Carbon Emissions
GRI 305
HKEX KPI A1.2, A1.5
HKEX KPI A1.2, A1.5
In 2023, our total carbon emissions decreased by 1.5% compared to 2022. The carbon intensity of our Hong Kong portfolio, Chinese Mainland portfolio and U.S.A. portfolio decreased compared to 2022.
The Company’s largest source of carbon emissions under our direct operations is Scope 2 emissions arising from purchased electricity. This category of emissions decreased by 1.3% compared to 2022. This is attributed to various initiatives including the adoption of innovative low-carbon technologies and better energy management practices across our portfolios. Our Chinese Mainland portfolios’ saw a 4% increase in carbon emissions associated with purchased electricity mainly due to the reduced supply of offsite renewable electricity in the power purchase agreement at Taikoo Li Chengdu.
For further information about our progress against SBTs and our efforts to reduce our carbon emissions, please click here.
Carbon Emissions – Scope 3
Swire Properties is conscious of our direct and indirect emissions at various stages along the value chain. Besides measuring Scope 1 (direct carbon emissions from energy combustion on-site) and Scope 2 carbon emissions (indirect carbon emissions which mainly come from electricity purchased and used), we also conduct comprehensive reviews of our Scope 3 emissions (indirect emissions that occur along the value chain) to understand our emission sources along our value chain and identify the associated material categories for management and reporting.
2023 review identified that the most significant sources of our Scope 3 emissions comes from our Category 1 - Purchased goods and services, and Category 13 – Downstream Leased Assets, as categorised by the Greenhouse Gas Protocol. Since there were no new developments completed in 2023, the emissions for Category 2 - Capital Goods will be reported upon the completion of Six Pacific Place.
Scope 3 Emissions by Category, in 2023
To address our Scope 3 emissions, we have established SBTs to reduce the emissions generated by capital goods and downstream leased assets by 25% (compared to the 2016-2018 baseline years) and 28% (compared to a 2018 baseline) per square metre respectively by 2030.
The disclosure of our Scope 3 emissions is included in the Performance Data Summary in this report and presents a more holistic view of the Company's carbon footprint along the value chain. While Swire Properties may have limited influence or control over some of our Scope 3 emissions categories, we will continuously monitor these emissions and seek opportunities to influence them in a positive direction, particularly if they begin to represent an increasing portion of our total carbon footprint.
Electricity Use Intensity
GRI 302
HKEX KPI A2.1
HKEX KPI A2.1
In 2023, our electricity use intensity25 decreased by 40%, from 194 kWh/m2 per year to 116 kWh/m2 per year across our global portfolio compared to our 2008 baseline year.
Electricity Use Intensity
2025 Target26
2023 Progress
2025 Target26
20%
2023 Progress
15%
2025 Target26
20%
2023 Progress
15%
2025 Target27
13%
2023 Progress
7%
2025 Target27
13%
2023 Progress
7%
25 | Electricity use intensity refers to electricity consumption (per square metre) for the provision of shared services for and in the common parts of our buildings. |
26 | Compared to the 2019 baseline. |
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Electricity Use Intensity of Portfolios 2019-2023
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For further information about our energy reduction initiatives, please click here.
Water Usage
GRI 303
HKEX KPI A2.2, A2.4
HKEX KPI A2.2, A2.4
When measured against our 2025 KPI, the water intensity of our Hong Kong portfolio decreased by 9.4% in 2023 compared to the 2016 baseline. We continued to roll-out various water conservation efforts, such as the installation of water-efficient flow regulators and the conversion to seawater for flushing at Cityplaza and Citygate. To help us better monitor and track progress against our targets, we have set up smart digital water meters, enabling better monitoring and management of water usage of our office tenants and across different areas, including cleaning, irrigation, air conditioning, and fire services.
The water intensity in our Chinese Mainland portfolio decreased by 26.8% compared to the 2016 baseline. This reflects the efforts of our water saving initiatives, including the implementation of blackwater and rainwater recycling at INDIGO, improvements on greywater treatment systems at Taikoo Li Chengdu, and toilet renovations Taikoo Hui Guangzhou.
In our hotels, the water intensity in 2023 decreased by 3.5% compared to the 2018/2019 baseline used for our 2025 KPI. We have adopted various water saving initiatives at our hotels, such as the installation of flow controllers for our guest room water taps and showers. We continued to identify further water saving opportunities through the installation of water meters in guest room areas, restaurants, and public areas. Monthly analysis of water consumption in these area has helped in reducing overall water usage.
Water Intensity
2025 Target
2023 Progress
2025 Target
10%
2023 Progress
9.4%
2025 Target
10%
2023 Progress
9.4%
2025 Target
20%
2023 Progress
26.8%
2025 Target
20%
2023 Progress
26.8%
2025 Target
8%
2023 Progress
3.5%
2025 Target
8%
2023 Progress
3.5%
Remarks:
- Our Hong Kong portfolio refers to our office and retail portfolios in Hong Kong, excluding hotels; our Chinese Mainland portfolio refers to our office and retail portfolios in the Chinese Mainland, excluding hotels.
- For our Hong Kong portfolio and Chinese Mainland portfolio, the water intensity reduction targets are compared to a 2016 BAU baseline year.
- For Hotels, the water intensity reduction targets set is compared to a 2018/2019 baseline year.
Materials Used
By Projects Under Development in 2023
GRI 301-1
184,352m³
Concrete
35,622tonnes
Reinforcement bar
4,675m³
Timber (100% sourced from certified sustainable timber in Hong Kong projects new development)
5,310,642MWh
Electricity consumption
430,169litres
Diesel consumption
136,448m³
Water consumption
Remarks:
- Projects under development refers to projects that are under construction or in the pre-certification stage.
- Includes investment properties under development in all portfolios, including joint venture and non-joint venture projects.
- “Diesel consumption” includes biodiesel consumption.
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