Net Zero Carbon Emissions

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.

Kai Tin Shopping Centre

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.

Pathway to Net Zero carbon emissions by 2035

Supported by a robust greenhouse gas (GHG) inventory management and governance framework, our Net Zero target will be achieved via five approaches:

1. Energy Efficiency Measures

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:

Chiller Replacement Programme
Energy Management System
Installation of Motion Sensor Lighting in Car Parks
Energy Audits

Learn more

2. On-site Renewable Energy Generation

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.

3. Renewable Energy Procurement (Energy Attribute Certificates* and Green Power)

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)

4. Renewable Energy Procurement (Direct Investment)

5. Carbon Offsets

Targets

Status

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.

Achieved On Track Lagging Behind Not Commenced

2021/2022 Progress

15.1%

Total reduction across portfolio compared to 2018/2019 baseline

210MWh Renewable energy generated

Our UK property, The Cabot was powered by 100% renewable electricity, achieving net zero carbon emissions in its annual electricity consumption for both landlord and tenant operations.

Lok Fu Place

Supporting Net Zero with Blockchain Technology

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.