The Global Reporting Initiative (GRI) has long been the recognized standard for measuring and reporting an organization’s progress on environmental, social, and governance (ESG) issues. However, there is a new kid on the block that is quickly becoming the preferred method for measuring an organization’s ESG performance: the GRESB Assessments. So, what exactly is GRESB and why is it gaining popularity? Let’s take a closer look.
What is GRESB?
GRESB is an acronym that stands for Global Real Estate Sustainability Benchmark. The GRESB Assessments are a standardized way of measuring an organization’s ESG performance across the full spectrum of real estate assets, including office buildings, retail centers, warehouses, multifamily residences, and more.
The GRESB Assessments were developed by a group of sustainability experts from around the world who saw the need for a common language and framework for measuring progress on ESG issues in the real estate industry. Since its inception in 2009, the GRESB Assessments have been adopted by thousands of organizations across six continents.
Why use GRESB?
There are several reasons why an organization might choose to use GRESB rather than GRI. First, GRESB covers a broader range of topics than GRI, including energy consumption, water usage, waste management, transportation, tenant engagement, and more. Second, GRESB data can be easily compared across different types of real estate assets due to its standardized approach. This makes it easier for investors to identify trends and make informed decisions about where to allocate their capital. Finally, GRESB data is gathered through an online platform that makes it easy to submit data and track progress over time.
The GRI has long been the go-to standard for measuring an organization’s progress on environmental, social, and governance (ESG) issues. So far, GRESB has gained popularity due to its broader coverage of topics than GRI as well as its easy-to-use online platform. As more organizations adopt this new method of measurement, it will be interesting to see how it evolves over time.