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2021

Fund

Assessment

Contents

Disclaimer: 2021 GRESB Infrastructure Fund & Asset Assessment Pre-Release

The information in this document has been provided in good faith and on an “as is” basis. While we do not anticipate major changes, we reserve the right to make modifications prior to the official start of the 2021 reporting period on April 1 and the official release of the 2021 Infrastructure Fund and Asset Assessments. We will publicly announce any such modifications.

Introduction

About GRESB

Mission-driven and investor-led, GRESB is the environmental, social and governance (ESG) benchmark for real assets. We work in collaboration with the industry to provide standardized and validated ESG data to the capital markets. The 2020 Real Estate benchmark covers more than 1,200 property companies, real estate investment trusts (REITs), funds, and developers. Our coverage for Infrastructure includes 544 infrastructure funds and assets. Combined, GRESB represents USD 5.3 trillion AUM. More than 120 institutional and financial investors use GRESB data to monitor their investments, engage with their managers, and make decisions that lead to a more sustainable and resilient world.

For more information, visit gresb.com. Follow @GRESB on Twitter.

2021 Assessments Structure

In 2020, the Infrastructure Assessments were split into separate Management and Performance Components. This structure allows entities to complete either or both components. Entities starting off on their sustainability journey are thus able to first develop their data collection processes before reporting performance data.

For 2021, the Infrastructure Assessments have been kept stable with relatively few changes. The Resilience Module, which was optional in previous years, has been integrated into the Assessments and is now mandatory, thus facilitating TCFD reporting for all participants. A Development Component will be added to the 2021 Asset Assessment, to enable better reporting and benchmarking for assets (projects) in development (in design or construction). This component will be released in February 2021. We will continue to shift the emphasis and scoring from management and transparency to performance. We are also looking to provide new data and analytical tools in the portal including addressing coming EU regulations and SDG reporting.

For more information about the 2021 Assessments development process, click here.

Grace Period

GRESB offers first-time participants the option to not disclose their Assessment results to their investors. This first year "Grace Period" allows companies and funds a year to familiarize themselves with the GRESB reporting and assessment process without externally disclosing their results to GRESB Investor Members.

While Grace Period participant names are disclosed to GRESB Investor Members, Investor Members are not able to request access to Grace Period participant results.

First-time participants wishing to opt for the Grace Period can select the option from the settings section in the Assessment Portal.

Who can see my data?

Data collected through the GRESB Infrastructure Fund and Asset Assessments is only disclosed to the participants themselves and:

All data provided to GRESB is strictly confidential and will only be disclosed to participants’ investors, with their explicit consent.

Timeline & Process

The GRESB Infrastructure Fund and Asset Assessments will be available in the GRESB Portal on April 1, 2021. The submission deadline is July 1, 2021, providing participants with a three-month window to complete the Assessment. This is a fixed deadline and GRESB will not accept submissions received after this date. GRESB validates and analyzes all participants’ Assessment submissions.

In 2020 we introduced a Review Period in the Assessment cycle to further strengthen the reliability of our Assessments and benchmark results. We will provide this process again in 2021 starting on September 1, when preliminary individual GRESB results will be made available to all participants. The Review Period will run for one month. During the Review Period, participants will be able to submit a review request to GRESB using a dedicated form. The final results will be launched to both participants and Investor Members on October 1. Public Results events and other results outputs will be scheduled in October and November.

For more information about the 2021 Assessment timeline, click here.

Response Check service

A Response Check is a high-level check of a participant’s GRESB Infrastructure Fund or Asset Assessment by the GRESB team, taking place prior to submission. It minimizes the risk of errors that could adversely impact Assessment results. The Response Check fee is €1750 EUR (exclusive of VAT).

Guidance & Support

The 2021 Infrastructure Fund and Asset Assessments will be accompanied by indicator-specific Guidance that explains:

The written Reference Guide will be published on the GRESB website during the first week of March 2021. Starting April 1, 2021, guidance is also available in the GRESB Portal through pop-up fields next to each indicator. GRESB customer support service is open year round.

2021 Infrastructure GRESB Fund Assessment Changes

The 2021 Assessment development process indicated that the topics covered are material to stakeholders across the board. After the structural changes implemented in 2020, the focus has been on consolidating the existing Assessments and ensuring that the Resilience Module was integrated into the Assessment appropriately.

The changes in the Fund Management Component have been limited to small amendments to indicators to provide respondents with more appropriate reporting options, and the integration of the Resilience Module in existing indicators and through the addition of five new indicators in the Risk Management aspect. This will enable all participants to align to TCFD reporting requirements.

The Fund Assessment will comprise of:

All work on the 2021 Assessments was undertaken with the support and input of the Infrastructure Advisory Board (IAB), the Infrastructure Benchmark Committee (IBC) and the Industry Working Group on New Developments (IWG ND).

For more information, please see our webpage.

Management Component

High-level comments

Integration of Resilience Module

The Resilience Module, which was previously optional, has been integrated into the Management Component. Five new indicators have been added to the aspect Risk Management and changes have been made to two indicators in the Leadership aspect.

Minor changes to indicators

Minor changes have been made to a few indicators to add some new options or to restructure them for better validation.

Indicator Level Changes

LE1

ESG leadership commitments - New commitments added

Description: New commitments have been added under “General ESG commitments: Commitments that are publicly evidenced and do not oblige the organization to take action” and “Formal environmental issue-specific commitments: Commitments that are publicly evidenced and oblige the organization to take action”.

Rationale for change: This allows entities that have made a commitment to these initiatives to report them to investors.

Impact of change: Small increase in reporting burden to provide meaningful information to investors.

LE3

Individual responsible for ESG objectives - Resilience integrated

Description: The indicator has been restructured. It is now split between ESG and climate-related issues so that entities can provide different contact details for each topic.

Rationale for change: This indicator change is part of the integration of the Resilience Module and is aligned with the TCFD recommended disclosures.

Impact of change: Small increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

LE4

ESG senior decision maker - Resilience integrated

Description: The indicator has been restructured. It is now split between ESG and climate-related issues so that entities can provide different contact details for each topic.

Rationale for change: This indicator change is part of the integration of the Resilience Module and is aligned with the TCFD recommended disclosures.

Impact of change: Small increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

RM1.2

ESG risks and opportunities in investment monitoring processes/asset management - Evidence requirement removed

Description: The evidence requirement for this indicator has been removed.

Rationale for change: This change simplifies validation of the indicator by requiring the participant to focus on just the open text boxes and their criteria rather than both.

Impact of change: Reduction in reporting burden.

RM2

Resilience of strategy to climate-related risks - New indicator

Description: Added new indicator on resilience of strategy to climate-related risks

Rationale for change: This indicator is part of the integration of the Resilience Module and is aligned with the TCFD recommended disclosures.

Impact of change: Small increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

RM3.1

Transition risk identification - New indicator

Description: Added new indicator on identification of climate-related transition risks

Rationale for change: This indicator is part of the integration of the Resilience Module and is aligned with TCFD reporting recommendations.

Impact of change: An increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

RM3.2

Transition risk impact assessment - New indicator

Description: Added new indicator on assessment of climate-related transition risks.

Rationale for change: This indicator has been added as part of the integration of the Resilience Module and is aligned with TCFD reporting recommendations.

Impact of change: An increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

RM3.3

Physical risk identification - New indicator

Description: Added new indicator on identification of climate-related physical risks.

Rationale for change: This indicator has been added as part of the integration of the Resilience Module and is aligned with TCFD reporting recommendations.

Impact of change: An increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

RM3.4

Physical risk impact assessment - New indicator

Description: Added new indicator on assessment of climate-related physical risks.

Rationale for change: This indicator has been added as part of the integration of the Resilience Module and is aligned with TCFD reporting recommendations.

Impact of change: An increase in reporting burden that allows entities to report according to TCFD reporting recommendations.

Entity & Reporting Characteristics

Entity Characteristics

2020 Indicator

Reporting Characteristics

2020 Indicator

Leadership

Leadership

2020 Indicator

1.3 points , G

1.65 points , G

1.3 points , G

1.65 points , G

1.65 points , G

Policies

Policies

2020 Indicator

1 point , E

1 point , S

1 point , G

Reporting

Reporting

2020 Indicator

3.3 points , G

1.65 points , G

Not scored , G

Risk Management

Risk Management

2020 Indicator

6.6 points , G

6.6 points , G

Climate-related Risk Management

2020 Indicator

Stakeholder Engagement

Stakeholder Engagement

2020 Indicator

Not scored , S

Not scored , S

Not scored , S

1.3 points , S