Nick Johns-Wickberg
The Green Building Council of Australia (GBCA) has launched Green Star Performance v2, a comprehensive update to the sustainability rating tool.
GBCA’s Senior Manager of Buildings, Fitouts and Market Engagement, Jamie Wallis, says when Green Star Performance first entered the market in 2013, the landscape of ESG and sustainable finance was vastly different.
“Investors are now looking for assets on a clear path to net zero, and the sustainable finance community needs to know whether assets are aligned with global decarbonisation goals,” Wallis says.
“The world has changed enormously since we launched Green Star Performance v1.”
Changing with the times
Many of the frameworks that investors now rely on, such as the Paris Agreement, the Task Force on Climate-Related Disclosures (TCFD), and the United Nations Sustainable Development Goals (SDGs), were either non-existent or in their infancy when Green Star Performance kicked off.
Today, these frameworks play a critical role in guiding investment decisions. To meet these evolving expectations, Green Star Performance v2 combines the latest megatrends and investor demands into a single, user-friendly digital tool.
It aligns with leading frameworks such as the Climate Bonds Initiative (CBI), GRESB, TCFD, and 14 of the 17 UN SDGs. Buildings with NABERS ratings can earn up to 27 points towards a Performance rating.
The updated tool takes a holistic view of sustainability, embedding circular economy principles into operations and addressing key areas such as fit-out waste, embodied carbon, health and wellbeing, social impact, nature, and climate resilience.
It also supports better corporate reporting and disclosure, aiding investors and banks in making informed decisions while providing facilities managers with a clear pathway to improvement.
Industry consultation
“We heard from over 200 experts to ensure our benchmarks align with the world’s leading investor and sustainable finance frameworks and with the net zero expectations in the Climate Positive Pathway for Existing Buildings,” Wallis says.
“Green Star Performance v2 supports better corporate reporting and disclosure, helping investors and banks make better decisions.”
The revised benchmarks offer refined definitions, with rating expectations and mandatory credits that guarantee outcomes and give investors and lenders confidence. The benchmarks for world leadership are now stronger, and the rating tool now applies more easily to all asset types, including social infrastructure.
Green Star Performance v2 registrations are now open. All new projects must register with Green Star Performance v2 from 1 January 2025, and all projects must submit under Green Star Performance v2 from 1 January 2026. More information is available via the GBCA website.
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