GRESB releases update to green bond guidelines for real estate sector

By Angela McDaniels

Tacoma, Wash., Oct. 4 – GRESB BV released an update to the GRESB green bond guidelines for the real estate sector, according to a company news release.

These guidelines build on the Green Bond Principles with specific focus on real estate sector market participants originating and/or investing in green property bonds.

The guidelines provide specific guidance on how to identify green project eligibility, implement and manage investment proceeds and communicate potential and actual green bond outcomes to stakeholders.

The 2016 version of the guidelines adds specific guidance for issuers and investors in green property bonds. It provides a list of aspects, certification schemes and key performance indicators that issuers may incorporate into their frameworks and use for further monitoring, along with specific advice on what processes should be present in project evaluation and monitoring stages, and proceeds management on both environmental and social measures.

GRESB said the update incorporates feedback from its green bond working group, drawing from the recommendations of institutional investors, listed property companies, green bond underwriters and green building certification bodies.

Year-to-date green property bond issuance is slightly above $10 billion and accounts for 21% of the overall green bond market, according to the news release.

Amsterdam-based GRESB provides environmental, social and governance data for real assets.

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