SUSTAINABILITY REPORT 2023
INTRODUCTION
About IRP
Founded in 2021, IRP (ION Residential Platform) was established to meet the rising demand for affordable and quality rental housing in Belgium's major cities. As the country's first institutional unlisted housing platform, IRP aims to ensure that everyone has access to sustainable and affordable housing. Our commitment to this vision drives our efforts in real estate development, emphasising sustainability, smart building practices, and adherence to evolving demographic and market trends.
Our Vision
IRP is dedicated to integrating Environmental, Social, and Governance (ESG) principles into our operations. We believe that sustainable development not only benefits the environment but also ensures economic efficiency for end-users and maintains property value over time. Our progressive approach positions us as leaders in the Belgian real estate sector, consistently exceeding the ESG criteria set by financial institutions.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) OBJECTIVES
Based on our ESG principles and strategy, we have set the following ESG objectives. By aligning our actions with these objectives, we aim to contribute to a more sustainable real estate industry and create positive impacts for our stakeholders and the environment.
Achieve at least 90% of residential units free of natural gas by 2030.
Environmental
Reduce scope 1 & 2 emissions by 50% by 2030 (baseline year: 2022) and achieve 100% reduction by 2050.
Gain insight into the carbon footprint of assets in operation and set up roadmaps with scope 1 & 2 carbon reduction targets for assets in operation in 2023 and 2024.
Explore strategies to reduce scope 3 carbon emissions.
Invest at least 75% in affordable living units to promote social equity and access to housing.
Improve tenant satisfaction through regular feedback sessions and addressing concerns promptly.
Governance
Health & wellbeing
Diversity, Equity and Inclusion
Continue implementing green leases in new leases to ensure sustainable and responsible leasing practices.
Maintain and improve our GRESB score to demonstrate commitment to sustainability and governance standards.
Invest in initiatives that contribute to a healthy living environment for tenants, such as improving air quality, enhancing green spaces and outdoor amenities within residential properties to promote physical activity and mental wellbeing.
We strive to have a diverse workforce with a balanced gender ratio to foster an inclusive and equitable workplace environment.
ESG INITIATIVES AND ACHIEVEMENTS IN 2023
ESG Handbook Development
In 2023, IRP developed a comprehensive ESG handbook. This handbook outlines how we aim contribute to the UN Sustainable Development Goals and the principles of the UN Global Compact. It also includes our ESG policies and serves as a strategic guide to streamline our efforts to enhance ESG performance across our portfolio. It provides clear guidelines on governance, environmental management, social responsibility, and risk assessment, ensuring all employees are aligned with our sustainability goals.
Defined ESG Objectives
IRP has set specific ESG objectives for our portfolio, focusing on key areas such as energy efficiency, greenhouse gas (GHG) emissions reduction, and tenant wellbeing. These objectives are aligned with global sustainability standards and are designed to drive continuous improvement in our ESG performance.
Tenant and Employee Satisfaction Surveys
In 2023, we conducted tenant satisfaction surveys across our entire portfolio. These surveys are crucial for monitoring tenant satisfaction and identifying areas for improvement. Additionally, we carried out employee satisfaction surveys to ensure that our internal stakeholders are engaged and committed to our sustainability objectives.
Energy, GHG, Water, and Waste Data
Throughout 2023, IRP has tracked data on energy consumption, GHG emissions, water usage, and waste management. This data collection is part of our broader effort to quantify our environmental impact and identify opportunities for improvement. All data has been verified by Cooltree, a third-party verification service, ensuring accuracy and transparency.
Net Zero Target and CRREM Pathways
IRP has committed to a Net Zero target, focusing on the Carbon Risk Real Estate Monitor (CRREM) pathways to mitigate transition risks within our portfolio. This initiative involves detailed planning and execution to reduce carbon emissions and enhance the sustainability of our properties.
ESG Taskforce
We have established an ESG taskforce dedicated to improving the ESG performance of our portfolio. This taskforce works on setting strategic priorities, implementing sustainability initiatives, and monitoring progress towards our ESG goals.
GRESB Reporting
In 2023, IRP reported to the Global Real Estate Sustainability Benchmark (GRESB) for the first time. This milestone reflects our commitment to transparency and benchmarking our ESG performance against industry standards.
EU Taxonomy Alignment
Looking ahead to 2024, IRP will focus on aligning our activities with the EU Taxonomy criteria for sustainable activities. This alignment will help us better integrate sustainability into our investment strategies and ensure compliance with European regulations.
Risk Assessment Process
IRP has developed a robust process for assessing both transition and physical risks associated with our portfolio. This process is crucial for identifying potential risks and implementing strategies to mitigate their impact, thereby enhancing the resilience and sustainability of our investments.
DETAILED FOCUS AREAS
Energy Efficiency Initiatives
Our commitment to reducing energy consumption is a cornerstone of our sustainability strategy. In 2023, IRP implemented several energy efficiency measures across our properties, including upgrading insulation, installing solar panels, and incorporating smart energy management systems. These initiatives have resulted in a significant reduction in energy usage, contributing to lower operating costs and a reduced carbon footprint.
Greenhouse Gas Emissions Reduction
Reducing GHG emissions is central to our sustainability agenda. IRP has undertaken various projects to lower emissions, including transitioning to renewable energy sources, enhancing building energy performance. These efforts align with our Net Zero target and are critical in mitigating climate change impacts.
Innovation and Technology
Innovation and technology play a significant role in our sustainability strategy. IRP continuously explores new technologies and innovative solutions to enhance the sustainability and efficiency of our properties. In 2023, we invested in smart building technologies, energy management systems, and sustainable construction practices. These innovations not only improve our environmental performance but also provide better living experiences for our tenants.
Circular construction
In our commitment to sustainable development, we are renovating several buildings while preserving their existing structures. This approach significantly reduces CO2 emissions during construction, aligning with our goal to minimize our environmental impact
FUTURE GOALS AND COMMITMENTS
Enhanced ESG Reporting
Looking ahead, IRP is committed to enhancing our ESG reporting practices. We aim to provide more comprehensive and transparent disclosures on our sustainability performance. This includes aligning our reporting with global standards such as the Task Force on Climate-related Financial Disclosures (TCFD) and the European Sustainability Reporting Standards (ESRS). Enhanced reporting will enable us to better communicate our sustainability efforts and progress to stakeholders.
Expanding Sustainable Development Projects
In 2024 and beyond, IRP plans to expand our portfolio of sustainable development projects. We will continue to prioritize energy-efficient designs, renewable energy integration, and sustainable construction practices. Our goal is to develop properties that meet the highest sustainability standards and contribute to the well-being of our communities.
Strengthening Partnerships and Collaborations
Collaboration is key to achieving our sustainability goals. IRP will continue to strengthen partnerships with stakeholders, including local governments, non-profit organizations, and industry peers. These collaborations will help us leverage collective expertise and resources to drive sustainable development and address broader social and environmental challenges.
Continuous Improvement and Innovation
IRP is dedicated to continuous improvement and innovation in our sustainability practices. We will regularly review and update our ESG policies and objectives to ensure they remain relevant and effective. Additionally, we will explore new technologies and best practices to enhance our sustainability performance and maintain our leadership position in the real estate sector.
CONCLUSION
IRP's sustainability efforts in 2023 reflect our commitment to ESG principles. By setting ambitious goals, developing comprehensive policies, and engaging with stakeholders, we continue to lead the way in sustainable real estate investment in Belgium. Our focus on transparency, continuous improvement, and alignment with international standards ensures that we are well-positioned to meet the challenges and opportunities of the future.
We look forward to further advancing our sustainability initiatives in 2024 and beyond, making meaningful contributions to a more sustainable and equitable world.