Climate Change

Climate Change

2020 KPI
  • Establish a climate change policy
Progress Updates in 2020
  • Our Climate Change Policy has been established. Our science-based targets (“SBTs”) were officially approved in 2019, making us the first real estate developer from Hong Kong and the Chinese mainland to establish long-term decarbonisation goals in line with the Paris Agreement.
2020 KPI
  • Conduct climate risk assessments for all portfolios
Progress Updates in 2020
  • Completed detailed risk and resilience assessments at the asset level to evaluate the potential effects of the identified climate risks and identified enhancement measures to mitigate risks and build resilience across our portfolios.
  • Continued to publish climate-related financial disclosures with reference to the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”).

Carbon Management and Accounting

2020 KPI
  • Establish a comprehensive carbon accounting framework for reporting and management purposes
Progress Updates in 2020
  • Completed the assessment of our Scope 3 emissions13 and established SBTs to manage the most significant sources of our Scope 3 emissions.
2020 KPI
  • Complete pilot study to measure carbon emission from construction activities and embodied carbon from major buildings and construction
Progress Updates in 2020
  • The pilot study has been completed, and the results have been used to develop SBTs to manage embodied carbon for new development projects. A carbon accounting tool has also been developed and is being adopted by new development projects, where appropriate.

Decarbonisation

2020 KPI
  • Reduction of carbon intensity14 (tonnes of CO2e/m2):
0 %
0
0 %
0
Progress Updates in 2020
  • Reduction of carbon intensity (tonnes of CO2e/m2):
0 %
0
0 %
0

Energy

Energy Reduction

2020 KPI
  • Reduction of energy consumption15 (kWh/year):
0 %
0
0
0 %
0
0
  • Reduction of natural gas consumption17 (m3/year):
0 %
0
0
Progress Updates in 2020
  • Reduction of energy consumption (kWh/year):
0 %
0
0
0 %
0
0
  • Reduction of natural gas consumption (m3/year):
0 %
0
0
  • Continued to implement energy-saving measures throughout our Hong Kong and Chinese mainland portfolios and hotels.

Renewable Energy

2020 KPI
  • Generate 2 to 4% of landlord’s building energy from renewable energy sources in selected new office developments
Progress Updates in 2020
  • Approximately 2% of landlord’s building energy is supplied from renewable sources at One Taikoo Place.
  • The renewable electricity generated by One Taikoo Place’s solar PV system is supplied back to the electricity grid in accordance with the feed-in tariff scheme approved by Hong Kong Electric Company (“HK Electric”).
  • 100% of electricity at Sino-Ocean Taikoo Li Chengdu is now procured from renewable sources.

Smart Energy System

2020 KPI
  • Implement pilot energy management automation projects at four properties (two in Hong Kong, two in the Chinese mainland)
Progress Updates in 2020
  • We implemented a cloud-based smart energy management platform at Cityplaza and Pacific Place in Hong Kong, INDIGO in Beijing and Taikoo Hui in Guangzhou.
2020 KPI
  • Adopt facility management electronic databases in all investment portfolios
Progress Updates in 2020
  • We plan to roll out a facility management platform for fit-out projects at Cityplaza mall. Upon getting the results of this pilot, we will evaluate its adoption for other retail portfolios.

Resource and Circularity

Policy

2020 KPI
  • Establish a waste management policy
Progress Updates in 2020
  • To complement our Waste Management Policy adopted in 2017, we are developing communication packages to enhance tenant awareness, as well as providing support through tenant meetings and training sessions.

Waste Diversion

2020 KPI

Waste diversion rates from landfills:

  • Hong Kong portfolio (including hotels)
    25% of commercial waste
Progress Updates in 2020

Waste diversion rates from landfills:

  • Hong Kong portfolio (including hotels)
    25.0% of commercial waste
2020 KPI

Waste diversion rates from landfills:

  • Hong Kong (projects under development)
    80% of demolition waste
    60% of construction waste
Progress Updates in 2020

Waste diversion rates from landfills:

  • Hong Kong (projects under development)
    84% of demolition waste at Two Taikoo Place;
    98% of demolition waste at 21-31 Wing Fung Street, Wan Chai;
    90% of demolition waste at the Commercial Building Development at 46-56 Queen’s Road East;
    68% of construction waste at One Taikoo Place;
    66% of construction waste at South Island Place
2020 KPI

Waste diversion rates from landfills:

  • Chinese mainland (projects under development)
    50% of total waste18
Progress Updates in 2020

Waste diversion rates from landfills:

  • Chinese mainland (projects under development)
    To be reported in 2021 after the expected completion of Taikoo Li Qiantan, a joint venture commercial project.
2020 KPI

Waste recycling rate:

  • Chinese mainland portfolio (including hotels)
    25% of commercial waste
Progress Updates in 2020

Waste recycling rate:

  • Chinese mainland portfolio (including hotels)
    34.6% of commercial waste

Water

Policy

2020 KPI
  • Establish a water management policy
Progress Updates in 2020

Risk Assessment

2020 KPI
  • Complete water risk assessment
Progress Updates in 2020
  • Assessments for all operations in Hong Kong, the Chinese mainland and Miami, U.S.A. have been completed.

Water Reduction

2020 KPI
  • Reduction of water intensity19:
0 %
0
0
0 %
0
0
0 %
0
0
Progress Updates in 2020
  • Reduction of water intensity:
0 %
0
0
0 %
0
0
0 %
0
0

Biodiversity

Policy

2020 KPI
  • Establish a biodiversity policy
Progress Updates in 2020

Integration

2020 KPI
  • Establish guidelines to integrate biodiversity considerations into new developments
Progress Updates in 2020
  • Completed an urban biodiversity study of our Taikoo Place redevelopment project. The results will help establish guidelines for new development projects.

Occupant Wellbeing

Indoor Air Quality (“IAQ”)

2020 KPI
  • For common areas, 80% of buildings in our Hong Kong portfolio achieve IAQ Excellent Class
Progress Updates in 2020
  • For common areas, approximately 81% of buildings in our Hong Kong portfolio achieved IAQ Certification Scheme Excellent Class.
2020 KPI
  • 80% of buildings in our Chinese mainland portfolio fulfil local IAQ standard
Progress Updates in 2020
  • Approximately 80% of buildings in our Chinese mainland portfolio fulfilled the local IAQ standard.
2020 KPI
  • Conduct research to reduce indoor PM2.5 concentrations
Progress Updates in 2020
  • Completed measurements of indoor PM2.5 concentrations in selected hot spots and consolidated air filtration system information in our Hong Kong and Chinese mainland portfolios.
2020 KPI
  • Conduct occupant wellbeing surveys for office, retail and hotels
Progress Updates in 2020
  • A survey was conducted for Taikoo Place in 2020.

Building/Asset Investments

Environmental Building Assessment Schemes20

2020 KPI
  • Target the highest environmental building assessment scheme rating for all projects under development21
Progress Updates in 2020
  • 100% of projects under development achieved the highest ratings.
  • Hong Kong portfolio
  1. One Taikoo Place achieved Final Platinum under LEED Building Design and Construction: Core and Shell Development Version 2009 and Final Platinum under BEAM Plus New Buildings Version 1.2.
  2. The Commercial Building Development at 46-56 Queen’s Road East achieved Precertification Platinum under LEED Building Design and Construction: Core and Shell Development Version 4, Provisional Platinum for BEAM Plus New Buildings Version 2, and Platinum Precertification under WELL Core and Shell Version 1.
  3. EIGHT STAR STREET achieved Precertification Platinum for BEAM Plus New Buildings Verion 2.
  • Chinese mainland portfolio
  1. INDIGO mall, ONE INDIGO and EAST Beijing achieved Final Platinum under LEED Operations and Maintenance Version 4.1, the first mixed-use development in the world to do so.
  2. Sino-Ocean Taikoo Li Chengdu achieved Final Platinum under LEED Operations and Maintenance Version 4.1.
  3. Taikoo Li Qiantan achieved Precertification Platinum under WELL Core and Shell Version 1, Precertification Gold under LEED for Building Design and Construction: Core and Shell Development Version 2009 and achieved China Green Building Design Label 2-star.
13
The GHG Protocol defines emissions as Scope 1, 2 or 3. Scope 1 emissions are direct greenhouse gas (“GHG”) emissions from sources that are owned or controlled by Swire Properties, such as emissions from natural gas, diesel and town gas burned onsite.
Scope 2 emissions are indirect GHG emissions from the generation of purchased or acquired electricity, steam, heating, or cooling consumed by Swire Properties.
Scope 3 emissions are indirect emissions that occur along Swire Properties’ value chains including both upstream and downstream emissions. Source: https://ghgprotocol.org/sites/default/files/standards_supporting/FAQ.pdf
14
Compared to the business-as-usual (“BAU”) baseline year of 2008 for our Hong Kong portfolio and the first BAU baseline year for which a complete calendar year of data was available for projects in our Chinese mainland portfolio.
15
Energy consumption refers to purchased electricity for the provision of shared services for and in the common parts of our buildings when compared to the BAU baseline year of 2008 for our Hong Kong portfolio.
16
Our Hong Kong portfolio refers to our office and retail portfolios and hotels in Hong Kong. The electricity consumption reduction target for our Hong Kong portfolio has been increased (i.e. made more stringent) on several occasions: from 40 million kWh in 2012 to 54 million kWh in 2013 and to 64 million kWh in 2015.
17
Compared to the first BAU baseline year for which a complete calendar year of data was available for each project.
18
The waste diversion rate from landfill for Chinese mainland projects under development is calculated in accordance with LEED requirements. Flexibility will be allowed for projects not wholly owned by the Company, and for projects with major contractor(s) already on board.
19
Compared to the baseline year of 2016.
20
BEAM Plus/LEED/China Green Building Design Label/WELL Certification.
21
Projects under development refers to projects that are under construction or in the precertification stage. It does not include joint venture projects.

See More In

Profile of Environmental Impacts

A review of our carbon emissions, carbon intensity, energy and water consumption data and trends from 2016 to 2020.

Climate Change

We recognise that climate change poses significant risks and also presents significant opportunities to our business.

Energy

We strive to continually reduce the consumption of energy in our Hong Kong and Chinese mainland portfolios and in our hotel operations.

Profile of Environmental Impacts

A review of our carbon emissions, carbon intensity, energy and water consumption data and trends from 2016 to 2020.

Climate Change

We recognise that climate change poses significant risks and also presents significant opportunities to our business.

Energy

We strive to continually reduce the consumption of energy in our Hong Kong and Chinese mainland portfolios and in our hotel operations.