Net Zero carbon emissions. We all have a part to play.
We recognise our role in reducing carbon emissions to slow down climate change and we commit our resources, technology and leadership influence to get behind this cause and to make direct reductions in our operations.
We all live on one planet so the challenge of tackling climate change and reducing carbon emissions is one we involve everyone in. From our tenants, vendors, service providers and talented younger generation whose futures climate change will have most impact, we believe that everybody can make a difference.
We are committed to achieving Net Zero carbon emissions by 2035. To hold ourselves a higher standard, we have committed to Science-Based Targets initiatives (SBTi) Net Zero Standard, which requires us to include Scope 3 emissions in our Net Zero pathway.
Supported by a robust greenhouse gas (GHG) inventory management and governance framework, our Net Zero target will be achieved via five approaches:
Our interim targets with regard to Energy Efficiency Measures are to reduce electricity intensity by 5% and carbon intensity by 25%, so that by 2035, we aim to achieve a 30% reduction in electricity intensity across our portfolio. In order to work towards this goal, we adopted a wide range of energy saving initiatives across the portfolio, including:
We have identified over 40 solar panel installation sites with potential installed renewable energy generation capacity at 3,500 MWh each year (equivalent to almost 750 average Hong Kong households’ electricity consumption). We will continue to track and review our renewable energy generation through the use of blockchain technology.
Our target for carbon offsets and renewable energy procurement includes achieving 100% renewable energy adoption across our portfolio by 2035. The journey towards decarbonisation will benefit greatly from improvements in greener fuel mix for electricity generation. Across all geographies, we prioritise procuring electricity from utility suppliers that demonstrate a robust transition plan in moving towards clean energy.
*Including Renewable Energy Certificates (RECs)
25% reduction in Scope 1 & 2 carbon intensity across portfolio by 2025 (compared to 2018/2019 baseline)
Set SBTi approved Scope 1, 2 and 3 Net Zero emissions targets by 2024/2025
100% renewable energy adoption across our portfolio by 2035(1)
Achieve Scope 1 and 2 Net Zero emissions by 2035
(1)To cover our electricity footprint via renewable energy installations, purchasing of renewable energy credits and direct investments in renewable energy.
We explore new ideas and prioritise innovation in our sustainability journey. In 2019, we launched a Solar PV Proof of Concept to demonstrate how blockchain technology could offer a secure and verifiable method of tracking carbon impact in collaboration with Allinfra, a company which specialises in sustainability data management software. We also implement Allinfra’s digital Renewable Energy Certificates (dRECs) which will give us real-time, transparent and credible electricity data tracking, allowing for easy auditing and verification.