The initials "IP" here stand for "Internet Protocol", while the term "codec" is short for "encoder/decoder" or "compressor/decompressor".
The EBU is working on a minimum set of common standards for real-time video over IP transmissions.
[1] The recommended standards and protocols are designed to ensure compatibility between different codecs and provide adequate high-quality transmissions.
IP audio codecs are used to send broadcast quality audio over IP from remote broadcast locations to radio and television studios around the globe.
IP codecs are ideal for use in remote broadcasts, as studio/transmitter links (STLs) or for studio-to-studio audio distribution.