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16.04.2025 06:45:12
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Sustainability progress to 2030 delivering value for Hongkong Land
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Key achievements include:
HONG KONG SAR - Media OutReach Newswire - 16 April 2025 - In 2024, Hongkong Land made significant strides towards its Sustainability Framework 2030 goals. The Company has already met and exceeded several targets due to decarbonisation efforts, the transformation of LANDMARK in Tomorrow's CENTRAL, innovative tenant partnerships, and various CSR initiatives.
Progress to net zero: Reducing our science-based target carbon emissions Hongkong Land has achieved a 33.3% reduction in Scope 1 and 2 carbon emissions against the 2019 baseline. The Company has also improved its commercial waste diversion rate to 48%, progressing to the 2030 target which is set at 50%. By enhancing its bespoke embodied carbon tools and updating its emissions factor databases, the Company successfully advanced the granularity of its sustainability efforts along the supply chain. Beyond these achievements, Hongkong Land has reduced operational disruption and increased asset value through enhancement upgrades and energy efficiency measures with an estimated annual savings of US$1 million. Reinvesting in existing assets to accelerate decarbonisation pathway Hongkong Land has a long history of reinvesting in existing assets, ensuring each building not only withstands the test of time but also meets the latest global green building certification standards. In 2024, Hongkong Land's sustainability efforts were once again recognised by esteemed ESG indices and rating agencies such as Global Real Estate Sustainability Benchmark (GRESB), the Dow Jones Sustainability World Index, and the S&P Global Sustainability Yearbook 2025. Hongkong Land has set a new benchmark in the city by becoming the first developer to achieve "Triple Platinum" status across its entire Hong Kong commercial portfolio. 96% of Hongkong Land's leasing portfolio has attained the second-highest ratings or above for green building certification, and 70% of the portfolio is WELL certified. The Company is committed to maintaining the highest efficiency of its existing buildings, continuously reducing its existing portfolio's carbon footprint and steadily progressing towards the goal of 100% certification for existing leasing portfolios by 2030. Always forward: Collaborating with tenants and partners to have greater positive environmental impact The Tenant Sustainability Partnership Programme (TSPP) was launched in 2023 to cultivate collaboration between Hongkong Land and its tenants. By the end of the first year, 23% of the Company's total Central lettable office area – over 840,000 sq. ft. – had joined the TSPP. The TSPP has since expanded to properties on the Chinese mainland. Demolition materials account for a large proportion of a project's total construction waste. Hongkong Land conducted a circularity study before the commencement of Tomorrow's CENTRAL and set a 75% waste diversion rate target. The Company collaborated with contractors, suppliers and academia to identify reuse, recycle and waste reduction opportunities throughout the project. Mr Michael Smith, Chief Executive of Hongkong Land, said: "Meeting a number of our 2030 sustainability targets ahead of schedule reflects our commitment to a sustainable future as we think in generations and create lasting value for all our stakeholders. ESG leadership is fundamental to our operations, and these milestones demonstrate our ability to align business excellence with sustainable values." For comprehensive details on Hongkong Land's sustainability performance, kindly access the full Sustainability Performance Report 2024. Hashtag: #HongKongLand The issuer is solely responsible for the content of this announcement. Hongkong LandHongkong Land is a major listed property investment, management and development group. Founded in 1889, it is a market leader in the development of experience-led city centres that unlock value for generations by combining innovation, placemaking, exceptional hospitality and sustainability.  News Source: Hongkong Land
16/04/2025 Dissemination of a Financial Press Release, transmitted by EQS News. |
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