We are the first real estate developer in Hong Kong and the Chinese mainland to commit to the Science Based Targets initiative (“SBTi”). Our SBTs were approved in November 2019, establishing a long-term decarbonisation trajectory for our portfolios around the world that are in line with the Paris Agreement.

These approved SBTs are:
Scope 1 and 2
GHG Emissions Intensity
Scope 3
GHG Emissions Intensity
Scope 3
GHG Emissions Intensity
0 %
0
Downstream Leased Assets
Capital Goods
0 %
0
0 %
0
0 %
0
from a 2018 baseline
from a 2018 baseline
from a 2016-2018 baseline
Scope 1 and 2
GHG Emissions Intensity
0 %
0
0 %
0
from a 2018 baseline
Scope 3
GHG Emissions Intensity
Downstream Leased Assets
0 %
0
from a 2018 baseline
Scope 3
GHG Emissions Intensity
Capital Goods
0 %
0
from a 2016-2018 baseline
In 2020, we continued to make progress towards meeting these SBTs:

2020 progress against SBT Scope 1 and 2 targets for 2025 and 2030

4%
19%
35%
52%

Scope 1 and 2 Emissions

In 2020, we reviewed and defined energy reduction targets and strategies for individual portfolios to support our SBTs. The respective financial requirements have also been incorporated into the annual budgeting process.

This year, our Sino-Ocean Taikoo Li Chengdu development became 100% powered by renewable electricity, reaching net zero carbon in annual electricity consumption for both landlord and tenant operations.

Meanwhile, we are continuing to adopt innovative low-carbon technologies and management practices and investing in energy research and development through our ongoing partnership with Tsinghua University.

In 2020, we reviewed and defined energy reduction targets and strategies for individual portfolios to support our SBTs. The respective financial requirements have also been incorporated into the annual budgeting process.

This year, our Sino-Ocean Taikoo Li Chengdu development became 100% powered by renewable electricity, reaching net zero carbon in annual electricity consumption for both landlord and tenant operations.

Meanwhile, we are continuing to adopt innovative low-carbon technologies and management practices and investing in energy research and development through our ongoing partnership with Tsinghua University.

Scope 3 Emissions – Downstream Leased Assets

A 27.8% reduction was observed in 2020, which was attributed to:

  • Tenant operations in Sino-Ocean Taikoo Li Chengdu became powered by 100% renewable electricity in 2020;
  • Improvement in tenants’energy use intensity; and
  • Remote working of some tenants due to COVID-19.

A 27.8% reduction was observed in 2020, which was attributed to:

  • Tenant operations in Sino-Ocean Taikoo Li Chengdu became powered by 100% renewable electricity in 2020;
  • Improvement in tenants’energy use intensity; and
  • Remote working of some tenants due to COVID-19.

Scope 3 Emissions – Capital Goods

We completed a pioneer study of the cradle-to-site carbon footprint data of One Taikoo Place during its construction. This was completed with technical support from a research team from the Hong Kong University of Science and Technology’s Department of Civil and Environmental Engineering and the experience supplied us with knowledge to establish a carbon accounting tool for measuring embodied carbon in future new development projects. Our experience with embodied carbon accounting has been shared with the industry practitioners in an academic paper published at the 8th International Conference on Innovative Production and Construction.

In 2020, we established performance-based targets on embodied carbon for concrete, rebar and structural steel for future projects in Hong Kong. The targets were informed by comprehensive market research and liaison with industry associations such as the Construction Industry Council.

We also started to include low-carbon procurement specifications, which were developed in accordance with international standards such as ISO 1406724 for construction materials such as concrete with pulverised fuel ash (“PFA”) or ground granulated blastfurnace slag (“GGBS”), rebar and structural steel with recycled content.

At the Two Taikoo Place construction site, our main contractor introduced a battery storage system to power the tower cranes, reducing carbon emissions and air pollution. At the same time, the concrete used in Two Taikoo Place is Platinum-certified under the Construction Industry Council Green Product Certification.

Our progress against the SBT Scope 3 – Capital Goods target will be reported upon the completion of Two Taikoo Place in 2022.

24
ISO 14067 Greenhouse gases — Carbon footprint of products — Requirements and guidelines for quantification

We completed a pioneer study of the cradle-to-site carbon footprint data of One Taikoo Place during its construction. This was completed with technical support from a research team from the Hong Kong University of Science and Technology’s Department of Civil and Environmental Engineering and the experience supplied us with knowledge to establish a carbon accounting tool for measuring embodied carbon in future new development projects. Our experience with embodied carbon accounting has been shared with the industry practitioners in an academic paper published at the 8th International Conference on Innovative Production and Construction.

In 2020, we established performance-based targets on embodied carbon for concrete, rebar and structural steel for future projects in Hong Kong. The targets were informed by comprehensive market research and liaison with industry associations such as the Construction Industry Council.

We also started to include low-carbon procurement specifications, which were developed in accordance with international standards such as ISO 1406724 for construction materials such as concrete with pulverised fuel ash (“PFA”) or ground granulated blastfurnace slag (“GGBS”), rebar and structural steel with recycled content.

At the Two Taikoo Place construction site, our main contractor introduced a battery storage system to power the tower cranes, reducing carbon emissions and air pollution. At the same time, the concrete used in Two Taikoo Place is Platinum-certified under the Construction Industry Council Green Product Certification.

Our progress against the SBT Scope 3 – Capital Goods target will be reported upon the completion of Two Taikoo Place in 2022.

24
ISO 14067 Greenhouse gases — Carbon footprint of products — Requirements and guidelines for quantification

Committed to Business Ambition for 1.5⁰C

In December 2020, Swire Properties signed on to the Business Ambition for 1.5⁰C campaign, the first real estate company in Hong Kong to pledge support to the campaign. Led by the Science Based Targets initiative in partnership with the United Nations Global Compact, this commitment requires us to ramp up our previous science-based targets (“SBT”) to align with the 1.5°C pathway and will be critical to supporting the delivery of a “net-zero emissions” economy by 2050. This also echoes the recent pledges of the Hong Kong and the Chinese mainland Central Government to achieve carbon neutrality.

In December 2020, Swire Properties signed on to the Business Ambition for 1.5⁰C campaign, the first real estate company in Hong Kong to pledge support to the campaign. Led by the Science Based Targets initiative in partnership with the United Nations Global Compact, this commitment requires us to ramp up our previous science-based targets (“SBT”) to align with the 1.5°C pathway and will be critical to supporting the delivery of a “net-zero emissions” economy by 2050. This also echoes the recent pledges of the Hong Kong and the Chinese mainland Central Government to achieve carbon neutrality.

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Completion of Climate Risk Assessment

In 2020, we completed our comprehensive climate risk assessment to identify the key risks and opportunities posed by climate change to our business operations.

Energy Saving Strategies

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

Continuing Our Collaboration With Tsinghua University

We work with Tsinghua University to develop and test new methods to increase energy efficiency and improve environmental performance in our projects.

Completion of Climate Risk Assessment

In 2020, we completed our comprehensive climate risk assessment to identify the key risks and opportunities posed by climate change to our business operations.

Energy Saving Strategies

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

Continuing Our Collaboration With Tsinghua University

We work with Tsinghua University to develop and test new methods to increase energy efficiency and improve environmental performance in our projects.