We are pleased to announce that our world-class commercial development in Jinan, Parc 66, will be 100% powered by renewable energy from January 1, 2023, making it the first commercial property in Jinan and Shandong Province to achieve net-zero carbon emissions in terms of annual electricity consumption for both landlord and tenant operations. The move also accelerates the Company’s progress towards its 2025 renewable energy target for its mainland China portfolio, with almost 25% of electricity demand to be met by renewable energy sources.
Located in Jinan’s commercial center, Parc 66 is the second Hang Lung property to be fully powered by renewable energy, following the Company’s procurement of 100% renewable energy at its Spring City 66 commercial complex in Kunming, Yunnan Province in 2021. The purchased electricity for Parc 66 will provide 37,000 MWh of renewable electricity per year from wind power, and is expected to reduce the property’s carbon emissions by over 35,000 tonnes per year.
“Tenants and investors are looking for real estate owners and operators who can take sustainability and operational excellence to the next level. Procuring 100% renewable energy for Parc 66 is a significant milestone towards our 2025 renewable energy target for our Mainland portfolio, and reaffirms our commitment to reaching net-zero value chain greenhouse gas emissions by 2050. We will continue to look for opportunities to replicate our successes in Kunming and Jinan in our other developments across mainland China,” said Mr. Adriel Chan, Hang Lung Properties Vice Chair and Chair of Sustainability Steering Committee.