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Hong Kong real estate firm New World Development commits to setting science-based target

Hong Kong real estate company New World Development (NWD) has committed to the Business Ambition for 1.5°C, setting science-based emissions reduction targets (SBT).

NWD is one of 14 real estate companies globally and the third in Asia to have committed to setting the targets, which would provide companies with a clearly-defined path to reducing emissions in line with the Paris Agreement goals.

Since 2018, the company has been working towards its targets, including halving its environmental impact in energy and carbon emissions intensity compared to levels in 2015 across different business units.

The latest commitment to Business Ambition for 1.5°C steers the company to further decarbonise its operation and additionally focus on setting targets in 2023 to reduce both direct and indirect emissions by 2030.

Adrian Cheng, Executive Vice Chairman and CEO of NWD said: “We call on more organisations globally to join us on this journey to reduce carbon footprint, protect the environment and create shared value for all stakeholders.

“Historically, the real estate industry has contributed significantly to global carbon emissions which has catalysed climate change. It is incumbent on the industry leaders to ramp up climate change mitigation efforts now for a more liveable future. In fact, I urge as an opportunity to rethink the way we develop and do so in a far more sustainable approach.

“Taking climate action is our responsibility to the next generation and also a business opportunity. Our bold commitment to SBT will support Hong Kong’s plan for net zero carbon by 2050 and Mainland Chain’s target of carbon neutrality by 2060.”

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