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NZIF 2.0 is a guide for investors developed by the Institutional Investors Group on Climate Change (IIGCC) and its global partners. It is designed to provide investors with practical, detailed guidance to align their investment portfolios with net zero goals,

The assessment methodology is the brainchild of a partnership between IIGCC and GRESB, (Global Real Estate Sustainability Benchmark) – an organisation that provides a global ESG (Environmental, Social, and Governance) benchmark for assets including real estate and infrastructure.

Dubbed the “NZIF Infrastructure Alignment”, the tool links GRESB reporting with the NZIF multi‑criteria maturity scale, the most widely used investor tool for developing net‑zero strategies and transition plans.

GRESB and IIGCC say the alignment will:

• provide a common language to measure net‑zero progress for infrastructure assets using NZIF 2.0 criteria;
• reduce duplication by harmonising GRESB reporting requirements with NZIF expectations;
• improve comparability by applying a single, investor‑co‑developed alignment approach; and
• produce clear outputs and progress indicators for individual assets and across portfolios.

Infrastructure plays a central role in national carbon profiles and long‑term emissions trajectories. Investors and policymakers increasingly expect credible, comparable evidence that assets and portfolios are progressing toward net‑zero targets. By aligning a widely used benchmarking tool with NZIF criteria, this new approach aims to make it easier for investors to evaluate alignment consistently, avoid duplicated reporting, and communicate progress to stakeholders.

The partners revealed the new tool following a pilot launched in May 2025 involving a cohort of asset managers and operators. Pilot input came from a working group of 11 global infrastructure investors and asset managers, including Aberdeen, APG, Arcus Infrastructure Partners, DIF Capital Partners, DWS, IFM Investors, J.P. Morgan, Macquarie, Morrison Global, Patrizia AG and PGGM. APG, a large pension investor and founding member of GRESB, was named as a collaborator in the pilot’s development.

Results from the pilot will be used to refine the methodology ahead of its formal integration into the 2026 GRESB Infrastructure Standards, at which point alignment outputs will be produced as part of GRESB’s annual assessments.

The pilot produced a mixed picture of progress across participating infrastructure assets. Among respondents:

• 16% reported they already achieve net zero;
• 2% said they are actively aligning to a net‑zero pathway;
• 62% stated they are committed to aligning to net zero; and
• 20% are not yet committed.

Half of participants have set science‑based emissions targets, but 60% do not report both short‑ and medium‑term targets, a gap that could complicate assessment of interim progress. All participants disclosed Scope 1 and 2 emissions, yet only 49% reported all materially relevant Scope 3 categories, which often represent a significant share of infrastructure emissions. Governance appears relatively well established with 84% of portfolio companies and assets confirming they have governance structures responsible for targets and a decarbonisation plan. Some 42% of participants reported actual emissions declines consistent with their net‑zero strategies.

GRESB and IIGCC will use pilot feedback to finalise the methodology ahead of integration into the 2026 GRESB Infrastructure Standards. Once embedded, the outputs will be available to GRESB Infrastructure Asset Assessment participants and intended to support both internal investment decision‑making and external disclosure.

GRESB director of infrastructure standards Joss Blamire said: “GRESB’s mission is to deliver a common language for sustainability, grounded in data, transparency, and collaboration.

“This project reflects the power of collaboration: Drawing on NZIF 2.0 and the collective insight of leading global investors, we’re helping the infrastructure industry turn ambition into action.”

IIGCC investor strategies senior specialist for real assets Hugh Garnett said: “This pilot marks a key step in aligning the GRESB Infrastructure Standards with NZIF.

“It provides asset managers and owners with a practical, industry-developed tool to assess their individual infrastructure assets against net-zero goals, supporting investor decision-making,”

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