Hang Lung Leads Industry Dialogue on Net Zero Transition with Groundbreaking Discussion Paper
Source: EQS
Hang Lung presents an innovative in-depth analysis of its potential journey to net zero as a model for the real estate sector, calling for greater transparency and improved benchmarks to drive real estate decarbonizationWhile many companies have made net zero commitments, few have carefully examined how to achieve these commitments. Hang Lung has risen to this challenge, adopting an innovative approach based on a decarbonization model with more than 1,000 internal and external data inputs. From this thorough analysis, it has developed two main scenarios to understand potential pathways for the Company to reduce greenhouse gas (GHG) emissions to 2050. From a starting point of around 1,000,000 tonnes of GHG in 2023, Hang Lung's emissions could drop to fewer than 100,000 tonnes by 2050—and even go as low as 16,000 tonnes. The scale of new construction and the emissions intensity of available construction materials will play a critical role in shaping this reduction. The Journey to Net Zero paper concludes that the Company has the potential to fully achieve net zero by 2050. However, doing so will require consistent effort and sustained focus, including strategic collaboration with suppliers. The Company will also need to leverage advancements in technologies. While the paper's analysis is based on a close examination of Hang Lung's emissions pathways, it also raises issues applicable to peers and standard setters. For instance, the paper highlights overlooked sources of emissions, discusses key carbon accounting issues for the sector, and calls for greater transparency and standardized benchmarking for construction materials. "The real estate sector has a responsibility to reduce its carbon emissions," Mr. Illustrating its commitment to catalyzing change in real estate, Hang Lung has outlined eight key actions it is pursuing to support its long-term journey to net zero emissions by 2050:
Expert Reactions "This effort is truly a milestone and a commendable example for the real estate sector." – Wei Li, Principal, RMI China. "Candid, collaborative and practical, this report redefines how companies should report on net zero progress." – "I believe methodologies and insights from this report can effectively enhance capacity and encourage industry action." – "The scenario-based approach is very enlightening, with open analysis of uncertainty rather than strategizing with the hope of a magically smooth curve down to zero carbon emissions." – Note to Editors: Hang Lung's sustainability achievements: With support from top management and a long-term vision, Hang Lung aims to become one of the most sustainable real estate companies in the world. Through clear and measurable sustainability goals, including 25 Targets to be achieved by 2025, 2030 Sustainability Goals and Targets, and net zero targets validated by the Science Based Targets initiative (SBTi), the Company has gained recognition from stakeholders for its pioneering sustainability initiatives in real estate. Hang Lung obtained more than 45 ESG awards in 2024. The Company is on the CDP "Corporate A List," with an "A" rating for Climate Change and an "A-" rating for Water Security. Since 2021, Hang Lung has received a 4-star performance rating for standing investments from the Global Real Estate Sustainability Benchmark (GRESB), and maintained an "AA" rating in the MSCI ESG Ratings assessment and a "low ESG risk" rating from Sustainalytics. The Company has also been a constituent stock of the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index (Mainland and Hang Lung has also demonstrated its sustainability leadership in renewable energy, low carbon construction and tenant partnerships. Since For more details, please visit: https://www.hanglung.com/en-us/sustainability Hashtag: #HangLungProperties The issuer is solely responsible for the content of this announcement. About |