The international alliance between the UK-based Building Research Establishment (BRE), Green Building Council of Australia (GBCA), and the U.S. Green Building Council (USGBC) is welcoming four new partners as it aims to unlock the sustainable finance needed for the built environment to meet its climate goals.
The new partners include the Singapore Green Building Council (SGBC), GRESB, Climate Bonds Initiative (CBI), and the Carbon Risk Real Estate Monitor (CRREM).
Next month, the alliance will publish a practical guide: Financing Transformation: A Guide to Green Building for Green Bonds and Green Loans. This will be the first in a series of milestones for the partnership.
The guide will show how verification and certification schemes ensure compliance with multiple sustainable classification frameworks used globally, such as the EU and UK green taxonomies, and how they can be used to put the built environment on a 1.5C trajectory.
“This partnership on international sustainable finance guidance reaffirms Climate Bonds Initiative’s (Climate Bonds) commitment to fostering a global economy that is financially sound and environmentally sustainable. Climate Bonds sector criteria influence international standards and establish best practice guidance, enabling entities globally to reference the sector criteria in their transition finance instruments. The strategic partnership can unlock the transformative potential of robust and credible sustainable investments.”
Aishwarya Sankar, Buildings Sustainability Analyst, Climate Bonds
With the SGBC joining the alliance, the Green Mark certification scheme will be incorporated into the practical guide. This means that rating systems used across every continent will be included, showing how these can be used to unlock sustainable finance towards green buildings.
“The Singapore Green Building Council is proud to join this international alliance focused on unlocking sustainable finance for green buildings. Participation alongside fellow leading green building councils like the USGBC and GBCA strengthens our collective voice and accelerates global progress towards a net-zero future.
“We are confident that the practical guide being developed will be a valuable resource for investors and developers, showcasing how green building certification schemes like Singapore’s Green Mark scheme can contribute to achieving ambitious climate goals and attracting sustainable financing.”
Yvonne Soh, Executive Director, Singapore Green Building Council (SGBC)
Having GRESB and CBI as supporting partners means that the alliance is backed by the key players that investors, banks, and issuers rely on to demonstrate the sustainable credentials of their portfolios and debt instruments.
“GRESB recognises green building as an important tool to inform institutional investment in real assets. The new guide will help increase the social and environmental impact of capital invested in green bonds and loans.”
Dr Chris Pyke, Chief Innovation Officer, GRESB BV
CRREM’s participation ensures that as the collaboration continues, that there is clear alignment with key science-based decarbonisation trajectories for the built environment.
“CRREM is thrilled to join forces with USGBC, GBCA, BRE, and the rest to deliver this guide for sustainable finance. These various rating tools are essential for verifying and implementing measures to address the urgent need to decarbonise and retrofit assets in alignment with our 1.5°C commitments.”
Prof. Dr. Sven Bienert, CRREM
On 27 June 2024 (during London Climate Action Week), the alliance will hold an event – Uniting the global built environment to drive climate action – at The View in The Royal College of Surgeons, London to mark the publication of the official guide.
The event will bring together individuals, organisations and communities with a focus on sustainable development, as they discuss ways to accelerate global climate action.
