SUSTAINABILITY REPORT 2024
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 as both a project developer and real estate investor. 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.
Environmental
Social
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 2024
Energy, GHG, Water, and Waste Data
Throughout 2024, 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 In the second year of participation (2024), IRP scored 73 out of 100 points This milestone reflects our commitment to transparency and benchmarking our ESG performance against industry standards
EU Taxonomy Alignment
Looking ahead to 2025, 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 As part of this effort, we have also started assessing the EU Taxonomy alignment of ION’s assets in 2024
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 2024, IRP implemented several energy efficiency measures across our properties, including upgrading insulation, installing energy-efficient lighting, 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
Water Conservation Measures
Water conservation is another critical aspect of our sustainability efforts. We have installed water-saving fixtures and implemented rainwater harvesting systems in our properties Additionally, we educate tenants on water conservation practices to ensure sustainable water usage. These measures have not only decreased our water consumption but also enhanced the overall sustainability of our developments.
Waste Management Programs
IRP has developed comprehensive waste management programs to minimize waste generation and promote recycling. We have introduced waste segregation systems and provided recycling facilities across our properties Our efforts also include tenant education programs to raise awareness about waste reduction and recycling practices These initiatives have helped us achieve higher recycling rates and reduce the volume of waste sent to landfills.
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, and promoting low-carbon transportation options These efforts align with our Net Zero target and are critical in mitigating climate change impacts
Social Responsibility and Community Engagement
At IRP, social responsibility extends beyond our environmental efforts We are committed to fostering strong relationships with the communities in which we operate In 2024, we launched several community engagement initiatives, including supporting local events,
providing affordable housing solutions, and partnering with local organizations to address social issues. Our goal is to create vibrant, inclusive communities that benefit all residents.
Employee Well-being and Development
Our employees are vital to our success, and their well-being and professional development are priorities for IRP We have various programs to support employee health, well-being, and career growth. These programs include flexible working arrangements, health and wellness initiatives, and professional development opportunities We believe that a motivated and engaged workforce is essential for achieving our sustainability objectives
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 2024, 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
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 2025 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 2024 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 development 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 2025 and beyond, making meaningful contributions to a more sustainable and equitable world.