Hongkong Land’s emission reduction targets get SBTi approval

It is the fourth real estate company in Hong Kong that secured approval.

Hongkong Land said its near-term greenhouse gas (GHG) emissions reduction targets in line with the goal to keep the temperature to 1.5°C have been approved by the Science Based Targets initiative, less than four months since it announced its commitment in February.

In a statement, the property firm said its approved near-term science-based targets (SBT) cover its operations and development activities in Hong Kong, Singapore, Mainland China, and Southeast Asia.

These targets include the reduction of absolute Scope 1 and 2 GHG emissions by 46.2% by 2030 from 2019 levels and the reduction of the carbon intensity of 22% per square metre for Scop 3 GHG emissions from purchased goods and services and capital goods in the same period.

READ MORE: Hongkong Land joins initiative to limit temperature rise to 1.5°C

“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 Mr 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,” he added.

Hongkong Land is the fourth real estate firm and sixth company overall in Hong Kong to have its SBTs approved.

Aside from the SBTs, Hongkong land also has climate-related 2030 targets under its Sustainability Framework 2030 which include, ensuring 90% of the Group’s leasing portfolio achieves the second highest or above ratings for green building certification, sourcing 50% of electricity requirements from renewable sources, and a commitment to continuing to aggressively retrofit existing assets.

Currently, 93% of its leasing portfolio by floor area across the region, including all commercial buildings in Hong Kong and Singapore, has achieved the second highest or above ratings for green building certification.

The company also reinvests around $50m annually in retrofitting its Central Portfolio “to drive energy efficiencies, reduce wastage and improve the use of renewable energy generation onsite.” 

It has also installed solar photovoltaic (PV) panels that generate over 30,000 kilowatt-hours (kWh) of electricity annually at its Central Portfolio and plans to install another 73,000 kWh of new PV panels on the roof of Three Exchange Square later this year.

Hongkong Land also built an Integrated Smart Management System to optimise efficiencies in its Central Portfolio, which resulted in energy savings of 6.6% in the past twelve months.