GRESB and the Institutional Investors Group on Climate Change (IIGCC), with support from global investor and GRESB founding member APG, have worked together to develop an industry-backed approach to assessing the alignment of infrastructure assets with the Net Zero Investment Framework (NZIF) 2.0 multi-criteria maturity scale through participation in the GRESB Infrastructure Asset Assessment.
Building a common language for net zero in infrastructure
Infrastructure investors face growing expectations to demonstrate credible, comparable progress toward net zero. NZIF 2.0 provides the industry’s most widely used framework. By aligning the GRESB Infrastructure Asset Assessment with NZIF Infrastructure guidance, this collaboration enables GRESB reporting to be comparable with the NZIF multi-criteria maturity scale. The new NZIF Infrastructure Alignment approach:
- Sets a common language for measuring net-zero progress in infrastructure, based on NZIF 2.0
- Reduces duplication and reporting burden by aligning the GRESB Infrastructure Standard with the NZIF requirements
- Strengthens comparability by using a single alignment approach, co-developed with leading global investors
- Supports action by delivering clear alignment outputs and detailed progress indicators for individual assets and across portfolios
Following its 2025 pilot phase, the approach will be integrated into the GRESB Infrastructure Asset Assessment from 2026, giving participants a single, harmonized process to meet both GRESB and NZIF requirements and to understand progress against the NZIF alignment scale for individual assets and across portfolios.
Development and collaboration
To ensure an industry-aligned and practical approach, GRESB and IIGCC convened a working group of global infrastructure investors and asset managers to co-develop and refine the methodology. Working group participants include representatives from:
- APG
- J.P. Morgan
- Arcus Infrastructure Partners
- PATRIZIA AG
- DIF Capital Partners
- IFM Investors
- Aberdeen
- PGGM
- DWS
- Morrison Global
- Macquarie
The working group has developed and endorsed a set of criteria to inform the pilot exercise in 2025. This process involved careful consideration of what GRESB indicators and metrics could be used to help indicate alignment to NZIF. Where there were gaps remaining, working group members agreed on additional questions and data points to facilitate alignment.
The 2025 NZIF Infrastructure Alignment Pilot
Launched in May 2025 and completed in September 2025, the NZIF Infrastructure Alignment Pilot engaged a diverse group of infrastructure companies and assets worldwide, all reporting through the GRESB Infrastructure Asset Assessment.
As part of the pilot, participants completed a short additional module that enabled GRESB to map their reported data against the NZIF asset-level criteria.
Highlights from the pilot:
Out of all participants, 16% reported they already achieve net zero, 2% are aligning to a net-zero pathway, 62% are committed to aligning to net zero, and 20% are not yet committed.
The pilot revealed that half of the participants have set science-based emissions targets. However, 60% do not include short- and medium-term targets.
In terms of disclosure, all participants reported figures for Scope 1 and 2 emissions, but only 49% disclosed all relevant material Scope 3 emission categories.
A large majority of participants, representing 84% of portfolio companies and assets, confirmed having governance structures in place with responsibility for targets and a decarbonization plan. This underscores their commitment to actively reducing emissions.
Another notable finding is that 42% of participants reported an actual decline in emissions, consistent with the trajectory outlined in their net-zero strategies.
FAQ
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Initially developed by IIGCC and launched in 2021, the Net Zero Investment Framework (NZIF) was a key output of the Paris Aligned Investment Initiative, to support investors to align their individual portfolios and investment activities to the goals of the Paris Agreement.
NZIF 2.0 is the latest iteration of the framework. Based on three years of implementation experience, NZIF 2.0 incorporates the latest guidance on net zero target setting and the latest thinking on the levers available to investors to meet their individual net-zero goals.
Today, the NZIF is the most widely used resource by investors to develop their individual net–zero strategies and transition plans and has become a global reference framework for investors in all regions.
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The NZIF Infrastructure Alignment pilot ran from May to September 2025 with selected participants. Full integration into the GRESB Infrastructure Asset Assessment will take place in 2026.
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Any infrastructure asset taking part in the GRESB Infrastructure Asset Assessment can participate. Similarly, any fund manager can work with their portfolio of assets to undertake the assessment and receive the relevant insights.
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There is no additional cost to participate. The new approach will be part of the GRESB Infrastructure Asset Assessment starting in 2026 and all Infrastructure Asset Participants will have access, while all funds and investors will be able to understand their portfolio alignment.
Is your organization using the Net Zero Investment Framework (NZIF) to understand alignment to net zero?
Get in touch to find out how the GRESB NZIF Infrastructure Alignment approach can help you measure progress more easily and share with assets, managers, and investors.