What is the MIRIS Green Finance Framework?

Greenwashing is a thing, sadly. It can seem a bit like an election campaign at times. Companies say that they’re sustainable, promise to do things, seem to have the best intentions at heart, and then it turns out that it’s not the case. We don’t want any of that. At MIRIS, we’re committed to being completely open and transparent with our investors. And we want to prove it too.

“You can design and build a green building, but if you don't run it like a green building, it will still destroy the environment,” says John Campbell, Venture Building Lead at MIRIS.

That’s why we have created a strict Green Finance Framework, a set of rules that guide everything we invest in. It means everything we build needs to truly be sustainable every step of the way. We also had a well-respected external organisation take a look at it to make sure we’re doing everything properly.

What is the CICERO green rating?

We know that sometimes it’s hard to believe what companies claim about their green initiatives. And so as to be fully accountable, we’ve had the MIRIS Green Finance Framework graded by CICERO – the Oslo-based Centre for International Climate and Environmental Research.

We received a CICERO Medium Green rating, which is the second highest rating available. “Our Cicero rating is a third-party validation that gives our investors confidence that this is not a greenwashing exercise and allows institutional investors to invest within certified sustainable projects so as to fulfil their mandates,” John continues.

The CICERO Green Shades report (which we encourage our potential investors to read) found that, “the proceeds from MIRIS green finance instruments will exclusively be allocated to eligible projects in the following categories: Green buildings; Energy efficiency; Renewable energy; Clean transportation; Pollution prevention and control; and Sustainable water and wastewater management.”

And we couldn’t have said it better ourselves.

How do you track your progress and stay transparent?

Our web developers have been working hard behind the scenes to create the MIRIS X platform and its transparency tools. It tracks and reports on our sustainable projects in real time via a 4D model that uses Synchro Pro software and is integrated into the MIRIS X platform. The green framework assures our investors that we’re doing everything by the book – like we said we would. With the software, they can track how their money – and other investors’ money – is being used across the supply chain, from which raw materials we’re buying to which services we’re using. In this way they can watch our flagship project, Svart – the world’s first energy-positive hotel – come to life. And see how their money is impacting the planet in a positive way.