Sustainability Enablers


We must evolve our ways of working and ensure the integration of sustainability throughout our operations, strategy and decision-making to deliver on our sustainability commitments for our healthcare tenants, Unit Holders and broader stakeholders.

Governance and Team

ESG and the investment process

As part of our current acquisition due diligence process, we already include select sustainability dimensions that align to GRESB guidelines, such as building safety, land contamination, compliance, energy supply, flooding, infrastructure and water supply. We will continue to integrate sustainability into our standard investment process by using Climanomics modelling software to measure the physical climate risks of each acquisition target. This process will allow us to mitigate risks that could impact the long-term value of our portfolio.


We are committed to integrating sustainability across the building lifecycle, including our investment process, enabling us to support our commitments in achieving net-zero and providing high-quality spaces for our healthcare tenant partners.

Green leases

Northwest have committed to embed a green lease clause within all new leases in recognition of the importance of having the right mechanisms in place to ensure we are able to measure the environmental impact of our buildings and tenants, but also guide tenants towards taking a more sustainable approach to their operations and initial fit-out.

The green lease clause should be in all new leases going forward and all tenants will receive a copy of the landlords fit-out guide.


Reporting and Disclosures



Vital is committed to annually reporting to GRESB (formerly Global Real Estate Sustainability Benchmark) as an internationally recognised benchmarking process. In 2023 Vital has been recognised as a 2023 Sector Leader by GRESB in both the Standing Investments Benchmark and the Development Benchmark a Global Listed Sector Leader – Healthcare Standing Investments, Global Listed Sector Leader – Healthcare Development and Global Sector Leader – Healthcare Development.

GRESB Sector Leaders are the best performers (first place) by sector and region, with the top scores.



Vital retained a B- in 2023 for CDP (formerly Carbon Disclosure Project), a not-for-profit charity providing a disclosure framework for organisations and cities to review their environmental footprint.

A B- score places Vital in the ‘Management’ category, showcasing our commitment to proactively addressing our environmental impact and actively striving to decrease greenhouse gas emissions.

GRESB Sector Leader
B- Management score

Climate Related Disclosure Reporting

Climate Related Disclosure Reporting

Vital is a Climate Reporting Entity (CRE) and subsequently required to comply with the Financial Sector Amendment Act 2021 to provide a climate-related disclosure. In accordance with the External Reporting Board (XRB) Aotearoa New Zealand Climate Standards (CS1, CS2 and CS3), Vital will release a disclosure prior to October 2024. The XRB Standards follow the recommendations and guidance of the Task Force on Climate-related Financial Disclosures (TCFD) with an aim to support the allocation of capital towards activities consistent with a transition to a lower emissions climate-resilient future.

Vital engaged auditors Deloitte to undertake an independent gap analysis of current business activities and operations against the released XRB standards. The gap analysis has enabled management to provide clear direction on informing actions throughout many different business divisions, to be delivered in line with the programme outlined below.

In alignment with the XRB standard’s, our climate scenario analysis will involve climate related risk and opportunity assessments on all standing assets across a variety of time horizons and RCPs. To facilitate the analysis of these climate scenarios, Vital was an active participant in the working group collaborating to deliver the NZGBC Climate Scenarios for the Construction and Property Sector document.

Task Force on Climate Related Financial Disclosures logo

FY22 - FY25



Governance documentation review and gap analysis

  • Review of existing documents, process, and policies for climate risk accountability
  • Board’s oversight of climate related risks and opportunities
  • Management’s role on assessing and managing climate-related risks and opportunities



Risk Management & Strategy – documentation review and gap analysis

  • Review of existing documentation, including the outputs of internal workshops and climate risk management-related documents
  • Review of existing process for identifying and assessing climaterelated risks, including methodology for identifying and assessing scope, size and impact, time horizons, value chain stages
  • Identify processes for managing climate-related risks



Targets and metrics – documentation review and gap analysis

  • Choice of cross-industry metrics & consistency with XRB’s climate-related metric categories
  • Relevance and rationale for choice of industry-specific metrics (as defined by XRB), and any other performance indicators
  • Description and rationale for target and process for GHG report compliance (considering 3rd-party assurance over inventory and its link to the XRB CRD report.



Final CRD recommendations and roadmap

  • Full gap analysis completed
  • Roadmap for achieving CRD compliance delivered



Report to Vital Board

  • Present key findings of gap analysis and the road map for CRD compliance to the Board and



Portfolio stress tests

  • Undertake portfolio climate risk stress testing (physical and transition risks)
  • Generate physical risk heat mapping
  • Test portfolios for emissions intensity



Adaptation & Transition planning

  • Identify options for strengthening portfolio resilience
  • Identify options for decarbonising portfolios



Draft CRD ready to present to Board