608021 - GRIP Child

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Summary of Advisory Services Project Information

Project Number

608021

Primary Business Area

Manufacturing, Agribusiness & Services

Disclosure Date

Feb 10, 2025

Country

Africa Region

Region

Africa

IFC Approval Date

Dec 14, 2023

Status

Active

Estimated Total Budget

$765,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Mar 4, 2025

Project Estimated Start Date

Oct 31, 2023

Project Estimated End Date

Dec 31, 2027

Client Legal Name

Brookfield India Real Estate Trust

Project Description

This project entails an opportunity for IFC to employ its developed Greening Real Estate Investment Portfolios (GRIP) program to help real estate owner to develop a holistic decarbonization strategy across their portfolios and value chain. The objective is to aggregate retrofit and new construction projects under a portfolio engagement to create sizeable opportunities. The portfolios are expected to be a mix of new build, existing green buildings, and non-green buildings. The focus would be on institutionally owned, investment assets including office, retail malls, warehousing and industrial real estate, hotels, data centers, hospitals and education buildings to ensure concentrated ownership and diversification. As part of the project, IFC will deliver a comprehensive advisory package, including the GRIP strategy, Building Resilience Index (BRI) assessments, and support for achieving EDGE Advanced certification to Brookfield India Real Estate Trust (BIRET). GRIP advisory support will assist BIRET in identifying retrofit and upgradation measures at a portfolio-wide level. It will provide a structured approach to the decarbonization strategy of BIRET instead of taking ad-hoc measures at an asset level, which will be beneficial both for existing and future assets in achieving net zero. EDGE Advanced will be achieved in part by focusing on more sustainable cooling. The project will also analyze adaptation to rising temperatures by looking at cooling strategies needed to withstand rising heat in the future. The BRI Advisory will support build BIRET's capacity in identifying climate-related risks.

Development Results

The GRIP program and Child project will increase the climate efficiency of the real estate asset owners by helping them build a green and resilient portfolio. This will lead to lower utility costs, increased value, improved brand recognition and higher climate risk resilience. As part of the GRIP Phase 2 plan, the team will leverage the sustainable cooling initiative to fund program and pipeline development and ultimately scale up the implementation of GRIP globally. Consequently, the following sustainable cooling indicators and targets will be set. Impact Indicator: - Estimated greenhouse gas emissions reduced or avoided from supported projects Outcome Indicators: - Number of projects that are generating significant domestic and/or international attention - Number of innovative technology solutions that have increased in maturity and operational capability as a result of Trust Fund funding - Total private finance leveraged - The program has developed an internationally recognized community of industry stakeholders, investors, and innovators and adopters in its sector, with links to wider existing platforms Output Indicators: - Number of projects which are considered to have high lighthouse potential due to total project size - Number of activities that show potential to increase the scalability of innovative technologies in supported countries - Number of distinct barriers addressed in the adoption of innovative technologies in supported countries - Number of organization relationships formed to accelerate market readiness of innovative clean technologies in supported countries. - Number of Trust Fund-funded stakeholders that are reporting into the knowledge management strategy - Number of organizations supported by direct and targeted in-country capacity building activities - Number and type of co-benefit resulting from Trust Fund funded activities SDG 13: Climate Action - Number of projects that meet the criteria in the OECD DAC Gender marker or World Bank Group gender tag - Number of projects supported by Trust Fund-funded activities

E&S Risks / Impacts and Mitigation

Performance Standard	Description and Potential Impact	Mitigation
PS 3. Resource Efficiency and Pollution Prevention	As mandated by IFC's Sustainability Policy, IFC team will screen this project to assess consistency with IFC's Performance Standards.	IFC's advice will be provided in a manner consistent with the requirements of relevant Performance Standards 3. The IFC team will assist the client, in gaining/enhancing a good understanding of IFC's Performance Standards requirements as applicable to the project.

This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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