IPUT Real Estate, Ireland’s leading property company and the largest owner of offices and logistics assets in Dublin, announces the launch of its net zero pathway.
IPUT’s pathway sets out the roadmap to achieve net zero carbon by 2030; maintain its sustainability leadership position in the Irish real estate market; and build long term resilience into the business.
- IPUT committed to decarbonising the built environment and achieving net zero by 2030
- Target to reduce embodied carbon emissions by 40% and energy intensity by 33%
- Establishment of transition fund of in excess of €7 million to drive innovation and delivery of targets
Sustainability Leader in Irish Real Estate
Sustainability has been central to IPUT’s investment strategy for many years. IPUT is an ‘A’ rated signatory of the UN Principles for Responsible Investment; a member of the Climate Group’s EP 100 and the first Irish real estate company to sign the World Green Building Council (WGBC) Net Zero Carbon Buildings Commitment. IPUT has now published its pathway for the next phase in its sustainability journey and deliver on a net zero target by 2030. The pathway incorporates the launch of a transition fund to drive innovation and deliver on a net zero target.
Net Zero Pathway
IPUT has identified three strategic pillars to realise its net zero carbon ambition :
Reducing Operating Emissions
Significant energy intensity reductions will be required to achieve net zero. IPUT is targeting a 33% reduction in the energy intensity of its directly managed portfolio; and a 100% renewable target for occupier electricity by 2025. IPUT also aims to reduce whole building consumption through the implementation of further energy efficiency projects.
Reducing Embodied Carbon
Embodied carbon is associated with the materials and construction processes throughout the lifecycle of a building; and comprise the majority of the carbon footprint of real estate assets. IPUT is proactively reducing embodied carbon in new developments and major refurbishment projects; and has a target to deliver a 40% reduction in embodied carbon by 2030.
IPUT is also committed to innovation and stakeholder collaboration to maximise the impact of its sustainability initiatives. Residual emissions not addressed through direct initiatives will be offset, however, IPUT will only commit to carbon removal initiatives where impact is verified. IPUT is also launching a transition fund financed by an internal carbon levy on emissions associated with the construction of new developments. Between now and 2030, the value of the transition fund will exceed €7 million based on IPUT’s current development pipeline. The value of the fund will grow as the development pipeline expands. This fund will support research into low carbon technologies, upskill the supply chain and support initiatives to help occupiers reduce their carbon emissions.
In addition to these three pillars, IPUT will continue to enhance its oversight and reporting on sustainability and environmental impact. As a signatory of the WGBC Net Zero Carbon Buildings Commitment, IPUT is committed to meeting the requirement to: commit, disclose, act, verify; and advocate for advancing net zero. IPUT will measure and verify its carbon footprint annually to track progress. IPUT will continue to participate in the GRESB assessment for both standing and development portfolio; and align with relevant reporting provisions of the Taskforce for Climate-related Financial Disclosure (TCFD).
Niall Gaffney, IPUT Chief Executive commented:
Our goal is to build long term resilience into our estate. An authentic commitment to sustainability is central to building that resilience. In publishing our pathway to net zero, we are committing to a range of initiatives; acting now to create better places in our city and to make a positive contribution to climate action.
We believe climate action requires a holistic approach which extends to building better places and fostering local neighbourhoods that are sustainable, economically, and socially. Our approach to sustainability and placemaking builds strength and long term resilience into our business which supports superior performance through the real estate cycle.