Hongkong Land 4th Realty Firm in HK to Have 1.5°C Aligned Near-Term SBTs Approved
Hongkong Land announced that its 1.5°C aligned near-term science-based targets ("SBTs") to reduce greenhouse gas ("GHG") emissions have been approved by the Science Based Targets initiative ("SBTi"). Hongkong Land's approved near-term SBTs cover its operations and development activities across Hong Kong, Singapore, the Chinese mainland and Southeast Asia. They include a 46.2% reduction of absolute Scope 1 and 2 GHG emissions by 2030 from 2019 levels and a 22% per square metre reduction of carbon intensity for Scope 3 GHG emissions from purchased goods and services and capital goods over the same period. Hongkong Land becomes the fourth real estate company and the sixth company across all sectors in Hong Kong to have its 1.5°C aligned near-term SBTs approved. Having announced its commitment in February 2022, the Group has secured validation in less than four months. "The successful validation of Hongkong Land's near-term SBTs is a significant achievement in the Group's climate action journey and is an important milestone in the execution of Jardines' decarbonisation strategy," said Ben Keswick, Chairman of Hongkong Land. "By setting targets that have now been validated by an independent party, we have strengthened Hongkong Land's business resilience and readiness - positioning it for long-term growth, and aligned it more closely with the growing sustainability expectations of our partners, tenants and investors." The validation comes soon after Hongkong Land launched its new Sustainability Framework 2030, focused on four spotlights: Climate & Economic Resilience, Inspirational Connections, Operational Excellence and Vibrant Communities & Cities. In addition to near-term SBTs, the framework has specific climate-related 2030 targets including i) ensuring 90% of the Group's leasing portfolio achieves the second highest or above ratings for green building certification, ii) sourcing 50% of electricity requirements from renewable sources and iii) a commitment to continuing to aggressively retrofit existing assets. Underlining the Group's green building leadership, 93% of its leasing portfolio (by floor area) across the region has achieved the second highest or above ratings for green building certification. This includes all its commercial buildings in Hong Kong and Singapore, which have the highest ratings of BEAM Plus Platinum (Existing Buildings Comprehensive Scheme) and Green Mark Platinum certifications.
Tags : Hongkong Land Realty Firm HK Ben Keswick Chairman of Hongkong Land