Irish property investor and developer Iput is to plant more than 40 hectares of native woodland in Cork as part of a forestry initiative to offset carbon emissions from its portfolio of offices and properties.
Under the deal, the company has partnered with a landowner in Cork, Thomas O'Flynn, for the planting and maintenance of 106,000 native trees near Mitchelstown, which will see some 6,117 tonnes of carbon dioxide sequestered over 40 years. Iput said it would also contribute to targets to increase the forest cover in Ireland.
Some 15 per cent of the land area had been allocated for biodiversity enhancement.
The company is pushing towards a policy of net-zero carbon by 2030, with a strategy around reducing its emissions. However, investments in carbon offsets will support the achievement of those targets.
Responsibility
Details of the initiative were published in Iput's 2021 responsibility report, its sixth annual report dedicated to responsible investment, setting out the sustainability initiatives in place. "While our primary objective is to reduce carbon emissions, the creation of new native woodlands in Cork, in partnership with a local landowner, will enable us to offset our residual emissions while contributing to Ireland's forestry targets," said Niall Gaffney, Iput Real Estate chief executive.
“Sustainability is central to Iput’s investment strategy, and we have committed to achieving net zero carbon by 2030. We aim to build long-term resilience into our portfolio and ensure we are at the forefront of building an environmentally responsible portfolio in the real estate sector.”
