Setting a Clear Roadmap and Carbon Reduction Targets to Strive for Net Zero Carbon by 2050
HONG KONG, June 2, 2022 – Climate change has emerged as one of the most critical issues facing the global community. Following a year of research with the Hong Kong University of Science and Technology (‘HKUST’), to set science-based targets, Sino Land Company Limited (‘Sino Land’), a listed company of Sino Group (the ‘Group’) is pleased to announce its Decarbonisation Blueprint in the run up to World Environment Day; a holistic roadmap to achieve net zero carbon. Interim targets for decarbonisation have also been set, including provisions for climate risk assessment for its projects, in a further effort to enhance its risk management system.
Since Sino Land joined the global pledge of the Business Ambition for 1.5°C commissioned by the United Nations last year, it has been working alongside the HKUST research team on research and data collection, devising specific decarbonisation strategies focusing on three key areas: Development, Operations and Collaboration, and interim targets including – (1) a Science Based Target of reducing 53.1% Scope 1 and 2 GHG emissions per square metre from the 2018 baseline and setting a new target to reduce Scope 3 GHG emissions in line with Science Based Targets Initiative (SBTi) methodology, (2) a reduction in electricity use intensity by 30% from the 2018 baseline, (3) the conducting of climate risk assessments at Sino Land’s wholly-owned new development projects, where applicable, and (4) obtaining BEAM Plus Gold or above certification at all of Sino Land’s wholly-owned new development projects, where applicable.
By engaging PricewaterhouseCoopers Limited (‘PwC’), the climate risk assessment evaluates the resilience of Sino Land’s properties under different climate scenarios in alignment with recommendations from the Task Force on Climate-related Financial Disclosures (‘TCFD’). PwC helps Sino Land assess and monitor both transition and physical risks by quantifying climate-related financial impacts under multiple climate scenarios and providing climate-related analytical insights. Ms Sammie Leung, Partner, ESG Services, PwC Mainland China and Hong Kong, remarked that Sino Land is one of the first real estate conglomerates in Asia, with a size of more than 170 properties in Hong Kong, to conduct climate risk assessments, enabling Sino Land to make better-informed decisions, plan a forward-looking business strategy, and enhance its climate-related information disclosures.
Professor Irene Lo, Chair Professor at the Department of Civil and Environmental Engineering, Hong Kong University of Science and Technology, said, ‘We are excited to see the launch of this pioneering decarbonisation blueprint after a year of in-depth research with Sino, the first such blueprint to be publicly released by a property developer. The collaboration has provided us with a valuable opportunity to transform our research in decarbonisation and carbon reduction into impactful solutions for the building industry and wider community. Together we are making important strides to drive sustainability and tackle the grand challenge of climate change.’
Mr David Ng, Group Associate Director of Sino Group said, ‘On World Environment Day last year, Sino Land announced its commitment to achieving net zero carbon by 2050. This year, we have furthered our commitment with our Decarbonisation Blueprint, which outlines the Group’s long-term strategies and approaches to carbon reduction, as sustainability is integral to Sino Group’s business. Through conducting climate risk assessments, we strive to identify climate change-related risks and opportunities in our operations. I would like to express my gratitude for the stellar support and effort of HKUST academics and young professionals, as well as for the work of our colleagues and stakeholders in developing this net zero carbon roadmap, and for working together to make progressive strides towards a low-carbon, climate resilient and sustainable future.’
This article was shared with Prittle Prattle News as a Press Release.