The Savills Ireland and i3PT partnership will provide market-leading ESG advice, to ensure that businesses conform to best ESG practice by developing and maintaining commercial and residential properties as desirable places to be for their occupiers and exceeding all regulatory standards.

In Q1 2021, the Irish Government approved the ‘Climate Action and Low Carbon Development Bill’ which commits to cut carbon emissions by 51% by 2030 and reach net zero carbon by no later than 2050. The introduction of legislation by Ireland is part of a global effort to become carbon neutral by 2050, with the EU and UK also signing up to this goal while the Biden Presidency has signalled that the US must join other nations in achieving this target also.

Real estate is at the core of these objectives, given that it accounts for 40% of all global carbon emissions so that new buildings must operate at net zero by 2030 and 100% must operate at this level by 2050 if this target is to be achieved. It is within this context, that Environmental, Social, and Corporate Governance (ESG) considerations have risen to the top tier of real estate investment criteria over the last 12 months.

Commenting on the partnership, Mark Reynolds, Managing Director at Savills Ireland commented:

“The single most significant challenge facing property owners in the immediate future is the ability to translate their ESG strategies into coherent actions. As EU and National legislation shifts towards delivery of our COP21 targets, the operational landscape will also shift significantly.  

Recognising this challenge, Savills Ireland has entered into a long-term strategic partnership agreement with i3PT - Ireland's leading Environmental, Social and Governance (ESG) consultants – to support our clients in becoming ESG compliant.”

i3PT’s CEO Eoin Leonard believes that the partnership will allow both firms to learn and develop innovative solutions which will be essential for clients who wish to meet or exceed these new science-based targets, he noted;

“The decision to partner will Savills on ESG was an easy one, but not one which either party jumped into without first understanding the cultures and ambitions at both firms. What we found was that i3PT and Savills are both hugely passionate about combatting the climate emergency and that was evident from our earliest discussions. Neither of us are interested in “boiler plate” solutions or the “declared performance” of assets, we are both committed to driving true ESG performance in the industry. That means combining ESG strategy with asset capability and both social and technological innovations. The collective experience and intellectual property of our companies is significant and we are going to combine them to do a lot of good for many years to come. For our partners, this means that they can continue to do well, but also do some good for society, as well as their shareholders.”