Property group Hongkong Land commits to SBTi net-zero target
Property investment, management and development group Hongkong Land has committed to the Science Based Targets initiative (SBTi) campaign to set emissions reductions and net-zero targets in line with the Paris Agreement which aims to limit global warming to 1.5°C.
Hongkong Land has set ambitious targets including a 46% reduction in Scope 1 and 2 emissions and a 22% reduction for Scope 3 emissions by 2030 (from 2019 levels). In order to achieve these, Hongkong Land aims to retrofit and deploy smart green technologies, increasing the use of renewable energy, and focus on low carbon construction in new developments.
"Climate change is an issue we have attached great importance to for many years and is a business priority for the Group. We are proud to be strengthening this dedication by committing to this initiative," said Ben Keswick, Chairman of Hongkong Land. "Sustainability is fully integrated into all of our operations.
"Hongkong Land has an established track record of adopting green building standards and innovating to deliver long-term value to stakeholders. This commitment, which works towards independent and clearly defined goals for carbon emissions reductions, is a natural next step in Hongkong Land's sustainability journey.”
Hongkong Land’s green bonds and sustainability-linked loans
The Group has implemented a green building certification programme, with all buildings in Hong Kong and Singapore achieving BEAM Plus Platinum and Green Mark Platinum certifications. Hongkong Land has issued green bonds and sustainability-linked loans amounting to US$548 million and US$2.1 billion, respectively.
"Developers must take responsibility for mitigating their impact on the environment and pushing the sustainability agenda forward on behalf of the community they serve, including their tenants who are increasingly prioritising greener buildings and services,” said Robert Wong, Chief Executive of Hongkong Land.
"We have made considerable investment into our existing portfolios and new developments to reduce our carbon footprint, and committing to the SBTi targets is the latest step in our journey as we seek to accelerate our efforts.”
Who are Hongkong Land property investment and development group?
Founded in 1889, Hongkong Land owns and manages more than 850,000 square metres of prime office and luxury retail property in key Asian cities, including Hong Kong, Singapore, Beijing and Jakarta.
The Hong Kong portfolio consists of 450,000 sqm of prime property, with 165,000 sqm of office space in Singapore, four retail centres on the Chinese mainland, and a 50% interest in an office complex in Jakarta.
The Group also has residential, commercial and mixed-use projects under development in cities across China and Southeast Asia, including a 43% interest in a 1.1 million sqm mixed-use project in Shanghai.
