Press Release
22/12/2021
Hang Lung Announces 25 x 25 Sustainability Targets
A Clear Agenda Towards Sustainability Leadership
A Clear Agenda Towards Sustainability Leadership
(Hong Kong, December 22, 2021) Following the announcement of our 2030 Sustainability Goals and Targets in December 2020, Hang Lung Group Limited (Stock Code: 00010) and Hang Lung Properties (Stock Code: 00101), collectively, “the Companies” or “Hang Lung”, have now taken another big step forward by establishing 25 targets to be achieved by the end of 2025 (“25 x 25 Sustainability Targets” or “25 x 25”). Our 2025 and 2030 targets together frame our ambition to become one of the most sustainable real estate companies in the world.
The 25 x 25 Sustainability Targets address the four priorities outlined in Hang Lung’s Sustainability Framework, namely Climate Resilience, Resource Management, Wellbeing and Sustainable Transactions. They define concrete and quantifiable measures Hang Lung will pursue to address significant sustainability challenges and provide our employees with a clear agenda over the next four years. Here are some highlights from this ambitious agenda:
Mr. Adriel Chan, Vice Chair of Hang Lung Group and Hang Lung Properties, who also chairs the Companies’ Sustainability Steering Committee, said “We are excited to announce Hang Lung’s 25 x 25 – our 25 targets to be achieved by the end of 2025 that provide a path toward our 2030 Sustainability Goals and Targets announced last year. Hang Lung’s 25 x 25 sharpens our focus, and sets out detailed milestones on our mission of sustainable growth.”
In support of our long-term sustainability ambition, annual strategic ESG KPIs across the Companies tied to the performance reviews of departments and employees were introduced in 2021. Key achievements this year include: (1) Developed GHG emissions reduction scenarios for 2025 and 2030 and a GHG mitigation plan for 2022; (2) Conducted first employee engagement survey; (3) Secured 30% of debts and available facilities from sustainable finance; (4) Developed detailed methodology for tracking our sustainability spending; and (5) Identified 16 sustainability improvement ideas for adoption in new projects.
The 25 x 25 Sustainability Targets address the four priorities outlined in Hang Lung’s Sustainability Framework, namely Climate Resilience, Resource Management, Wellbeing and Sustainable Transactions. They define concrete and quantifiable measures Hang Lung will pursue to address significant sustainability challenges and provide our employees with a clear agenda over the next four years. Here are some highlights from this ambitious agenda:
- Climate Resilience: Targets related to Scopes 1, 2 and 3 greenhouse gas (GHG) emissions, renewable energy, and climate adaptation
- Resource Management: Targets related to recycling, water use, and landfill diversion
- Wellbeing: Targets related to employee engagement, gender pay ratio, people with disabilities, health and wellness, safety, and youth.
- Sustainable Transactions: Targets related to suppliers’ ESG performance, marketing events, leases, sustainable finance, and asset acquisitions.
Mr. Adriel Chan, Vice Chair of Hang Lung Group and Hang Lung Properties, who also chairs the Companies’ Sustainability Steering Committee, said “We are excited to announce Hang Lung’s 25 x 25 – our 25 targets to be achieved by the end of 2025 that provide a path toward our 2030 Sustainability Goals and Targets announced last year. Hang Lung’s 25 x 25 sharpens our focus, and sets out detailed milestones on our mission of sustainable growth.”
In support of our long-term sustainability ambition, annual strategic ESG KPIs across the Companies tied to the performance reviews of departments and employees were introduced in 2021. Key achievements this year include: (1) Developed GHG emissions reduction scenarios for 2025 and 2030 and a GHG mitigation plan for 2022; (2) Conducted first employee engagement survey; (3) Secured 30% of debts and available facilities from sustainable finance; (4) Developed detailed methodology for tracking our sustainability spending; and (5) Identified 16 sustainability improvement ideas for adoption in new projects.
See below a full list of the 25 x 25 Sustainability Targets:
Priority | 2030 Goal | 2030 Target | 25 x 25 |
Climate Resilience | Reduce carbon footprint in line with climate science | Nearly net zero carbon building | |
Demonstrate best efforts to achieve a 70% reduction in scopes 1 and 2 greenhouse gas emissions intensity (per m2), compared to 2018 baseline |
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Resource Management | Promote circular economy by reducing resource consumption and maximizing recycling |
Incorporate circular building principles in new properties |
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Implement water management program in all properties |
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Divert 90% of operational waste from landfill |
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Wellbeing | Ensure employees, customers and communities enjoy an unrivalled environment that promotes their health and wellbeing |
Assess wellbeing for all employees and key customers |
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Meet or exceed wellbeing standards for new properties |
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Work with youth on sustainability solutions in all cities where we have asset |
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Sustainable Transactions | Collaborate with all suppliers and customers to advance our sustainability priorities |
Implement supplier evaluation and ranking system |
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Engage all tenants on emissions reduction, resource management, and wellbeing enhancement |
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