A new report from the Global Real Estate Sustainability Benchmark (GRESB) has discovered Australia and New Zealand are surging ahead of the rest of the world when it comes to real estate sustainability initiatives.
The report findings were based on assessing 707 real estate businesses and private equity property funds worldwide who hold a total combined wealth of assets sitting at an astronomical USD $2.3 trillion.
Australia along with New Zealand came out on top, scoring 69 for real estate sustainability. A score much higher than the worldwide average of 56.
The Green Building Council of Australia’s CEO Romilly Madew welcomes the news.
“Investors, governments and consumers are demanding more transparency and accountability and clearly Australian property and construction companies are responding to this demand by making sustainability front and centre of all that they do,” she said.
Australia & New Zealand Green Building Statistics
The State of Best Practice in Australia
Ruben Langbroek, Head of GRESB’s Asia Pacific Operations believes sustainability certification programs and energy ratings are now very much standard practice across the board in Australia’s real estate sector.
He points to the increasing trend of heavy-weight international institutional investors and superannuation funds who are turning to their Australian and NZ investment managers more frequently for analysis of ESG (environmental, social and governance), placing great emphasis on reliable energy sustainability and efficiency data when it comes to decision making.
“These GRESB results once again confirm that the Australian property and construction industry is heading in the right direction. What was once seen as a ‘back of house’ responsibility for building managers to reduce costs is now understood by the industry as an opportunity to create brand value, encourage innovation, create new revenue streams, secure stakeholder confidence and, above all, mitigate risk,” said Ms Madew.