We are proud to share the results of the 2023 GRESB survey as we continue to demonstrate our ambitious and ongoing commitment to the sustainable performance of our global portfolio. For 2023, our overall GRESB score reached 84 (out of 100), up one point from 2022, exceeding our peer group average of 77 and the overall GRESB average of 75. We continue to perform very highly in the context of ESG management (leadership, policies, and reporting) with a maximum score of 30/30.
This performance is a significant achievement given the size of our global portfolio, which is 3.5 times, by $GAV, larger than the average size of participating entries in our peer group. This year’s results show a solid improvement across several performance-based categories, with a notable increase in the area of Risk Assessment, recognizing our ever-increasing efforts in performing net-zero carbon audits across multiple regions and asset-types.
These results also highlight many of the initiatives implemented since 2017 as a part of Ivanhoé Cambridge’s sustainable investment approach. Our net-zero carbon commitment, including our «brown-to-green» strategy and the recently created «Green IRR» (Green Internal Rate of Return) approach, are ultimately going to push key indicators such as energy and greenhouse gas (GHG) reductions to higher levels of performance. This year, we also published our first TCFD (Task Force on Climate-related Financial Disclosures) report. This report is a genuine exercise in transparency against a backdrop of tightening global regulations and heightened expectations from our stakeholders.
We proactively address others key initiatives, such as climate risk assessment and associated reporting, increasing diversity, equity, and inclusion (DEI) requirements, embodied carbon analysis and target setting, and use of critical industry guidance and frameworks such as the Carbon Risk Real Estate Monitor (CRREM).
Since 2017, we have achieved a number of key milestones. We have deployed C$18 billion in sustainable finance, including C$15 billion of sustainability-linked loans. We have also committed more than C$4 billion to low-carbon investments since 2020. As recently announced, we have issued our first sustainability bond for C$300 million. Over the past six years, we have achieved 30% reduction in our stabilized directly owned portfolio’s operational carbon intensity. Over 58% of our stabilized directly owned portfolio is green building certified.
We intend to continue using GRESB as a framework to evaluate our asset managers’ progress to improving the ESG performance of our assets and drive acceleration of such efforts with a focus on protecting and creating long term value for our portfolio.
Stéphane Villemain, Head of Sustainable Investment, Ivanhoé Cambridge, commented: «GRESB allows us to objectively assess the ESG performance of our investment portfolio, identify areas of focus, and accelerate further progress. We face multiple challenges, including strengthening the quality of asset-level data and dealing with a very diverse set of asset types and locations, yet we are committed to working with our partners globally to align our real estate assets with best-in-class practice and performance.»
Founded in 2009, the GRESB survey continues to be the global benchmark for measuring environmental, social and governance (ESG) performance by assigning quantifiable results to portfolios so that businesses can compare themselves with the competitors in their industry. The results enable companies to position themselves but also to determine how they can improve their performance. For more information: gresb.com