCSpArcus European Investment Manager LLP
    AmericasAINDACK 18Ainda Energía e Infraestructura
    AsiaTakara Leben Infrastructure Fund, Inc.Takara Asset Management Co., Ltd.
    EuropeArcus European Trains SCSpArcus European Investment Manager LLP
    OceaniaAMP Capital Diversified Infrastructure TrustAMP CapitalOceania
  • SuperclassClassFund nameGRESB MemberRegion
    Data InfrastructureConnexin LimitedPatrizia AG
    Data InfrastructureAsset 1Morgan Stanley Infrastructure Inc.
    DiversifiedREDEXIS GROUPREDEXIS, S.A.
    DiversifiedBUUK Infrastructure No 1 LimitedBrookfield Utilities UK Infrastructure Ltd
    Energy and Water ResourcesAsset 2Morgan Stanley Infrastructure Inc.
    Environmental ServicesCory Topco LimitedFiera Infrastructure Inc
    Network UtilitiesCeleo Redes Chile S.L.Celeo Redes
    Network UtilitiesEDP Redes España, S.L.Viesgo Infraestructuras Energeticas
    Network UtilitiesCeleo Redes Brasil SACeleo Redes
    OtherGRUPO OHLAOhla Group
    Power Generation x-RenewablesAsset 3Argo Infrastructure Partners LP
    Renewable PowerVentient Energy S.à r.lJ.P. Morgan Investment Management, Inc.
    Renewable PowerCollgar Wind FarmCollgar Wind FarmOceania
    Social InfrastructureEscala Vila Franca – Sociedade Gestora do Edificio, S.A.abrdn
    Social InfrastructureTGI Arelia S.A.SDIF
    TransportLondon Luton Airport Operations LimitedAMP Capital Investors
    TransportAlpha Trains (Luxembourg) Holdings S.à r.l.Arcus Infrastructure Partners
    TransportPorterbrook Leasing Company LimitedPorterbrook Leasing
    TransportPerth AirportH.R.L. Morrison & Co Limited
    TransportAsset 4Morgan Stanley Infrastructure Inc.
    TransportPort CompaniesGeelongPortGeelongPort Pty LtdOceania
    Data InfrastructureData StorageBohao Internet Data Service LimitedMacquarie Asset Management
    Data InfrastructureData StorageQTS Manassas Data CenterAstatine Investment Partners
    Data InfrastructureData TransmissionConnexin LimitedPatrizia AG
    Data InfrastructureData TransmissionAsset 5Morgan Stanley Infrastructure Inc.
    Energy and Water ResourcesEnergy Resource Storage CompaniesAsset 6Morgan Stanley Infrastructure Inc.
    Energy and Water ResourcesEnergy Resource Storage CompaniesBuckeye Partners, L.P.Buckeye Partner
    Network UtilitiesDistrict Cooling/Heating CompaniesCoolCo CincinnatiHarrison Street Real Estate Capital, LLC
    Network UtilitiesGas Distribution CompaniesSummit Utilities, Inc.J.P. Morgan Investment Management, Inc
    Power Generation x-RenewablesIndependent Power ProducersAsset 7Argo Infrastructure Partners LP
    Renewable PowerSolar Power GenerationConstant Energy Singapore Holding Pte. Ltd.Constant Energy
    Renewable PowerWind Power GenerationVentient Energy S.à r.lJ.P. Morgan Investment Management, Inc.
    Renewable PowerWind Power GenerationCollgar Wind FarmCollgar Wind Farm
    Social InfrastructureEducation ServicesAmey Belfast School Partnership PFI Co LimitedDIF
    Social InfrastructureEducation ServicesThe Renfrewshire Schools Partnership LimitedDIF
    Social InfrastructureGovernment ServicesTGI Arelia S.A.SDIF
    Social InfrastructureHealth and Social Care ServicesEscala Vila Franca – Sociedade Gestora do Edificio, S.A.abrdn
    TransportAirport CompaniesLondon Luton Airport Operations LimitedAMP Capital Investors
    TransportAirport CompaniesPerth AirportH.R.L. Morrison & Co LimitedOceania
    TransportOtherITS ConGlobalAMP Capital Investors
    TransportPort CompaniesNewcastle Coal Infrastructure GroupInfrastructure Capital Group LimitedOceania
    Data InfrastructureData StorageAirTrunkMacquarie Asset Management
    Oceania
    TransportRail CompaniesAlpha Trains (Luxembourg) Holdings S.à r.l.Arcus Infrastructure Partners
    TransportRail CompaniesPorterbrook Leasing Company LimitedPorterbrook Leasing
    TransportRail CompaniesAsset 8Morgan Stanley Infrastructure Inc.
    TransportRoad CompaniesAutoroute de Liaison Seine SarthePGGM Infrastructure
    TransportRoad CompaniesGlobalviaPGGM Infrastructure
    TransportRoad CompaniesDBFO2DIF
  • ClassRegionFund nameFund managerRegion
    DiversifiedQIC Global Infrastructure Fund (QGIF)QIC LtdOceania
    Renewable PowerAquila Capital European Hydro C.V.Aquila Capital
    AmericasHarbert Power Fund VHarbert Power Fund V, LLC
    EuropeAberdeen European Infrastructure Partner II LPAberdeen Fund Managers Limited
    Globally diversifiedQIC Global Infrastructure Fund (QGIF)QIC Ltd
    OceaniaPublic Infrastructure Partners FundH.R.L. Morrison & CoOceania
  • SuperclassClassFund nameFund managerRegion
    Data InfrastructureBluebird NetworkBluebird Network
    DiversifiedEP Infrastructure, a.s.EP Infrastructure, a.s.
    Energy and Water ResourcesNOGAT B.V.Northern Offshore Gas Transport
    Environmental ServicesECOLYAECOLYA
    Network UtilitiesHorizon Energy Infrastructure LimitedHorizon Energy Infrastructure Limited
    Energy and Water ResourcesEnergy Resource Storage CompaniesLochard Energy (Iona Operations) TrustLochard Energy (Iona Operations) TrustOceania
    Power Generation x-RenewablesNeerabup Power StationNeerabup Power StationOceania
    Social InfrastructureDouai Logi Services S.A.SDouai Logi Services S.A.S
    TransportMAK Mecsek Autopalya Koncesszios Zrt.MAK Mecsek Autopalya Koncesszios Zrt.
    Data InfrastructureData StorageNorth America Data CentersCIM Group
    Data InfrastructureData TransmissionBluebird NetworkBluebird Network
    Data InfrastructureOtherAxione SASAxione
    Power Generation x-RenewablesIndependent Power ProducersNeerabup Power StationNeerabup Power StationOceania
    Energy and Water ResourcesNatural Resources Transportation CompaniesHoward Midstream Energy Partners, LLCAstatine Investment Partners
    Network UtilitiesElectricity Distribution CompaniesLoiste OyLoiste
    Network UtilitiesElectricity Transmission CompaniesTramway De DijonTED
    Network UtilitiesGas Distribution CompaniesCzech Grid HoldingCzech Grid Holding
    Network UtilitiesWater and Sewerage CompaniesVeolia Utility Parent, Inc. (formerly SUEZ Utility Holdings Inc.)Veolia Utility Parent, Inc. (formerly SUEZ Utility Holdings Inc.)
    TransportPort CompaniesPort of Melbourne Operations Pty Ltd as trustee for the Port of Melbourne Unit TrustPort of Melbourne Operations Pty Ltd as trustee for the Port of Melbourne Unit TrustOceania
    Renewable PowerPARF Co 2 Pty LtdTilt RenewablesOceania
    Social InfrastructureEducation ServicesKinland ASKinland AS
    Social InfrastructureGovernment ServicesSafire BVSafire BV
    Social InfrastructureHealth and Social Care ServicesDouai Logi Services S.A.SDouai Logi Services S.A.S
    Social InfrastructureRecreational FacilitiesAREMA – Orange VélodromeArema
    TransportAirport CompaniesLondon Luton Airport Operations LimitedLondon Luton Airport Operations Limited
    Renewable PowerWind Power GenerationPARF Co 2 Pty LtdTilt RenewablesOceania
    TransportRail CompaniesAlbali SenalizacionAlbali Senalizacion S.A.
    TransportRoad CompaniesMAK Mecsek Autopalya Koncesszios Zrt.MAK Mecsek Autopalya Koncesszios Zrt.
    TransportUrban Commuter CompaniesMetro Ligero Oeste, S.A.Metro Ligero Oeste, S.A.