O UR - IPUT PLC | RESPONSIBILITY REPORT 2020
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
GREENING
O UR
PORTFOLIO
I PU T PL C | R E SP ONSI BI L I T Y R E P ORT 2020
Pictured: Wilton Park, Dublin 2 Front Cover Image: Amor Fati by James Earley
IPUT 2020 · Vision & Values
OUR VISION
Our vision is to set the benchmark for excellence in
Irish real estate and positively shape the future of our city.
WHO WE ARE
We are Ireland’s leading commercial property investment company and one of the largest
owner of offices and logistics assets in Dublin. We are a long term investor with a 50 year track
record in real estate. We own and manage a portfolio comprising over 5.2 million sq ft,
with a net asset value of over €2.7 billion.
We have an international reputation for delivering the highest quality in everything we do.
Our goal is to own exceptional buildings that set new standards in design and sustainability
in order to attract best-in-class occupiers, drive long term shareholder value and contribute
positively to the communities in which we work. By sustainably investing in the public realm,
we make a positive contribution to the social and cultural fabric of our city.
PHILOSOPHY
We are passionate about our buildings and our presence in the city.
We make long term investment decisions for the benefit of our stakeholders,
with an emphasis on excellence in design, sustainability and the occupier experience.
O U R VA LU E S
C U STO D I AN S LE AD E RS TRU STE D PAS SION
We are custodians of We are leaders in We build trust through We are passionate
our city. Our ambition Irish real estate performance, not just about the built
is to make a positive and will continue to in our track record environment. We take
contribution to advance that position but in our conduct pride in the buildings
society by sustainably through our culture and openness with we develop, own
redeveloping our of excellence and our investors and and manage, taking
properties, actively innovation. stakeholders. care to ensure they
managing our estate support and improve
and working closely the communities in
with our stakeholders. which we work.
1
Courtyard of 10 Molesworth Street, Dublin 2
IPUT 2020 · Contents
C ONT E NT S
OVERVIEW Executive Summary 4
Chief Executive’s foreword 6
2020 highlights 10
Our Responsible Investment Strategy 12
Net zero carbon commitment 14
Thought leadership 18
E N V I RON M E N TA L Energy management 22
Building in focus – The Exchange 28
Circular economy 30
Sustainability standards for new developments 34
New developments: The Tropical Fruit Warehouse 36
Certifications 38
SOCIAL Wellbeing 42
Engagement 44
A platform for Irish design 46
Our people 48
GOVERNANCE Effective stewardship and oversight 54
Green finance framework 56
Disclosure 58
Health and safety 60
Performance 62
INREV Sustainability Guidelines 69
Verification statement 70
Assurance statement 72
2 · 3
EXECUTIVE SUMMARY
2020 – a snapshot of activities
ENVIRONMENTAL SOCIAL GOVERNANCE
Advancing net zero Covid-19 response GRESB 4-star rating
IPUT was the first Irish real estate We adapted quickly to the in 2020
company to sign up to the World challenge posed by the pandemic, We achieved a 15% year-on-year
Green Building Council’s Net Zero developing an operational plan improvement, scoring 77 for our
Carbon Buildings Commitment in Working with Covid-19. This plan standing investment portfolio and
September 2020. was implemented across our securing a GRESB 4-star rating for
portfolio, providing support to the first time. Our development
We have committed to only own
all stakeholders as we navigated projects scored 87 and secured a
assets operating at net zero carbon
through the pandemic. GRESB 4-star rating also.
within areas of direct control and to
only develop assets that operate at The restrictions imposed due to A fourth consecutive green star
net zero carbon by 2030. Covid-19 shifted the emphasis and second in our peer group
on the delivery of our wellbeing for our standing investments,
This commitment underlines
strategy, and our engagement and first in our peer group for
IPUT’s market-leading approach
with occupiers pivoted to a virtual our developments, is a mark
to decarbonising the built
environment. of our strong ESG credentials
environment. A significant
milestone in this journey was We ensured our collaborative and continuing market
ensuring landlord services at our approach to responsible leadership in this area.
directly managed office buildings management continued, using
are now supplied by 100% video calls, newsletters and
renewable electricity. webinars. In particular, our quarterly
newsletter provided key Covid-19
updates and highlighted ESG-
focused activities continuing within
the portfolio.
IPUT 2020 · Executive summary
Looking forward – 2021 and beyond
ENVIRONMENTAL SOCIAL GOVERNANCE
Net zero carbon Our placemaking Disclosure
buildings by 2030 credentials We believe in pursuing the highest
Our net zero carbon building Our 2020 Making Place thought standards and reporting our
pledge is our most important leadership report addressed the progress clearly to our stakeholders
environmental related commitment major shifts in office working life using recognised frameworks
to date. Over the course of this accelerated by the pandemic. It and benchmarks. To this end, we
decade, it will see significant identified a need for recalibration will further align our reporting
investment and innovation in our of work, life and place in our to the Taskforce for Climate-
standing portfolio and development cites. We intend to deliver this related Financial Disclosures
activity to achieve a 40% reduction through a new design practice (TCFD) framework. A TCFD gap
in our annual carbon emissions. called workplacemaking – an analysis was carried out in 2020,
approach to ensure offices identifying opportunities to
We plan to issue our Net Zero enhance our approach to climate
maintain their important economic
Carbon Pathway in the coming change risk management.
and social functions while at
months which will be our roadmap
the same time contributing to Regulatory obligations posed by the
to achieve our 2030 target.
making our cities more enriching new Sustainable Finance Disclosure
It will focus on reducing the amount and sustainable places. Regulations (SFDR), which aim to
of energy we use, procuring standardise sustainability reporting
Through 2021 and beyond, we aim
renewable energy only, reducing the and offer greater transparency have
to put our placemaking strategy
amount of embodied carbon in our been addressed by us in March
into practice by focusing on three
developments and refurbishments, 2021 and will continue to be met.
Dublin city neighbourhoods in
and working with our occupiers
which we are particularly active: We will continue to participate
to help them to reduce emissions
St. Stephen’s Green, Wilton in the GRESB assessment,
beyond our direct control.
Park, and the Docklands. with an ambition to maintain
our 4-star rating.
4 · 5
CHIEF EXECUTIVE’S
foreword
Building in resilience
In a year dominated by the Covid-19 pandemic, All of this has been underlined by the quality of our
2020 brought about unprecedented challenges for underlying assets, which are built and managed to offer
us all. Real estate has been no exception, and the the best user experience for occupiers, and to remain
pandemic has already recalibrated our thinking on how operationally and financially resilient through all stages
we want to work and live; accelerated structural trends; of the cycle.
and will impact our behaviour and that of our occupiers
The impact of the Covid-19 pandemic has materially
going forward.
altered how we all go about our daily lives and exposed
The crisis also meant it was a year where the a fragility of many aspects of our modern society. Yet,
foundations we have built for responsible investing this global health crisis only goes to set in context our
came to the fore, and these have underpinned our greatest challenge. Once again, The Global Risks Report
ability to manage our Covid-19 response while 2021 from the World Economic Forum highlights the
continuing our sustainability journey. risks posed by climate action failure as the planet’s
most dangerous threat.
An important part of our commitment as a long term
investor in Dublin real estate for over 50 years has At IPUT, we have been mitigating the impact of climate
always enabled us to withstand challenges posed by risk for several years and continue to take bold steps to
market cycles. In addition, an important part of our build in resilience to our investment approach. Currently,
commitment to the places in which we operate is the we focus on three main areas: climate action, circular
strong relationships with our occupiers and investors, economy and health and wellbeing. Our approach is also
and this has been enhanced by the experience and informed by our Shaping our City strategy and its pillars
expertise of our dedicated team. Trust, communication, of enriching our buildings and greening our portfolio.
and an understanding of our stakeholders’ expectations
has been vital in this difficult market environment.
We put in place a €300
million revolving credit
facility, €200 million of which
was a green component, the
largest green facility in the
Irish real estate market.
IPUT 2020 · Chief Executive’s foreword
Niall Gaffney
Chief Executive
2020 progress
2020 was a year marked by significant steps on our We stepped up the pace on our path to achieving a net
sustainability journey. In February, we put in place a zero portfolio by becoming signatories of the World
€300 million revolving credit facility, €200 million of Green Building Council’s Net Zero Carbon Building
which was a green component, the largest green facility Commitment in September 2020 – the first Irish real
in the Irish real estate market. estate company to do so. We have committed to only
We recognise the importance of transparency and own assets operating at net zero carbon within areas
disclosing our sustainability performance, and 2020 of direct control by 2030, and to only develop assets
was the fifth year in which we participated in the Global that operate at net zero carbon by 2030. This initiative
Real Estate Sustainability Benchmark (GRESB), the sets our medium term agenda and demonstrates our
leading benchmark globally. We achieved a 4-star rating leadership within the Irish real estate industry.
in both our standing investments and our development In 2020, we ensured that all landlord-procured energy
projects, outperforming the GRESB benchmark at a for our directly managed portfolio is 100% renewable,
global and European level. an important step in reducing the carbon emissions
We also completed our first submission to the within our control. We are also working with our
Principles of Responsible Investment (PRI) in 2020, occupiers to reduce the emissions in areas beyond
achieving an “A” rating in both modules that applied to our direct control with the aim to neutralise emissions
the fund – strategy and governance, and direct property. across the whole portfolio.
6 · 7
IPUT 2020 · Chief Executive’s foreword
We reacted quickly to the challenges posed by the The Tropical Fruit Warehouse is progressing well and
Covid-19 pandemic, developing an operational is now scheduled to complete in early 2022. This
plan Working with Covid-19. This focused on clear building will add to the properties in our docklands
communication with our occupiers through the various neighbourhood and is an example of sympathetic
phases of restrictions. As a business, the transition to development, merging the history of the docklands
homeworking has been successful for the team in what and modern office space. Designed to LEED Platinum
has been a busy and productive year for the company. standards and to be an all-electric building, it has the
potential to operate using only renewable energy.
We continued to emphasise investment in the public
realm and using our assets as a platform for Irish Finally, Aerodrome Business Park will be one of the first
design. A key highlight in early 2020 was presenting LEED certified logistics facilities in Ireland, delivering
Eilis O’Connell RHA, Six Works – Augmented Reality, 120,000 sq ft and setting a new standard for logistics
an augmented reality exhibition in Wilton Park. development.
This interactive experience allowed visitors to use
The passion and leadership of our development team
their smart devices to see sculpture works come
ensures that we are constantly innovating, whether
to life virtually. During a period where many cultural
striving to minimise the amount of embodied carbon
institutions remained locked down, using our public
in our developments or incorporating circular design
realm as a cultural canvas gave a much-needed
principles to our design brief to reduce waste and
platform to artists.
increase the longevity of our new buildings.
Following on from the Shaping Our City thought
Across our whole portfolio, our commitment to net zero
leadership report in 2019, we have further developed
carbon by 2030 forms the backbone of our strategy for
this theme in 2020 and released Making Place, in
the next decade. In 2021, we will roll out our pathway to
partnership with Arup. In this report, we look at how
enable this ambition to become a reality, with the first
to embrace new ways of working that have been
major milestone of setting a science-based target by
accelerated by technology and the pandemic. As
the end of the year.
people move towards agile working patterns, we believe
their needs offer a unique opportunity to reassert the From a governance perspective, our team are
value of the workplace by ensuring offices work harder implementing the regulatory standards required by the
to support sustainable neighbourhoods. new Sustainable Finance Disclosure Regulation (SFDR).
In addition, we will look to further align our investment
2021 opportunities – a year of action approach to the Task Force on Climate-related Financial
The coming year is an exciting one for our next Disclosure (TCFD) recommendations for assessing the
generation of buildings, all of which are designed with financial risks posed by climate change.
excellence and longevity in mind and will be exemplars While 2020 has been a year of unique challenges, it
for our sustainability initiatives. has enabled us to recalibrate and refocus on the tasks
The first phase of our 600,000 sq ft LEED Platinum ahead. The experience of living and working through
flagship project at Wilton Park will be completed in a pandemic has only reinforced the importance of
2021. Over the next three years, this area will become a immediate action to build in long term resilience,
new neighbourhood in Dublin, providing not only high- whether that is the challenges of climate change or
quality offices but retail, restaurants and community through our continued stewardship of thriving and
spaces. sustainable neighbourhoods.
Niall Gaffney
Chief Executive
Pictured opposite:
Earlsfort Gardens, Earlsfort Terrace, Dublin 2
8 · 92020 H IG H L IG H T S
Market leadership
ENVIRONMENTAL
Net zero carbon 19% reduction 100% renewable
buildings commitment in emissions energy
IPUT became first Irish real estate 19% greenhouse gas (GHG) Landlord services at all
company to sign up to the World Green reduction from 2019 to 2020 on of our directly managed
Building Council’s Net Zero Carbon a like-for-like basis, ahead of office buildings are
Buildings Commitment. the Irish Climate Action and Low supplied by 100%
Carbon Development Bill target renewable electricity.
of 7% GHG reduction each year.
SOCIAL
Covid response Wellbeing Shaping Our City
Implementation of our Further investment in our €1.8m invested in public
Working with Covid-19 parks, gardens and building realm and infrastructure
building management plan amenities to enhance the improvements at
to support the safe use of wellbeing of our occupiers Carrickmines Park.
our buildings. and communities.
GOVERNANCE
GRESB 4 Star 77 87
We achieved a 4-star rating scored for the scored for performance
in the 2020 GRESB real performance of of our development
estate assessment for both our standing projects, making us first
our standing investments investments. in our peer group.
and our developments.IPUT 2020 · Highlights
Smart energy Certification EP100
meters 12% of portfolio membership
LEED Certified. On
100% of our directly Joined EP100, an initiative
completion of current
managed office buildings of the Climate Group,
development projects,
are now fitted with smart in partnership with the
this will rise to 40%.
energy meters. Alliance to Save Energy.
Occupier survey A platform for Mo for Simon
Increased demand for Irish art and design €116,000 raised for charity,
wellbeing focused building providing outreach services
Eilis O’Connell RHA, Six Works –
amenities and facilities. to the homeless.
Augmented Reality, an augmented reality
exhibition in Wilton Park. This interactive
outdoor gallery experience in partnership
with the Royal Hibernian Academy.
Click here to see the video.
PRI “A” rating Green finance framework TCFD
We achieved an “A” rating for €200m green revolving credit facility Further developing
our United Nations Principles for largest in Irish real estate market – as our reporting on
Responsible Investment (PRI) part of our €300m revolving credit governance, strategy, risk
annual assessment. facility, this green component will be management and metrics
used to finance projects such as the and targets with TCFD
Wilton Park estate and to help transition recommendations.
to net zero.
10 · 11OUR RESPONSIBLE
I N V E S T M E N T S T RAT E GY
Our current plan sets out our
approach for the period 2019 – 2022
Our strategy guides our approach to the environmental,
social and governance (ESG) issues most relevant to our
business, and where our management approach can have
greatest influence. We have three primary ESG pillars:
climate action, circular economy, and health and wellbeing.
Climate action Circular economy Health and wellbeing
Implementing a programme to Waste management is an Enriching our portfolio to create
manage the risks and opportunities increasing concern for us in both workspaces with a focus on
posed by the transition to a our developments and day-to- the health and wellbeing of our
low carbon economy is a key day operations in our buildings, occupiers is a core deliverable.
deliverable for us. This ensures as the cost and regulatory We collaborate closely with
our assets are positioned to responsibilities associated with our occupiers to understand
perform and remain attractive managing waste continue to rise. their requirements, and this
to occupiers over the course of helps us to develop tools and
The circular economy considers
the next decade and beyond. initiatives that enhance the user
the lifecycle of materials – including
experience of an IPUT Building.
In 2020, we achieved our target to disposal – in the design phase. How
procure 100% renewable energy we treat materials is evolving as we Examples of our initiatives
for sites under our direct control. learn how to design materials into this year include our response
We also outlined our ambitious buildings in a way to allow efficient to Covid-19 restrictions,
net zero buildings commitment: by repair, reuse, or recycling. Our core holding regular virtual tenant
2030, all assets in our direct control objective is to make this as efficient forums, upgrades to occupier
will operate at net zero carbon as possible so that waste from amenities, and improvements
and we will only develop assets our assets is kept to a minimum. to our parks and gardens.
that operate at net zero carbon.IPUT 2020 · Our Responsible Investment Strategy
IPUT offices,
47-49 St. Stephen’s Green, Dublin 2
12 · 13NET ZERO CARBON
BUILDINGS COMMITMENT
Transforming our portfolio to net zero carbon
In September 2020, we became signatories of the World
Green Building Council’s (WGBC) Net Zero Carbon Buildings
Commitment – the first Irish real estate company to do so.
The call to action on climate change has continued to Investors are also seeking more detailed and granular
increase from when we set out our current objectives 18 data on the environmental performance of the funds
months ago. In 2019, the Irish government declared a and assets in which they invest. They too are seeking to
climate emergency and in 2020 issued the first Climate decarbonise their own portfolios and find investments
Action and Low Carbon Development Bill. This bill has which are resilient in the face of climate risks.
far-reaching proposed legislation to accelerate the
We pledge to own only assets operating at net zero
energy transition away from fossil fuels. It seeks to cut
carbon within areas of direct control by 2030, and to
annual carbon emissions by an average 7% from 2021
only develop assets that operate at net zero carbon
to 2030, and to achieve net zero emissions by 2050.
by 2030.
Many of our occupiers have their own carbon
Our net zero carbon commitment is the next
emissions targets. For example, Microsoft, the
stage in the delivery of our Responsible
parent of our Wilton Park anchor tenant LinkedIn,
Investment Strategy and marks a new phase in
has targeted being carbon negative by 2030.
how we design and manage our buildings.
We are adopting the World Green Building
Council definition of a net zero carbon building
Net zero carbon is when the amount of carbon dioxide
emissions released on an annual basis is zero or negative.
Our definition for a net zero carbon building is a highly
energy efficient building that is fully powered from on-site
and/or off-site renewable energy sources and offsets.IPUT 2020 · Net zero carbon buildings commitment
“ Our responsible investment and
‘Shaping our City’ investment strategies
include a focus on climate action and,
in turn, a commitment to net zero in
our operations by 2030. We believe this
commitment to sustainable buildings
marks us out as a real estate provider
of choice in the Dublin market.”
Shane Caldwell,
Sustainability Lead
Net zero carbon: the roadmap
Net zero Net Zero 33% 40% Disclosure
commitment Pathway reduction reduction requirements
In September During 2021 we
in energy in carbon We will measure
2020, we became will publish our intensity emissions and disclose our
signatories of Net Zero Carbon by 2025 by 2030 scope 1, 2 and 3
the World Green Pathway setting carbon emissions
Building Council’s out our approach As part of our We will measure reduction progress
(WGBC) Net Zero and key actions to net zero pathway, embodied carbon towards net zero
Carbon Buildings ensure we meet our significant energy using whole in our annual
Commitment – the targets. intensity reductions lifecycle carbon Responsibility
first Irish real estate will be required. We assessments Report. We will
company to do so. This framework are targeting a 33% and proactively verify using third
will support reduction in energy reduce it in new party verification to
The scope of future proofing intensity of our developments ISO-14064-3.
this commitment our standing directly managed and major
is our directly portfolio of directly portfolio by 2025. refurbishment We will also
managed standing managed buildings design and disclose predicted
portfolio and our through proactive This approach construction. energy demand
development investment in will target the and carbon
pipeline. greener plant replacement of By investing in emissions of our
and equipment gas with renewable existing building new developments
and facilitate the electricity as the upgrades and and building
design of net zero primary source of engaging with our refurbishments.
buildings within heat energy. occupiers to move
our development to renewable power,
activity. we will seek to
significantly reduce
our operational
carbon footprint.
14 · 15NET ZERO CARBON BUILDINGS COMMITMENT
Our Net Zero Pathway Role of the circular economy
During 2021 we will publish our pathway to net At IPUT, we know that achieving net zero carbon is
zero carbon. This will form the cornerstone of our impossible without rethinking how we use materials
environmental strategy for the next ten years. It will within the development and operations of our buildings.
highlight the steps we have taken so far on this journey, The circular economy model is teaching us how to
set out our approach, and identify the actions and do more with less, reduce waste and deliver greater
governance framework needed to ensure we meet our efficiencies. It also informs us about the future of
targets. buildings and how we can create new spaces using
the legacies of the assets we have. We are already
We recognise that we cannot manage what we cannot
looking to incorporate circular economy principles
measure. Our scope boundary is therefore determined
into our building design and operational management
by our levels of control, impact and influence. The
approaches.
pathway will therefore encompass our directly managed
buildings and our development pipeline. Importance of collaboration
Our focus at our directly managed buildings will be The necessary evolution of a 20th century design
operational performance, and we are targeting a 33% approach to deliver both net zero carbon buildings
reduction in energy intensity by 2025. Our approach and a shift from a linear economy to circular economy
will involve direct engagement with our occupiers to will inevitably impact on the buildings and spaces
develop a whole building energy and carbon reduction being developed. For this reason, engagement with
programme. All new developments will be designed our occupiers and other key stakeholders is of central
to reduce the amount of embodied carbon used in importance. Understanding how the move to a low
their construction and operate at net zero during the carbon economy will transform the built environment
operational lifecycle. Across both operations and over the next decade will require collaboration and this
development activity, we are targeting a reduction in is a key driver of our occupier engagement programme.
carbon emissions of 40% by 2030.
The pathway will influence all aspects of our business
and we are excited about the challenge and opportunity
to future proof our buildings for years to come.
“ In 2020 we reported our most extensive
performance dataset for our buildings.
This has helped us set ambitious targets,
including a 40% reduction in emissions
by 2030. We therefore view our net zero
commitment as a great challenge and,
moreover, a huge opportunity for innovation
and collaboration with our stakeholders to
reduce our scope 1, 2 and 3 emissions.”
Ellen McKinney, Sustainability AnalystIPUT 2020 · Net zero carbon buildings commitment
Pictured:
Model of The Tropical
Fruit Warehouse,
Dublin 2
16 · 17THOUGHT LEADERSHIP
– SHAPING OUR CITY
Making Place
Our 2020 Making Place thought leadership report,
launched in partnership with Arup, addressed the major
shifts in office working life due to digitalisation, which
have been accelerated by the pandemic. It concluded that
there is a need to recalibrate offices to make them more
appealing, and to work harder to be part of sustainable
places both socially and economically.
To achieve this, the report identifies a new
design practice called workplacemaking – an
approach to ensure offices maintain their
Making Place examines what we as
important economic and social functions while employees are looking for from our
at the same time contributing to making our
cities more enriching and sustainable places. workplaces, and what that teaches
Workplacemaking aligns with our health and us about how we can narrow the
wellbeing pillar. We focus on enhancing the user gap between the physical make-up
experience of an occupier in an IPUT building,
and enriching the neighbourhoods within which of the places in which we live and
our buildings are located through investments
in public realm such as parks and gardens.
in which we work.IPUT 2020 · Thought leadership
The building blocks of workplacemaking are five 1. Watering holes
types of place which reflect how people’s new
working and living needs can be met by space. Places that attract people to linger, meet and
socialise based on the experience that employees
see work as a social experience.
2. Street classrooms
Places that bring people together in formal and
informal knowledge exchange, recognising that
employees are keen to acquire new knowledge
and skills.
3. Cultural canvases
Places that can be shaped curated and
programmed by people and communities to
recognise that employees want to express
individuality as well as shared culture that can
lead to a better sense of belonging and identity.
4. Mind labs
Places that invite people to come together
around shared issues, ideas and challenges to
recognise that employees like to share ideas
and challenges with their peers that can lead to
greater breadth of problem-solving.
5. Mind gardens
Places that support people’s individual and
restorative thinking processes to recognise
that employees seek opportunities to think and
contemplate ideas.
Find out more and download
the report on our website:
www.iput.com/thought-leadership
18 · 19ENVIRON Wilton Park, Dublin 2
IPUT 2020 · Environmental
N M E N TA L
20 · 21ENERGY MANAGEMENT
Reducing our operational carbon
footprint through proactive management
From designing buildings to be more energy efficient, to actively
tracking the operational performance of our buildings, we continue
to develop a multifaceted energy management strategy.
The pandemic had a significant effect on our building with the increased total consumption of gas and
operations throughout 2020. In March, as the electricity. Within our directly managed portfolio, we
country went in to its first lockdown, we developed are reporting significant reductions in both electricity
an operational plan for each of our directly managed and gas consumption in 2020. This performance
buildings to ensure they remained open for access must be viewed in the context of 2020’s unique set of
but limiting services and plant operations to avoid operational circumstances.
unnecessary energy consumption.
Absolute energy consumption, made up of electricity
With increased tenant engagement, we have added and gas, increased at a whole portfolio level, but
greater depth and breadth across the whole portfolio decreased in our directly managed buildings.
dataset. This increased data collection correlates
Absolute energy consumption 2019 (MWh) 2020 (MWh)
Electricity consumption Whole portfolio (including available tenant data) 32,361 36,469
Directly managed portfolio 5,172 3,743
Natural gas consumption Whole portfolio (including available tenant data) 16,911 17,855
Directly managed portfolio 7,500 5,967
“ In 2020, our electricity consumption
reduced by 28% and gas consumption
by 20%. The pandemic was a key factor
in this year’s peformance, in addition to
reductions now materialising from recent
investment in energy related projects.”
Glenn Cran,
Head of Asset ServicesIPUT 2020 · Energy management
1 Grand Canal Square, Dublin 2
22 · 23ENERGY MANAGEMENT
Reducing energy intensity
A building’s operational efficiency is development, management and maintenance,
measured by calculating its energy use along with our building occupiers.
intensity, expressed in kWh/m2/year.
We are addressing energy intensity under the following
Reducing energy use intensity in our buildings pillars to ensure we meet our climate action targets:
requires significant collaboration and engagement engagement, technology, projects and developments.
with all of our stakeholders involved in the
ENGAGEMENT TECHNOLOGY
Sharing information, ideas and achievements Building management systems and
to help achieve common goals and targets. equipment can add value in achieving
improvements in building energy
Initiatives underway: performance.
• Our occupiers receive our quarterly
newsletter featuring our energy Initiatives underway:
performance updates and building • We have completed the roll-out of smart
performance profiling. meters to measure consumption of
electricity and gas at both landlord and
• Green committees have been established at
occupier consumption points.
directly managed multi-tenanted properties.
Attendees include occupiers and building • We have progressed a further three
managers. The main purpose is to discuss LED lighting projects across our directly
energy and other sustainability initiatives. managed portfolio during 2020.
• Our Building Management ESG forum meets • We have started a building-by-building
every six weeks to update on building technical review of building management
initiatives and targets relating to energy, systems (BMS) with a view to optimise the
waste and water. existing systems to achieve better energy
efficiency or identify upgrade opportunities.
What we want to achieve in 2021:
• Further develop our behavioural change What we want to achieve in 2021:
programme, which will assist building • We have identified a further seven LED
users to initiate environmental action in lighting projects for completion in 2021.
conjunction with leading environmental
• We have selected a preferred partner for
consultancy, Change by Degrees.
the development of a digital twin building
• Enhance communications around building operations system. As part of this we intend
energy performance with occupier groups to pilot smart building technology in 2021
to facilitate a greater understanding of integrated into our existing BMS systems.
individual impact on overall building targets.
• Assess the requirement for smart building
• Develop an engagement forum with controls to provide more targeted heating
occupier mechanical and electrical (M&E) and cooling functionality, particularly at
maintenance partners. This will optimise buildings which have no short to medium
overall building plant performance and redevelopment or plant replacement plans.
mitigate inefficiencies between landlord
and occupier services.IPUT 2020 · Energy management
Earlsfort Terrace, Dublin 2
PROJECTS DEVELOPMENT
We have building plant and equipment Our developments are targeting operational
replacement and upgrade projects efficiencies well ahead of industry standards.
underway, which put energy
reduction initiatives at the Initiatives underway:
forefront of decision-making. • We project One Wilton Park should achieve
117kWh/m2/year as its energy use
Initiatives underway: intensity, well ahead of the Royal Institute of
• We are analysing our technical building British Architects (RIBA) 2020 target
assessments to establish a roadmap of of 170kWh/m2/year.
projects which will be required to achieve
• We estimate The Tropical Fruit Warehouse
our 2025 energy intensity reduction targets.
will achieve 97.7kWh/m2/year, further
• We have initiated plant replacement exceeding industry standards.
projects which will de-gasify primary plant
• Our logistics development at Aerodrome is
in two of our multi-tenanted properties.
expected to achieve XX.XkWh/m2/year as
These projects involve the installation of
its energy use intensity, a market leading
efficient air-to-water heat pumps to replace
benchmark for logistics buildings.
inefficient gas boilers and are due to
complete in 2021. What we want to achieve in 2021:
• As part of our ongoing review of building • In 2021, our updated design brief for
lifecycle plans we are bringing forward developments will incorporate phased
projects which will accelerate a reduction in targets to achieve the net zero building
energy intensity. energy use intensity of less than 55kWh/m2
by 2030.
What we want to achieve in 2021:
• Our ambition is to deliver highly efficient
• Continue our technical building assessment
buildings as we pursue net zero carbon
process to identify a further round of
buildings by 2030, and in the process,
building de-gasification projects.
provide a platform for our occupiers to
• Integrate project identification and achieve their own net zero ambitions.
development with science-based targets.
• Develop a dataset for buildings where
projects have been completed to better
understand the impact of new plant and
equipment and apply learnings to future
projects.
24 · 25ENERGY MANAGEMENT
Smart metering
Access to reliable and validated data is fundamental The key benefits include:
to our climate action objectives. In 2020, we
• Instant measurement of energy impact from
completed the roll-out of smart metering at our
plant and equipment scheduling adjustments.
directly managed office buildings, providing a
live dataset of whole building consumption. • Daily comparison reporting to show the difference
between weekday and weekend use and the
This technology allows us to track all gas, electricity
impact of baseloads on energy consumption.
and water consumption on a floor-by-floor level, which
feeds directly into our online platform. It is an essential • Floor-by-floor comparison reporting to
tool for bringing further improvements in energy show variances in consumption between
reduction and providing data to our occupiers to help similarly sized and occupied spaces.
them understand their own consumption patterns.
The initial phase of this roll-out was completed in
2019 and contributed to a 28% reduction in electricity
consumption at 47-49 St. Stephen’s Green.
100%
of our directly managed
office portfolio is
smart metered Pictured below:
ADAPT software used by IPUT to
monitor and analyse building dataIPUT 2020 · Energy management
Riverside 1 and Riverside 2, Dublin 2
Renewable electricity EP 100
procurement
In 2020, we re-tendered all electricity contracts, and as in 2020, we became a member of EP100, which
part of the tender we requested that all electricity would brings together a growing group of energy-smart
came from renewable electricity sources such as wind organisations committed to improving their energy
or wave generated power. Following this tender, 100% productivity (EP). It is led by the Climate Group, in
of our landlord-controlled consumption of electricity is partnership with the Alliance to Save Energy.
carbon neutral.
As a member, we are committed to increasing energy
The next step in our strategy is to focus on whole productivity, rolling out energy management systems,
building electricity supply by gathering data on current and ultimately achieving net zero carbon buildings.
renewable electricity procurement from our occupiers, We are pleased to be part of this committed group of
and offering support to those seeking to source leading organisations worldwide alongside some of our
renewable electricity in the future through our energy international supply chain partners.
procurement partnerships.
As a member of EP100, we are
committed to increasing energy
productivity, rolling out energy
management systems, and
ultimately achieving net zero
carbon buildings.
26 · 27BUILDING IN FOCUS
The Exchange
International Financial Services Centre, Dublin 1
The pandemic required a dramatic shift in how we managed
our building operations. Our challenge was to balance
occupier comfort for essential office occupiers whilst
reducing environmental impact and cost.
Size
107,500 sq ft
Office occupiers
7
Retail occupiers
2
Normal occupancy
500-600
Whole building energy intensity
94 kwh/m2
The Exchange, IFSC, Dublin 1IPUT 2020 · Building in focus – The Exchange
BUILDING PLANT COVID ENERGY CHALLENGES LONG TERM
OVERVIEW RESPONSE Activity levels fell to OPPORTUNITIES
Two air handling units A demand-based 12-15% of normal The reduced vacancy
with Econet heat strategy was introduced occupancy use for in the building has put a
recovery and variable for heating and cooling the majority of 2020. focus on actual heating
speed drive motors. services so that the An efficient plan was and cooling need and
100% fresh air to internal majority of the plant required which would this in turn has led to
areas. operates based on the maintain heat during a more collaborative
actual demand at a point cold morning starts and approach to heating and
Modular, high efficiency, in time. cooling during warmer cooling delivery.
condensing gas boiler weather.
arrangement. If demand can be We believe there are
reduced at source, i.e. It was important to further opportunities
Multi compressor, high in the office areas, this maximise ventilation to achieve long term
efficiency, air cooled limits the load across and review filtration as consumption reduction
chillers. the chain of relevant efficiently as possible and this has started with
landlord systems. to ensure it did not pose a root and branch review
Variable speed header a virus transmission of all services and BMS
pumps and water Managing the load threat. management.
services circulation reduces power
pumps. consumption. However, It was equally important In addition to these
there are minimum and that the less active technical elements,
Building management maximum efficiency services were managed occupiers are now
system (BMS) with thresholds, and the laws to help avoid stagnation. more aware of the
heat meter network of diminishing returns The concerns here functionality of their
throughout. apply. included water borne systems and there is a
bacteria and seizing of greater understanding of
Live utility monitoring via mechanical services. how to achieve optimal
smart metering network. comfort performance,
a significant element
of the LEED gold
accreditation.
28% 42% 36%
reduction in electricity reduction in gas reduction in overall
consumption consumption energy consumption
28 · 29CIRCULAR ECONOMY
A new approach to whole building waste reduction
How we use materials and manage waste is evolving.
We have ambitious targets across the lifecycle of our buildings.
OPERATIONAL WASTE MANAGEMENT The challenge of meeting our waste targets is not only
a waste segregation and disposal challenge, but it
We have ambitious targets to reduce waste within our also requires building stakeholder alignment through
managed portfolio. In 2019, we established our waste behavioural change processes and engagement.
data baseline and a full measured dataset through Everyone from the typical office occupier through to
our supply chain. In the same year, we developed our waste collection providers and cleaning teams impact
waste management strategy to ensure consistently the process and performance. To achieve our targets,
high management standards were deployed across we continue to step up engagement and education
the portfolio to target zero waste to landfill. around waste disposal practices. Engagement around
In developing our circular economy approach to waste was not prioritised in 2020 due to low levels of
waste, we are recognising responsibility for the building occupancy but it is our intention to re-focus
disposal of all landlord-generated waste, and where this engagement in the second quarter of 2021 through
possible, our occupiers’ waste. Therefore, our waste our building Green Team forums and engaging with our
strategy targets encompasses both landlord and external consultants.
tenant waste. This will help us to consider waste as
a systematic output of how our buildings are used, Our waste management progress:
and our aim is to work with suppliers and occupiers • In 2020 we reviewed all waste segregation options
to address waste before it reaches the bin. for our occupiers and, where required, installed
additional disposal receptacles including organic
waste and glass.
• We continued to divert all waste from landfill and
OURCE send all non-recyclables to a waste to energy facility.
RES
SA
TEA • Covid-19 has reduced the volume and types of
AS Recycle/compost waste generated at our buildings and this has made
W
it challenging to assess our like-for-like performance
Remanufacture in relation to absolute waste reduction.
DE
• In 2020 our waste volume decreased by 35% and
SIGN
Reclaim/reuse
our waste recycling rate was 45%. As building
occupancy was low, less absolute waste was
PRINCIPLES
Refurbish
rs
te generated and specifically less organic and glass
ye
as
la
tw
waste (which makes up a significant component
in
u ty
go bili
g
in
Refit nin pta
of the recyclable waste). Furthermore, the general
ild
g d a
si ra
Bu
De ign fo mbly
De
s asse waste stream is now being used for the disposal of
n for dis
Desig personal protective equipment (PPE) generated from
aterials
Retain Selecting m additional sanitising and cleaning linked to Covid-19.
These changes in waste volumes and types skew
IR
the comparisons between years.
C
CU
LA
RB
U SI
N ES S
MODE LS
Circular economy principles in buildings.
Source: D Cheshire (2016) Building
Revolutions. RIBA Publishing, London.IPUT 2020 · Circular economy
Pictured above:
Demolition and construction at Wilton Park, Dublin 2
FUTURE WASTE TARGETS:
2021 2022 STRATEGIC
TARGET TARGET TARGET
Achieve a 75% recycling A 25% reduction in We will incorporate circular
rate for our operational overall waste volume economy principles into standard
buildings. Recycled waste within IPUT control design briefs for new developments
includes dry recyclables, (using 2018 as our and major refurbishments. For
glass and organic or baseline year). operations, we will introduce
compostable waste. building standards that encourage
and allow occupiers to do the same.
This approach seeks to minimise
waste in the overall supply chain
and management of operations.
30 · 31CIRCULAR ECONOMY
Water management
We continue to actively conserve water at our
Absolute water 2019 2020
directly managed portfolio. To help support consumption
our initiatives we now take part in the Water
Stewardship Programme recently launched by Total water 92,890m3 203,598 m3
Irish Water. The programme, the first of its kind consumption (m3)
globally, focuses on the following key areas:
Within IPUT's 58,957 m3 24,858 m3
1. Water mapping of individual buildings operational control
2. Development of a water charter Available occupier 33,933 m3 178,740 m3
data
3. Sharing of water conservation quick-win initiatives
Number of assets 26 35
4. Development of a strategy and action plan for each
reporting water usage
building
We now have a certified water steward within the
building management team who is training the wider
In 2020, we received our most extensive occupier
team to develop water charters for each of our directly
dataset to date and this resulted in a higher water
managed buildings.
consumption being reported. We expect this trend to
continue over the next few years.
Within our directly managed portfolio, we have reported
a significant reduction in absolute water consumption,
reflecting the water conservation measures we have
implemented in 2020.
1 Grand Canal Square, Dublin 2 Riverside Two, Dublin 2
Water management highlights: Water management highlights:
51% reduction Building Programme 67% reduction Cold water Coordinated
in water water system of water in water storage weekly water
consumption. mapped in preservation consumption. capacity management
accordance works reduced to approach with
with Water identified for minimise occupiers to
Stewardship 2021. water hygiene minimise waste
Programme. flushing during low
requirements. occupancy.IPUT 2020 · Circular economy
Earlsfort Gardens, Earlsfort Terrace, Dublin 2
32 · 33SU S TA I NA BI L I T Y S TA N DA R D S
FOR NEW DEVELOPMENTS
Reducing carbon in our developments
As Ireland’s leading commercial investment company and the largest owner
of offices and logistics assets in Dublin, we recognise our responsibility to
set the standard in the delivery of sustainable developments.
Embodied carbon 1. Sustainable design
As part of our net zero carbon buildings commitment, Our design briefs incorporate clear carbon reduction
a key focus of our development activity over the targets. We focus on long term value with inherently
coming years will be minimising the embodied flexible and adaptable assets, ensuring the resilience of
carbon generated from these projects. developments for multiple cycles.
We aim to minimise upfront carbon and reduce all
2. Carbon accounting
remaining embodied carbon as much as possible
with careful use of resources. By developing Construction is inherently carbon intensive. We
net zero carbon buildings, we will enhance our are undertaking lifecycle assessments of all new
portfolio and positively shape our city. projects to understand how much carbon goes into
our developments and how each building element
To achieve net zero carbon developments, we are contributes to this. Taking this carbon accounting
focusing on the following areas: approach allows us to make informed decisions.
3. Carbon offsetting
We view carbon offsetting as the final option in our
approach to reach net zero carbon emissions, applied
after minimising carbon and energy use as much as
possible and maximising use of renewables.
“ At IPUT, we seek to implement the
highest design standards in everything
we do and our ultimate goal is to create
buildings that will remain relevant
through numerous property cycles
and remain attractive to occupiers.”
Paul Cleary,
Development Project ManagerIPUT 2020 · Sustainability standards for new developments
Designing for optimum performance
We are also focusing on our developments and Operational energy is estimated to account or
refurbishments. These are the buildings with the over 40% of a building’s whole life carbon. Our
longest lifecycle, and we are committed to designing new approach to building design will reduce
them to net zero standards. operational energy intensity through a combination
of the following key design features:
• Fossil fuels: eliminating fossil fuels and instead
using an all-electric approach to heating and hot
water.
We continue to work closely
• Building fabric: minimising heat loss and carefully
with our design partners to considering glazing and shading requirements to
ensure more energy-efficient control of heating,
explore new methods to reduce cooling and ventilation systems
operational carbon and ultimately • Buildings services: establishing operational energy
deliver the most efficient buildings targets early in the design process, embracing
smart technology and renewables to deliver efficient
for our occupiers. services, and good metering to monitor how the
design approach performs operationally
ONE WILTON PARK
At One Wilton Park, we have applied circular
design principles and modern methods
of construction (MMC) to ensure optimum
efficiency during construction.
By implementing MMC, we have also seen
other additional benefits:
• Preassembly of precast concrete cores,
steel frame and our innovative facade
system reduced waste and carbon
through more efficient assembly in
factory environments.
• Offsite manufacture and storage
of materials until their installation
onsite, meaning less disruption for our
neighbours.
• Greater quality control, with the precast
concrete cores achieving a finish not
possible with insitu concrete.
• As materials are preassembled,
disassembly options for reuse and
recycling are much easier.
One Wilton Park, Dublin 2
34 · 35T H E T R O P I C A L F R U I T WA R E H O U S E
Building the future from the past
Located in our Docklands neighbourhood at Sir John
Rogerson’s Quay on the south of the river Liffey, The Tropical
Fruit Warehouse site provided an opportunity to create an
architectural set-piece – a contrast of old and new.
ENERGY USE INTENSITY OPERATIONAL CARBON EMISSIONS
97.7kWh/m2/year Zero emissions
The building will be highly The building will be powered
energy efficient in operation by 100% renewable electricityIPUT 2020 · The Tropical Fruit Warehouse
CGI, rooftop terrace,
The Tropical Fruit Warehouse, Dublin 2
Building on a rich heritage Even the elevated glass box includes a high-
The original building has been re-imagined to provide performance, naturally ventilated twin skin façade that
80,000 sq ft of exceptional office space, blending allows occupants to benefit from the panoramic views
original warehouse features with modern architecture while ensuring environmental comfort internally.
as an example of circularity. Understanding and
respecting the history of this landmark building has Designing for the future
been paramount. Throughout the development, It is fitting that a building, which integrates such
care has been taken to preserve the industrial unique spaces, has become IPUT’s first development
warehouse features – dating from the late 19th to avoid using fossil fuels to generate heat for the
century – which now form the centrepiece of the building. A key design decision was made to instead
redevelopment, including exposed brick, stone walls, focus on low carbon technologies such as air source
feature keystones and original timber roof trusses. heat pumps and water to water heat pumps. Using
100% renewable electricity, there will be zero carbon
Cultural canvas emissions generated operationally. Furthermore, the
The original features act as a rich cultural canvas, building is future proofed by ensuring its infrastructure
allowing a new generation to gain a sense of belonging can connect to the Dublin District Heating Scheme
to the rich history of the city. Through the course of (DDHS) when it goes live. Another feature designed for
the development, we decided to use the prominent reduced energy use are the high-efficiency air handling
location of the development to incorporate a cultural units, which feature heat recovery so that incoming
canvas on the scaffolding surrounding the construction fresh air is heated by the warm air in the exhaust,
site. This year James Earley’s Amor Fati, an art piece reducing the amount of additional energy required
commissioned by IPUT, has adorned the northern to heat the building and keep spaces comfortable.
façade of the development. This has added to the rich
cultural history of this building through creating a visual A social network
and physical connection that acts as a catalyst for Externally, the pedestrian walkway will provide a
people to feel part of the docklands neighbourhood. vibrant, landscaped link between the riverfront and
Whitaker Square, creating flexible social spaces
Energy efficiency centred on an artist’s studio and café space. This
The building is targeting LEED Platinum certification public realm space will attract people to meet and
and on track to achieving an A3 Building Energy socialise through serendipitous interactions. The
Rating (BER), with an operational energy intensity of inclusion of green spaces acts as a natural mind
97.7kWh/m2/year. This demonstrates that with the garden for this neighbourhood. The combination of
right approach we can “upgrade” our built environment the historic warehouse space, the futuristic floating
to the standards we demand while retaining much of glass box, the contemporary office to the rear, all
the historic original architecture that makes these interlinked and wrapped with quality outdoor public
buildings so iconic. High-efficiency LED lighting spaces and private reflective pockets, result in an
and lighting controls are installed throughout the inspirational working environment that promotes
building, and continuous energy monitoring allows employee wellbeing and enhances the local experience.
for efficient management of the building, which can
also be integrated with the digital twin platform.
36 · 37C E RT I F IC AT IONS
Setting the standard
With a new generation of projects being delivered
for the city, we are committed to ensuring our buildings
offer the highest sustainability standards.
Wilton Park, The Tropical Fruit Warehouse, IPUT office, 47-49 St.
Dublin 2 Dublin 2 Stephen’s Green, Dublin 2
TARGETING TARGETING ACHIEVED
We continue to use market-recognised rating systems The digital connectivity of our buildings is increasingly
for our buildings in the form of LEED, BREEAM and important and we adopted WiredScore certification to
WELL certifications. Our buildings are designed to assess, certify and improve the digital connectivity and
achieve a LEED Gold rating and, in most cases, we are smart technology infrastructure in our buildings.
exceeding this by achieving LEED Platinum. We have
We have the largest certified portfolio in Ireland with
recently undertaken BREEAM and LEED certification
over 1million sq ft of offices certified or targeting
for a new logistics unit under construction and are on
certification on practical completion of our current
track to receive a BREEAM Very Good and LEED Gold
developments. Currently, 12% of our portfolio is LEED
accreditation at Aerodrome Business Park.
certified and on completion of our current development
projects, this will increase to 40%.You can also read
