Iput, the leading Irish commercial property investment group and developer, said it is planning to cut carbon emissions from new developments and major refurbishment projects by 40 per cent under its plans to achieve net zero by the end of the decade.
The company, which has 5.2 million square feet of office and logistics assets, mainly in Dublin, also said that is targeting a 33 per cent reduction in the energy intensity of its managed portfolio and moving to 100 per cent renewable energy for occupier electricity by 2025.
Iput, led by chief executive Niall Gaffney, will use carbon removal initiatives where the impact is verified to offset residual emissions that it cannot address directly. Offsets can include buying carbon credits from the likes of mature tree-planting projects or sophisticated carbon removal technology.
“Our goal is to build long-term resilience into our estate,” said Mr Gaffney. “An authentic commitment to sustainability is central to building that resilience.”
Mr Gaffney said that real estate valuers hired by property companies to carry out valuation exercises for financial accounts are beginning to ask for energy rating certificates. Buildings that are not sufficiently energy efficient are being marked down and may, in time, become so-called stranded assets that have been prematurely written down.
“We believe climate action requires a holistic approach which extends to building better places and fostering local neighbourhoods that are sustainable, economically and socially,” he said. “Our approach to sustainability and placemaking, build strength and long term resilience into our business which supports superior performance through the real estate cycle.”
Iput is also creating a fund of about €7 million fund between now and 2030, financed by an internal levy the company is placing on carbon generated by its developments, that will support research into low carbon technologies, upskill the supply chain and support initiatives to help occupiers reduce their carbon emissions, it said.