The Building Research Establishment, responsible for the BREEAM green building certification scheme, has partnered with the Global Real Estate Sustainability Benchmark to promote the advancement of sustainability and transparency in the real estate industry.
BRE will now sit on the GRESB Benchmark Committee and provide “strategic, commercial and technical input regarding the GRESB assessment process and related products and services”, a joint media statement said.
The BREEAM tool is used internationally, though mostly in the UK and Europe, and is generally seen as a more stringent tool than LEED, another popular globally used green building rating tool.
“[BREEAM] currently provides a valuable route to achieving credits under the GRESB benchmark and our hope is to extend its reach under the partnership so more clients can realise the benefits on new and existing properties,” BREEAM director Gavin Gunn said.
“Our collaboration demonstrates that GRESB recognises all green building standards and schemes that have credibility and rigour behind them. We look forward to a fruitful relationship.”
GRESB assesses the environmental, social and governance performance of property funds around the world. In 2014, GRESB covered 637 funds representing $2.1 trillion in property value.
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“Commercial real estate investors are increasingly demanding information on their assets and portfolios to better understand immediate sustainability risks such as flooding and exposure to energy efficiency regulation, but also to allocate capital to sustainability-related investment opportunities, such as the repositioning of inefficient assets that might otherwise become obsolete,” chief executive and co-founder of GRESB Nils Kok said.
“Our partnership with BRE helps both organisations to further deliver on the joint mission to advance sustainability in the built environment to enhance and protect shareholder value.”