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Five leading international property companies have announced an initiative to develop a Global Green Rating system to better evaluate their properties environmental performance. The companies involved are AEW Europe, AXA REIM, Bureau Veritas, GE Real Estate Europe and ING Real Estate. The ratings will be based on measurable indicators related to the building’s functioning, notably energy, carbon, water, waste, health and transport. Once the values are established improvements can be calculated on both a property and portfolio level.

The system's methodology is currently being worked out in 15 pilot sites located in France, Germany, Spain and the UK. According to Ken Smith, business director environmental management, sustainability and risk at Bureau Veritas, a Europe-wide test base provides the kind of diverse testing area necessary to create a truly global framework. The development of a common language with asset and property managers and clients is another benefit the new system will provide. Launch of the system could take place as early as the end of 2008, he said.

Gilles Bouteloup, global head of compliance and sustainable development at AXA REIM, commented: 'What is remarkable is that the asset performance is assessed on site by an independent third party and can thus provide a sound and concrete decision making tool for improvement actions. Furthermore, this rating will allow us to give evidence of the actual progress achieved year by year and will concern 95% of our real estate portfolios.'