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20 OCTOBER 2023
Grosvenor's North American property business announced continued increases in scores from a leading independent sustainability group, underscoring the firm's successful ongoing efforts to reduce carbon emissions. The company reported higher annual scores from the Global Real Estate Sustainability Benchmark (GRESB), which tracks ESG progress across more than 2,000 companies.
The firm’s Development division again achieved a 4 Green Star rating by scoring 91, marking a 17-point jump since 2021 and exceeding benchmark averages for all ESG scores. Grosvenor placed second within its peer group for its Development score within Americas, Non-listed, Core, Closed end ranking, scoring 12-points above the benchmark average. The business’ Standing Investments division rose to a 3 Green Star rating, scoring 77, a 12-point increase since scoring 65 in its first submission in 2021 and two points above the GRESB average. Scores achieved in both Development and Standing Investment divisions exceed the average GRESB score of 72 for 3rd year participants in the Americas.
This year’s higher scores reflect improvements in the Stakeholder Engagement, Risk Assessment, and Health, Safety and Wellbeing sections of the GRESB ratings criteria. Improvements also were achieved in the Performance section, with energy consumption, GHG emissions, and water use all scoring higher than the prior year. Top marks were achieved in the Leadership, Reporting, Policies, Stakeholder Engagement, ESG Requirements, Materials, Waste, Water Consumption, Targets and Data Monitoring & Review.
“We are focused on improving the performance of our properties to simultaneously reduce our operating costs and carbon footprint,” said Steve O’Connell, CEO of Grosvenor’s North American urban property business, “By understanding the payback period of our improvements while increasing the use of renewable energy, and helping our suppliers and tenants improve sustainability, we are making great progress toward achieving our goals.”
Tanja Milosevic, Grosvenor’s Associate Vice President of ESG in North America, added: “Improving again to 3- and 4-stars in our third GRESB reporting year is a strong reflection of the hard work we are doing to reduce our carbon footprint. Good governance, alongside social and environmental responsibility, has always been part of our DNA; having our two main business lines outperform their benchmark averages is great validation for us.”
The company’s carbon reductions-first approach is a key element in reducing its overall environmental impact. Grosvenor has publicly reported its consumption and reduction values for 15 years.
Included among the numerous efforts underway at Grosvenor to enhance sustainability are:
Some examples within Grosvenor’s North American Development and Investment portfolios include:
For more information, please contact:
Great Ink Communications
Roxanne Donovan, Rick Van Warner, Tom Nolan, Eric Waters