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Roadmap launched for decarbonising Hong Kong

18th April 2024

A new roadmap has been created to help Hong Kong on the path to net zero.

The city’s government has set a target of achieving net zero emissions by 2050 and has also committed to halve total carbon emissions by 2035, from 2005 levels.

The Australian Chamber of Commerce in Hong Kong (Austcham), supported by Savills as knowledge partner, has produced a roadmap for the city to drive decarbonisation of the city by 2050. Input for the roadmap was gathered from industry, government and bodies such as the Hong Kong Green Building Council (HKGBC) and Business Environment Council.

Sam Crispin, sustainability and ESG lead at Savills Asia Pacific, said the real estate industry and asset owners will be crucial partners in ensuring that Hong Kong meets its decarbonisation targets.

“The built environment accounts for 90% of electricity consumption in Hong Kong. Our decarbonisation road map sets out the key steps that cross industry collaboration can address. This is not the sole responsibility of regulators and organisations, every one of us has a role to play.”

While the challenge of decarbonisation is enormous, the Savills report found that strong foundations have been laid and the Hong Kong building and construction industry already has most of the key elements needed to decarbonise.

However, Dr Cary Chan, executive director of the HKGBC, noted that “existing building sustainability initiatives only cover a small portion of the city’s energy consumption, with the majority of smaller developers yet to adopt sustainable practices”.

Key challenges include bringing decarbonisation to the forefront of the mainstream business agenda, encouraging retrofitting, increasing data transparency, increasing green certification of existing buildings, improving education and boosting capital allocation to sustainable investments.

A version of this story was previously published in Prospects and the roadmap can be found here.

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