2023 Infrastructure Assessment Results

More than 95% of investors use ESG data in their decision-making, drawing on benchmarks like GRESB.


As we dive into the 2023 GRESB Infrastructure Public Results, we celebrate another year of growth in participation, with 172 funds and 687 assets contributing to this year’s benchmark. This expansion now encompasses a USD 393 billion in GAV at the fund level and USD 1.2 trillion at the asset level. The industry continues to make improvements, but the pressing question remains: is the pace of our progress aligning with the urgency of our climate goals?

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Regional participation

EMEA demonstrates steady growth and continues to be the most widely covered region. In relative terms, regions that experienced significant growth in participating assets include Oceania and the Americas. At the country level, a notable increase of 26% was seen in Korea.

  • Covering over 350 assets, EMEA remains the most represented region
  • The Americas experienced an 11% year-on-year increase with 20 new infrastructure assets
  • Similarly, Oceania is among regions with the highest year-on-year growth with a 10% increase and 12 new infrastructure assets
  • Participating assets in Korea increased to include 19 entities

An industry in transition – the GRESB Model

GRESB Scores and their underlying data provide valuable insights for investors and stakeholders about the performance and risk associated with individual assets or a portfolio within a fund or company. The chart below shows entities that excel in both management policies (vertical axis) and implementation performance (horizontal axis) in the upper right quadrant. Over time, the upper right-hand quadrant has become more densely populated, reflecting a positive trend in both management strategies and performance across infrastructure assets and funds, which signifies notable industry improvement overall.

Average GRESB scores for assets jumped by four percentage points to 83 and for funds by one point to 83.

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Firms are doing more and performing better

As the cluster of top performers continues to grow, this presents a developmental challenge for the industry, resulting in a need for new inventive approaches to distinguish themselves and stimulate continued improvements in both practices and performance. Development of the GRESB standards will involve initiatives aimed at deepening awareness regarding the actions and accomplishments of these market leaders. Take a look at some examples in our manager case studies.

See manager case studies

Regional scores breakdown

Independent studies have demonstrated that companies and funds with high GRESB scores outperform their counterparts as investments, which both GRESB participation and performance being significant predictors of fund returns. The graphic below shows average GRESB score by starting year of assessment participants. On average, GRESB participants see a 10-percentage point increase in their GRESB score during their second year of reporting.

See how GRESB participation relates to financial returns

Average scores per aspect

During the early years of GRESB, emphasis was placed on enhancing data coverage, ensuring participants could collect and disclose a growing portion of their ESG data consistently. Presently, the focus has shifted towards enhancing performance by boosting energy efficiency and reducing overall emissions. The objective is to recognize achievements that drive substantial, enduring transformations within the infrastructure sector.

Key indicator reporting

GRESB Infrastructure Members are further enhancing their data coverage, with an increasing number of participants now reporting on key metrics such as Air Pollution, Biodiversity & Habitat, Waste and Employees engagement.

Gender diversity across the GRESB Infrastructure Assessments

Like in previous years, the gender split across all employees remained constant at 40:60 (female to male) at the fund level. At the asset level, most assets tend to have gender ratios with a split of 70:30 in favor of men, except for social infrastructure assets which display a 49:51 gender split across employees.

Net-zero progress

Recent changes to the 2023 GRESB Standards have enabled us to monitor net-zero progress and track information on net-zero policies, commitments, and targets for the first time.

  • In 2023, 60% of global asset participants reported a net-zero policy, with Oceania and Europe leading the charge with 65% of participants in the regions having a net-zero policy in place. While only 40% of global assets reported net-zero commitments, 60% have already set net-zero targets.
  • At the fund level, 68% of reporting funds have a net-zero policy in place, while 70% have already shared net-zero commitments and 60% set net-zero targets.
  • Regarding net-zero targets, 37% of global asset participants have set targets for Scope 1 and 2 location-based direct emissions. However, only 22% currently possess the capability to track Scope 3 emissions within their supply chain. In terms of market-based emissions, the average coverage stands at 20% across the board.
  • Renewable power assets remain the sector with the highest reporting coverage on Scope 3 emissions at 40%.

GRESB Rating Cutoff

The GRESB Rating is determined by the GRESB Score and its position within the quintiles of all participants in the GRESB Assessment, with the model being calibrated annually. Entities in the top quintile receive a GRESB 5 Star rating, while those in the bottom quintile receive a GRESB 1 Star rating, and so on.

Because the GRESB Rating is calculated in comparison to the global performance of reporting entities, it provides a clear indication of your standing on a global scale. GRESB 5 Stars represents the highest rating, acknowledging you as an industry leader. Each year, 20% of entities achieve a GRESB 5 Star rating. You can use the GRESB Rating Logo in your communications.

TCFD Alignment

GRESB assesses alignment with TCFD recommended disclosures based on the reported presence of leadership structures, risks, and other climate-related processes related to the four core elements outlined by TCFD. The maximum alignment, reflected in the full TCFD alignment percentage, represents the highest level of alignment achievable through GRESB Assessments. Although this evaluation determines if an entity has effectively reported on all 11 TCFD recommended disclosures, achieving a maximum score does not imply that there isn’t room for improvement in enhancing the quality and scope of these disclosures.

GRESB Score by Sector

Infrastructure sector leaders

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 one point of the top score in a category will be recognized as Sector Leaders.

  • ClassRegionFund nameFund manager
    Renewable PowerAquila GAM Fund GmbH & Co. geschlossene InvestmentkommanditgesellschaftAquila Capital
    Renewable PowerAquila Capital European Hydro – Småkraft Growth C.V.Aquila Capital
    Renewable PowerAquila Capital European Hydropower Fund S.A.Aquila Capital
    Renewable PowerAquila Capital European Hydro C.V.Aquila Capital
    TransportArcus European Trains SCSpArcus European Investment Manager LLP
    EuropeArcus European Trains SCSpArcus European Investment Manager LLP
    OceaniaQueensland Airports Limited (Asset Management)Morrison & Co
    AmericasSCIF Investor Vehicle LLPPATRIZIA Infrastructure Ltd
    AsiaMacquarie Asia Infrastructure Fund 2 (MAIF2)Macquarie Infrastructure Management (Asia) Pty Limited
  • SuperclassClassAsset nameFund manager
    Data InfrastructureCellnex Netherlands B.V.Cellnex Netherlands
    DiversifiedBUUK Infrastructure No 1 LimitedBUUK Infrastructure
    Network UtilitiesCadent Gas LimitedCadent Gas Limited
    Network UtilitiesEDP Redes España, S.L.EDP Redes España, S.L.
    Network UtilitiesEsvalEsval S.A.
    Network UtilitiesLoimua OyLoimua Oy
    Network UtilitiesPowerco LimitedPowerco Limited
    Network UtilitiesSouth East WaterSouth East Water
    OtherDIG AIRGASDIG Airgas Co., Ltd.
    Renewable PowerSonnedix Power HoldingInfrastructure Investments Fund, advised by J.P. Morgan Investment Management, Inc.
    Social InfrastructureTGI Arelia S.A.SArelia S.A.S
    TransportAlpha Trains (Luxembourg) Holdings S.à r.l.Alpha Trains (Luxembourg) Holdings S.à r.l.
    TransportAutoroute de Liaison Seine SartheALIS
    TransportConcesionaria de Autopistas del SuresteConcesionaria Autopistas del Sureste – Autopista Tuxtla – San Cristobal y Arriaga – Ocozocoautla
    TransportLondon Luton Airport Operations LimitedLondon Luton Airport Operations Limited
    TransportNewcastle International AirportAMP
    TransportPerth AirportPerth Airport Pty Ltd
    TransportPorterbrook Leasing Company LimitedAlberta Investment Management Corp
    Data Infrastructure: Data StorageAirTrunkAirTrunk Operating Pty Ltd
    Data Infrastructure: Data StorageBohao Internet Data Service LimitedBohao Internet Data Service Limited
    Data Infrastructure: Data TransmissionCellnex Netherlands B.V.Cellnex Netherlands
    Energy and Water Resources: Energy Resource Storage CompaniesTanQuid GmbH & Co. KGTanQuid GmbH & Co. KG
    Environmental Services: Waste TreatmentCory Topco LimitedCory
    Environmental Services: Waste TreatmentEleia TopCo LimitedAugean Limited
    Network Utilities: Electricity Distribution CompaniesPowerco LimitedPowerco Limited
    Network Utilities: Electricity Distribution CompaniesEDP Redes España, S.L.EDP Redes España, S.L.
    Network Utilities: Gas Distribution CompaniesCadent Gas LimitedCadent Gas Limited
    Network Utilities: Gas Distribution CompaniesMADRILEÑA RED DE GASMADRILEÑA RED DE GAS
    Network Utilities: District Cooling/Heating CompaniesLoimua OyLoimua Oy
    Network Utilities: Water and Sewerage CompaniesEsvalEsval S.A.
    Network Utilities: Water and Sewerage CompaniesSouth East WaterSouth East Water
    Renewable Power: Hydroelectric Power GenerationSmåkraft ASAquila Capital
    Renewable Power: Solar Power GenerationSonnedix Power HoldingInfrastructure Investments Fund, advised by J.P. Morgan Investment Management, Inc.
    Renewable Power: Wind Power GenerationVentient Energy S.à r.l Ventient Energy
    Renewable Power: Wind Power GenerationCollgar Wind FarmCollgar Wind Farm
    Renewable Power: Wind Power GenerationBorssele 1 &2 Offshore Wind FarmBorssele Wind Farm C.V.
    Social Infrastructure: Education ServicesAmey Belfast School Partnership PFI Co LimitedAmey
    Social Infrastructure: Education ServicesE4D&G ProjectCo LimitedAmey
    Social Infrastructure: Education ServicesIntegrated Bradford SPV One LimitedAmey
    Social Infrastructure: Government ServicesTGI Arelia S.A.SArelia S.A.S
    Social Infrastructure: Health and Social Care ServicesHospital de Parla, S.A. and Hospital del Noroeste, S.A.Hospital de Parla, S.A. and Hospital del Noroeste, S.A.
    Transport: Airport CompaniesLondon Luton Airport Operations LimitedLondon Luton Airport Operations Limited
    Transport: Airport CompaniesPerth AirportPerth Airport Pty Ltd
    Transport: Airport CompaniesNewcastle International AirportAMP
    Transport: Port CompaniesPort of Brisbane Pty LtdPort of Brisbane Pty Ltd
    Transport: Port 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 Trust
    Transport: Rail CompaniesAlpha Trains (Luxembourg) Holdings S.à r.l.Alpha Trains (Luxembourg) Holdings S.à r.l.
    Transport: Rail CompaniesPorterbrook Leasing Company LimitedAlberta Investment Management Corp
    Transport: Road CompaniesAutoroute de Liaison Seine SartheALIS
    Transport: Road CompaniesConcesionaria de Autopistas del SuresteConcesionaria Autopistas del Sureste – Autopista Tuxtla – San Cristobal y Arriaga – Ocozocoautla