Continuously Progressing Towards our Science-based Targets
Scope 1 and 2 Emissions
2025 progress against SBT Scope 1 and 2 targets for 2025 and 2030
Attributing factors to year-on-year changes in Scope 1 and 2 carbon emissions
In 2025, Swire Properties achieved a 52% absolute reduction in Scope 1 and 2 carbon emissions compared to the 2019 baseline for our global portfolio, exceeding both the 2025 and 2030 science-based targets we set: 25% and 46% respectively.
Throughout the year, we focused on upgrading equipment, adopting innovative low-carbon technologies, enhancing management practices and investing in energy efficiency research and development.
We continued to ramp up our adoption of renewable energy. HKRI Taikoo Hui and Taikoo Li Qiantan secured 80% off-site renewable electricity covering both landlord and tenant operations starting in Q2 and Q3 of 2025 respectively. Meanwhile, Taikoo Li Sanlitun, INDIGO, Taikoo Hui Guangzhou and Taikoo Li Chengdu continued to secure 100% off-site renewable electricity. To date, over 88% of the electricity consumption of our Chinese Mainland portfolio (including Hotels) is now powered by renewable electricity, achieving net-zero emissions for both landlord and tenant operations.
Scope 3 Emissions – Downstream Leased Assets
2025 progress against SBT Scope 3 – Downstream Leased Assets target for 2030
In 2025, carbon intensity associated with tenant operations decreased by 63% compared with the 2018 baseline. This downward trend is mainly attributable to the expansion in off-site renewable electricity procurement for our tenants, and our close collaboration with commercial tenants to reduce their carbon footprints through a variety of tenant engagement activities, including:
- The Green Performance Pledge, a performance-based agreement that acts as a blueprint for our landlord-tenant partnerships.
- The Green Kitchen Initiative, a platform that allows our portfolio management teams and our tenants to collaborate on sustainability-enhancing measures before fit-out and renovation projects.
- The Green Retail Partnership, a collaboration with retail partners that emphasises sustainable store design, improved ESG data sharing and enhanced environmental performance in store operations.
Scope 3 Emissions – Capital Goods
We have established performance-based targets on embodied carbon for concrete, rebar and structural steel for future projects in Hong Kong and the Chinese Mainland to reduce embodied carbon emissions throughout the lifecycle of our developments. These targets were informed by comprehensive market research and communications with industry associations such as the Construction Industry Council.
Since 2020, we have included low-carbon procurement specifications for construction materials such as concrete with pulverised fuel ash (“PFA”) or ground granulated blast furnace slag (“GGBS”), rebar and structural steel with recycled content. These were developed in accordance with international standards such as ISO 14067.
We report on our Category 2 emissions associated with the upfront embodied carbon emissions from our new development projects upon construction completion. Taikoo Place Beijing and Taikoo Li Sanya are scheduled for phased completion in 2026.
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