Hang Lung announced in the newly published Sustainability Reports 2019 an enhanced sustainability framework, reaffirming our commitment to sustainable development and achieving leadership in this area. In this issue of Connections, we are going to introduce the key highlights of the enhanced framework.
 
Safeguarding our Future Generations
Over the past 10 years, Hang Lung’s business has grown rapidly – from only having a presence in Hong Kong and Shanghai in 2010, to having an established presence in Hong Kong and nine major cities across mainland China. With a solid foundation as we embark on a new decade, we are more committed than ever to share a much deeper responsibility for safeguarding our future generations in the decades ahead. “While it is always important to excel in our business and create financial value, we shall also be accountable for our impacts on the environment and society – the origins of our growth,” said Mr. Weber Lo, Chief Executive Officer.
 
The Enhanced Sustainability Framework: Three Foundations and Four Priorities
The enhanced sustainability framework comprises Three Foundations and Four Priorities, enabling a more goal-driven approach with a clearer focus on material sustainability issues we need to work on to achieve sustainability leadership. The priorities have been determined following a group-wide discussion of the findings of the comprehensive stakeholder engagement exercise conducted in 2018. The Three Foundations describe the core organizational contexts and indispensable principles underlying all our sustainability efforts. Within each foundation we work on multiple issues; the Four Priorities represent the four key sustainability issues that the Group will focus on in the forthcoming decade in support of our leadership efforts.
 
By achieving sustainability leadership, we not only do the right thing for the planet but also enhance our corporate governance and risk management. Pursuing this ambition will also help accelerate innovation as we use new ideas to address sustainability issues that are highly relevant to our business.
 
Climate Adaptation and Decarbonization of our Business
Climate change is among the most pressing issues of our time, and a challenge that we ignore at our peril. According to the 2019 Global Status Report published by the Global Alliance for Buildings and Construction, buildings are responsible for nearly 40% of annual global greenhouse gas emissions. As a commercial property developer we recognize that our business is exposed to both risks and opportunities from climate change, and under the enhanced sustainability framework, climate resilience is one of our top Four Priorities.
 
“We are developing a corporate-wide climate adaptation plan and a corporate-wide climate mitigation plan in 2020. Both plans will be reviewed and revised at suitable intervals in an effort to continually improve our climate resilience,” said Mr. John Haffner, General Manager – Sustainability.
 
Resource management, sustainable transactions and wellbeing are the three other priorities under the enhanced sustainability framework. Along with our initiatives to address the risks and opportunities of climate change, we are working to optimize the use and management of natural resources, promote sustainability practices in all types of business transactions (e.g. with our suppliersand customers), sustain a healthy, inclusive and safe environment, and promote social wellbeing. These initiatives are meant to work in tandem to help create a sustainable future for our business and future generations.
 
Continue to Strive for Excellence
Over the years, Hang Lung has received widespread recognition and accolades for our unwavering effort to pursue sustainability excellence.
 
Sustainability cannot be achieved by just one person or one team; it is a collective effort that requires companies to embed sustainability in their organizational planning and operations, and that can only be realized when every one of us plays our part.