From Policy to Performance: Key Insights from the GRESB Insights event in Milan

As the global conversation on sustainability matures, one message from the latest GRESB discussions stands out: sustainability in real assets is shifting from policy statements to measurable performance.

Investors are no longer content with ambition alone, they expect transparent, comparable data and tangible progress on climate and sustainability goals.

This translates into six key themes that were discussed during the event and are detailed in this paper:

• Climate Risk Becomes a Financial Priority
• Measuring What Matters: Real Performance Over Policy
• Investor Interest: Consistent, But More Sophisticated
• Why GRESB Matters More Than Ever
• Data Integrity: The Cornerstone of Sustainability Leadership
• Sustainability as Strategic Risk Management

Climate Risk Becomes a Financial Priority

According to GRESB, investors are increasingly integrating climate risk into financial decision-making; not as a “nice-to-have,” but as a necessity. Reliable sustainability data have become fundamental to how investment strategies are evaluated, priced, and reported.

GRESB remains a leading global benchmark, helping investors and managers assess sustainability performance across real estate and infrastructure portfolios.

Measuring What Matters: Real Performance Over Policy

GRESB’s direction for the coming years is clear: shift focus from management processes to actual asset performance.

This year’s introduction of a new ASHRAE-based benchmark allows companies to compare energy performance against international standards. Encouragingly, around 20% of assets performed above the benchmark, demonstrating real efficiency gains.

GRESB also continues to simplify its reporting framework: a move widely welcomed by participants balancing regulatory complexity with operational realities.

Investor Interest: Consistent, But More Sophisticated

The discussion revealed that investor interest in GRESB remains high, but the motivation has evolved.

• GRESB’s scoring and star ratings make sustainability results easier to interpret, even for non-specialist investors.
• There is a growing shift “from theory to action” with investors seeking concrete improvements and measurable outcomes.
• Research shows a 57% increase in sustainability policies, with CO₂ reduction and energy efficiency leading the way (Itinerari Previdenziali).
• Sustainability is now understood primarily as a risk management tool.
• Regional differences push to rethink about the overall approach to sustainability: while the U.S. appears to have rebranded sustainability, China is advancing its own decarbonisation goals, and Europe faces a form of “sustainability fatigue” driven by overregulation.

Why GRESB Matters More Than Ever

Participation in GRESB continues to grow because it provides clarity and comparability.

Most investors now request GRESB data as part of their due diligence. When integrating GRESB with SFDR and green loan frameworks, this leads to achieving solid results portfolio-wide.

For fund managers, maintaining or improving GRESB scores is an ongoing effort. Data collection, policy updates, and tenant engagement require constant attention. “The real challenge is deciding what not to do” — especially when operating at the top end of the scale (90–95 points), where marginal improvements demand disproportionate effort.

Data Integrity: The Cornerstone of Sustainability Leadership

Across the board, the panellists agreed that data quality defines sustainability credibility, but approaches to data management vary across the board.

Whether companies have in-house solutions or work with external providers, the end goal is to enhance their data management practices through cloud-based platforms, AI-driven validation, and automation to improve transparency, accuracy, and coverage in sustainability reporting.

Sustainability as Strategic Risk Management

The panel also discussed how sustainability now functions as a risk management framework.

Beyond environmental factors, issues such as supply-chain ethics, labor practices, and social responsibility are increasingly integrated into investment analysis, particularly for infrastructure assets involving global supply chains.

How EVORA Can Help

At EVORA, we help clients translate sustainability commitments into measurable results. Our team supports real estate and infrastructure managers at every stage of their GRESB journey — from first-time participation to continuous performance improvement.

As the market moves decisively toward performance-based sustainability, EVORA provides the insight, data, and tools to help you stay ahead — transforming sustainability from compliance to competitive advantage.

Looking Ahead

GRESB’s evolution reflects a broader truth: investors now demand proof of performance, not just policy.

The future of sustainability in real assets will be defined by transparency, data integrity, and measurable impact and those who act now will lead the next phase of sustainable investment.

EVORA is here to help you navigate that path.