NZIF Alignment Report

Introduction

This section provides detailed guidance for each NZIF criterion as outlined in the NZIF 2.0 documentation (and shown in the NZIF 2.0 Alignment Levels and Criteria for Infrastructure section), explaining how the criterion is assessed using the GRESB Assessment and NZIF Module, how criterion are fulfilled, and any additional guidance that may be relevant.

Where a criterion includes multiple elements, all elements must be met for the criterion to be considered complete, unless explicitly stated otherwise. Each element is therefore assessed separately and may rely on different assessment questions and alignment logic. Some criteria, such as Ambition, consist of a single element and are therefore simpler, while others involve multiple elements or conditional logic and the guidance should be read carefully in full.

This guidance should be read alongside existing GRESB Assessment guidance.

For detailed instructions on how to complete Assessment questions (e.g., GH1, PO1, LE2), please continue to refer to the Completing GRESB Assessments page.

How NZIF Alignment is Determined Using the Module

Some NZIF requirements are already fully addressed by the GRESB Assessment. Others require additional confirmation through the NZIF Module. NZIF alignment is assessed using a combination of data from:

• A selection of GRESB Infrastructure Asset Assessment indicators, and

• Five additional NZIF Module questions

It is important to note that the methodology for the GRESB Assessment, scoring, and benchmarking remains completely unchanged by the additional NZIF Module, and that NZIF Module questions and data do not affect GRESB scores or benchmarks in any way. Regardless of NZIF Module participation, the GRESB Assessments and Benchmark Reports remain unaffected and continue to be based solely on the GRESB Standards.

NZIF 2.0 Alignment Levels and Criteria for Infrastructure

The table below explains how NZIF alignment levels are determined for infrastructure assets. It shows which NZIF criteria must be met at each level of alignment and how these criteria build cumulatively, supporting consistent interpretation of net-zero maturity across assets and portfolios.

Criteria	Committed to Aligning	Aligning to a Net-Zero Pathway	Aligned to a Net-Zero Pathway	Achieving Net Zero
Asset with emissions intensity required by the sector and regional pathway for 2050 and whose operational model will maintain this performance.1				✔
Emissions Performance Current and forecast emissions performance (Scope 1, 2, and material scope 3) relative to a net- zero benchmark/pathway or an asset’s science-based target. An asset is considered aligned when its emissions decline consistently with targets set to that converge with an asset’s with a net- zero pathway.			✔	✔
Decarbonization Plan Development and implementation of a quantified plan setting out a decarbonization strategy for Scope 1, 2, and material Scope 3.			✔	✔
Governance Governance/management responsibility for targets and decarbonization plan.			✔	✔
Disclosure Disclosure of Scope 1 and 2 emissions, and disclosure of material Scope 3 emissions, in line with regulatory requirements, where applicable, or with the PCAF Standard.		✔	✔	✔
Targets Short- and medium-term targets for Scope 1, 2, and material Scope 3 emissions in line with science-based net- zero pathways. Targets may be absolute or intensity-based, using sectoral pathways where available or global/regional pathways as a minimum.		✔	✔	✔
Ambition A long-term goal consistent with the global goal of achieving net zero by 2050.	✔	✔	✔	✔

Ambition

Targets

Disclosure

Governance

Decarbonization Plan

Emissions Performance

Achievement

Ambition

Criterion: A long-term goal consistent with the global goal of achieving net zero by 2050.

This criterion contains only one element required for NZIF alignment. This element must be met for the criterion to be considered complete.

Element 1: Long-Term Goal

How This Element Is Assessed

This element is assessed entirely through the GRESB Infrastructure Asset Assessment via the following indicators:

• LE1 - Sustainability Leadership Commitments

• PO1 – Net-Zero Policy

• GH2 – Net-Zero Targets

How Completion of this Element is Determined

Because this criterion contains a single element assessed using alternative indicators, fulfillment of any one of the conditions below is sufficient for the criterion to be considered complete. This element is deemed complete if any one of the following is true:

• The entity has made a public net-zero commitment (e.g., recognized net- zero initiatives selected in LE1); or

• The entity has a policy covering “net zero” selected in PO1; or

• The entity has a GHG emissions reduction target aligned with net zero selected as “Yes” in GH1.

Additional Guidance

There is no additional guidance for this element, with further information available in the Completing GRESB Assessments section under the following indicators:

• LE1 - Sustainability Leadership Commitments

• PO1 – Net-Zero Policy

• GH2 – Net-Zero Targets

Targets

Criterion: Short- and medium-term targets for Scope 1, Scope 2, and material Scope 3 emissions in line with science-based net-zero pathways. Targets may be absolute or intensity-based, using sectoral pathways where available or global or regional pathways as a minimum.

This criterion contains only one element required for NZIF alignment. This element must be met for the criterion to be considered complete.

Element 1: Emissions Scopes

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment and, in some instances, requires additional information from the NZIF Module, via the following indicators:

• GH2 – Net-Zero Targets

• NZ1 – Separate Scope 3 Targets

How Completion of this Element is Determined

This element is deemed complete where the entity’s net-zero target(s) collectively cover Scope 1, Scope 2, and all material Scope 3 emissions.

This requirement can be met in one of two ways, depending on how Scope 3 targets are structured.

Option 1: Single target covering all scopes

Select “Scope 1+2+3” in GH2.

This option should be selected only where both of the following conditions are met:

• Targets for Scope 1, Scope 2, and Scope 3 are all quantitative; and

• Scope 3 targets are combined with Scope 1 and 2, using the same base year.

Where these conditions are met, no additional confirmation via the NZIF Module is required for this element.

Option 2: Separate Scope 3 target

Select “Scope 1+2” in GH2 and complete NZ1 – Separate Scope 3 targets.

This option should be selected when:

• Scope 3 emissions are addressed through a separate target; and

• That target covers all material Scope 3 emissions.

To meet the requirements of this element under this option:

• “Yes” must be selected in NZ1; and

• The entity must indicate whether the Scope 3 target is:

• Quantitative (absolute or intensity-based), or

• Qualitative.

Either type of Scope 3 target is acceptable for completion of this element.

In all cases, all material Scope 3 emissions must be covered for this element to be deemed complete, whether through a combined target or a separate Scope 3 target.

Additional Guidance

Guidance on completing GH2 – Net Zero Targets is available in the GRESB Asset Assessment guidance.

Qualitative Scope 3 Targets: A qualitative Scope 3 target describes an intended outcome or approach to addressing Scope 3 emissions without setting a quantified emissions reduction value. This may include, for example, commitments to engage suppliers or customers, implement procurement standards, or prioritize data collection and measurement for specific Scope 3 categories. Where a qualitative Scope 3 target is selected, entities may use the space provided to describe the nature of the target, including what it covers, the timeframe it applies to, and how progress will be assessed.

Element 2: Short- and Medium-Term Targets

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment and, in some instances, requires additional information from the NZIF Module, via the following indicators:

• GH2 – Net-Zero Targets

• NZ1 – Separate Scope 3 Targets

How Completion of this Element is Determined

This element is deemed to be complete where the entity provides short- and medium-term emissions reduction targets, including:

• a base year and value;

• a short-term target year and value; and

• a medium-term target year and value.

These must be completed in GH2 for Scope 1+2 targets or combined Scope 1+2+3 targets, and in the NZIF Module via NZ1 where an entity has a separate quantitative Scope 3 target.

Where an entity has a separate qualitative Scope 3 target, detail on short- and medium-term targets is not required but can be provided in the open text box of NZ1 in the NZIF Module if available.

Important Exception

This element will also be accepted if the entity confirms that they have an SBTi-certified target as part of GH2 in the GRESB Asset Assessment, even without the need for a short- and a medium-term target, given SBTi only requires one interim target.

Additional Guidance

All quantitative targets may be absolute or intensity-based. Guidance on completing GH2 can be found in the GRESB Asset Assessment completion instructions.

Element 3: Science-Based Targets

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment and, in some instances, requires additional information from the NZIF Module, via the following indicators:

• GH2 – Net-Zero Targets

• NZ1 – Separate Scope 3 Targets

How Completion of this Element is Determined

This element is deemed to be complete when the entity confirms that its net-zero target is science-based by selecting “Yes” in GH2.

Where the entity has a separate quantitative Scope 3 target, the science-based confirmation must also be completed for that target in NZ1. There is no requirement for separate Scope 3 targets that are qualitative to indicate that they are science-based.

Additional Guidance

Targets are considered “science-based” if they align with what the latest climate science deems necessary to meet the goals of the Paris Agreement.

Disclosure

Criterion: Disclosure of Scope 1 and 2 emissions, and disclosure of material Scope 3, in line with regulatory requirements where applicable or with the PCAF Standard.

This criterion contains three elements required for NZIF alignment. All required elements must be met for the criterion to be considered complete.

Element 1: Scope 1 Emissions Disclosure

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment via the following indicator:

• GH1 – Greenhouse Gas Emissions

How Completion of this Element is Determined

This element is deemed complete where the entity discloses Scope 1 emissions for the reporting year, including, where applicable:

• emissions from combustion of fuel

• process emissions, and

• fugitive emissions

Additional Guidance

Guidance on reporting Scope 1 emissions is available in the GH1 section of the GRESB Asset Assessment guidance.

Element 2: Scope 2 Emissions Disclosure

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment via the following indicator:

• GH1 – Greenhouse Gas Emissions

How Completion of this Element is Determined

This element is deemed complete when the entity discloses Scope 2 emissions for the reporting year. Users must report location-based emissions as part of GRESB reporting, with market-based reporting also optional.

Additional Guidance

Guidance on reporting Scope 1 emissions is available in the GH1 section of the GRESB Asset Assessment guidance.

Element 3: Material Scope 3 Emissions Disclosure

How This Element Is Assessed

This element is assessed using the GRESB Asset Assessment via the following indicator:

• GH1 – Greenhouse Gas Emissions

How Completion of this Element is Determined

This element is deemed complete when the entity:

• identifies which Scope 3 emissions categories are material; and

• provides emissions values for each Scope 3 category identified as material.

Additional Guidance

Guidance on reporting Scope 1 emissions is available in the GH1 section of the GRESB Asset Assessment guidance.

Governance

Criterion: Governance and management responsibility for targets and the decarbonization plan.

This criterion contains one element required for NZIF alignment. This element must be met for the criterion to be considered complete.

Element 1: Governance and Management Responsibility

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ2 – Governance and Management

How Completion of this Element is Determined

This element is deemed complete when “Yes” is selected in response to NZ2: Does the entity have governance/management responsibility for targets and decarbonization plan?

In so doing, it confirms that it has governance and/or management responsibility in place for both:

• setting emissions reduction targets; and

• developing and implementing the decarbonization plan.

An open-text field is provided to allow the entity to describe governance arrangements in more detail; this information is collected for reporting purposes only and does not affect alignment.

Additional Guidance

For the purposes of this element, governance/management responsibility refers to having clear accountability in place for setting emissions reduction targets and delivering the decarbonization plan. This may be demonstrated in a variety of ways, including but not limited to board or board-committee oversight, accountability assigned to senior management, or responsibility held by a sustainability, climate, or investment committee.

This guidance is intentionally broad, and entities are expected to apply informed judgement based on their organizational structure and operating context.

Decarbonization Plan

Criterion: Development and implementation of a quantified plan setting out a decarbonization strategy for Scope 1, Scope 2, and material Scope 3 emissions.

This criterion contains three elements required for NZIF alignment. All required elements must be met for the criterion to be considered complete.

Element 1: Quantified Decarbonization Plan

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ3 – Decarbonization Plan

How Completion of this Element is Determined

This element is deemed complete when “Yes” is selected in response to NZ3: Has the entity developed and implemented a quantified plan setting out a decarbonization strategy?

Additional Guidance

A quantified decarbonization plan should clearly describe the actions the entity intends to take to reduce emissions over time and how these actions contribute to meeting its net-zero targets. The specific structure and content of a plan may vary depending on the asset type, sector, and operating context.

Element 2: Emissions Scope

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ3 – Decarbonization Plan

How Completion of this Element is Determined

Where an entity confirms in NZ3 that it has a decarbonization plan, a follow-up question asks: Which emissions Scopes and corresponding targets does the decarbonization plan cover?

• Scopes 1 and 2

• Scope 1, 2, and material Scope 3

This element is deemed complete where “Scopes 1, 2, and material Scope 3” is selected.

Element 3: Financial Business Case

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ3 – Decarbonization Plan

How Completion of this Element is Determined

Where an entity confirms in NZ3 that it has a decarbonization plan, a follow-up question asks: Does this plan include a financial business case (revenue, capital expenditure, operating expenditure)?

• Yes

• No

This element is deemed complete where the entity selects “Yes.”

Additional Guidance

The level of detail included in the financial business case may vary depending on the asset and its stage of development. The purpose of this element is to confirm that financial implications have been considered as part of planning and decision-making, rather than to prescribe a specific methodology.

Emissions Performance

Criterion: Current and forecast emissions performance (Scope 1, Scope 2, and material Scope 3) relative to a net-zero benchmark or pathway, or an asset’s science-based target. An aligned asset would need to see emissions decline consistent with targets set to converge the asset with a net-zero pathway.

This criterion contains two elements. Both elements must be met for the criterion to be considered complete.

Element 1: Emissions Decline

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ4 - Emissions Performance

How Completion of this Element is Determined

This element is deemed complete when “Yes” is selected in response to NZ4: Does the asset see emissions decline consistent with targets set to converge with a net-zero pathway?

Additional Guidance

Emissions performance should reflect a decline that ius consistent with the asset’s stated net-zero targets and convergence with the net-zero pathway selected or developed.

NZIF does not prescribe a single methodology for assessing emissions performance. Entities are expected to apply informed judgement, taking into account the asset’s sector, available decarbonization pathways, and the credibility of emissions reductions relative to stated targets.

Element 2: Emissions Scopes

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ4 - Emissions Performance

How Completion of this Element is Determined

Where an entity confirms in NZ4 that the asset sees emissions decline consistent with targets set to converge with a net-zero pathway, a follow-up question asks: Which emissions Scopes does this claim regarding emissions performance cover?

• Scopes 1 and 2

• Scope 1, 2, and material Scope 3

This element is deemed complete where the entity selects “Scopes 1, 2, and material Scope 3.”

Additional Guidance

Emissions performance should be assessed only when measured emissions data and a quantitative reference point are available. Entities should apply informed judgement when determining the scope of their emissions performance claim.

Emissions performance must be demonstrated using quantitative emissions data. Achievement of an action-based or qualitative target alone is not sufficient to substantiate a Scope 3 performance claim.

Achievement

Criterion: Asset with emissions intensity required by the sectoral and regional pathway for 2050 and whose operational model will maintain this performance.

This criterion contains four elements, each of which must be met for the criterion to be considered complete. This criterion applies only in cases where an asset is already operating at emissions performance consistent with a 2050 net-zero pathway and is therefore expected to be met by a small subset of assets.

Element 1: Disclosure

How This Element Is Assessed

This element is assessed through completion of the Disclosure criterion, which requires disclosure of Scope 1, Scope 2, and material Scope 3 emissions using the GRESB Infrastructure Asset Assessment.

There is no separate NZIF Module question for this element–please see the Disclosure criterion guidance in full to understand alignment requirements for this element.

Element 2: Emissions Performance at 2050 Pathway Level

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ5 - Achievement

How Completion of this Element is Determined

This element is deemed complete when “Yes” is selected in response to NZ5: Is the entity’s emissions performance already at least equal to what is required by its sectoral or regional pathway for the year 2050 (i.e., already achieving net zero)?

Additional Guidance

This element applies only where an entity considers that the asset is already operating at an emissions intensity consistent with the level required for 2050, based on an appropriate sectoral or regional pathway. This is distinct from being on a pathway toward net zero and should reflect current performance rather than future projections.

Element 3: Emissions Scopes

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ5 - Achievement

How Completion of this Element is Determined

Where an entity selects “Yes” to NZ5, a follow-up question asks: Which emissions Scopes does this claim regarding net-zero emissions performance cover?

• Scopes 1 and 2

• Scopes 1, 2, and material Scope 3

This element is deemed complete where the entity selects “Scopes 1, 2, and material Scope 3.”

Additional Guidance

Entities should select the scope option that accurately reflects the emissions Scopes for which current performance is already at or below the level required by the 2050 pathway. Where Scope 3 emissions are material, achievement should not be claimed unless emissions performance for those Scope 3 categories is also consistent with the level required by the 2050 pathway.

Element 4: Operational Model

How This Element Is Assessed

This element is assessed using the NZIF Module, via the following indicator:

• NZ5 - Achievement

How Completion of this Element is Determined

Where an entity selects “Yes” to NZ5, a follow-up question asks: Is the entity's operational model expected to maintain this performance?

This element is deemed complete where the entity selects “Yes.”

Additional Guidance

In confirming this element, entities should consider whether the asset’s design, technology, operating practices, and expected future operations support the continued maintenance of net zero–aligned performance, rather than relying on one-off or temporary factors. This assessment should be based on informed judgement, taking into account the asset’s operating context and foreseeable changes over time.