MetLife Investment Management Partnerships With Norges Bank Investment Management and New York State Common Retirement Fund Receive 5 Star Rating From Global Real Estate Sustainability Benchmark

MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that two real estate partnerships with Norges Bank Investment Management and New York State Common Retirement Fund (“MCPP portfolio”) have received 5 star ratings from Global Real Estate Sustainability Benchmark (GRESB), which also recognized the partnerships as “Sector Leaders”. A third MIM core real estate portfolio was also recognized with 4 stars.

Each year, GRESB assesses and benchmarks the environmental, social, and governance (ESG) performance of properties worldwide and monitors the sector’s progress toward global sustainability goals. The GRESB 5 Star rating recognizes entities placed in the top 20 percent of the benchmark. GRESB assessments are guided by what investors—and the industry—consider to be material issues in the sustainability performance of real asset investments. These ESG indicators are aligned with international reporting frameworks such as the Global Reporting Initiative (GRI) and the Paris Climate Agreement.

Notably, the partnership with Norges Bank Investment Management achieved the highest performance score of any entity within the Americas, while the MCPP portfolio achieved an overall score that was #5 in comparison to all other entities within the Americas.

“Our commitment to environmental sustainability across our real estate portfolio reflects our purpose as a company,” said Robert Merck, senior managing director and global head of Real Estate, MetLife Investment Management. “We are delighted that our partnerships with two long-standing clients in Norges Bank Investment Management and the New York State Common Retirement Fund have been recognized globally for environmental leadership. We look forward to working further with each of them to help build a greener future for the assets, building occupants and communities that we’re a part of.”

MIM’s commitment to sustainability goals is reflected in its MetZero initiative. The Norges Bank Investment Management, MCPP and core portfolios are endeavoring to reach carbon neutrality in the near term. The MetZero program uses a Carbon Cascade approach focused on reducing emissions and while adding on-site renewable energy and off-site green power procurement.

The GRESB recognition follows the September release of MetLife’s 2030 Environmental Goals, which include MIM’s commitment to powering all MIM managed and controlled real estate investments with 100% renewable electricity by 2030. MetLife also pledged to reduce location-based greenhouse gas (GHG) emissions by 30 percent from 2019 levels, originate $20 billion in new green investments, and allocate $5 million to develop products and partnerships that drive climate solutions. Earlier this year, MetLife issued its first green funding agreement backed note, and in 2019, MIM became a signatory to the United Nations-backed Principles for Responsible Investment. For more information on MetLife’s sustainability initiatives, please go to metlife.com/sustainability.