The Wharf (Holdings) Limited
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:293,620 tCO2e/year
Scope 1 Emissions:16,346 tCO2e/year
Scope 2 Emissions:181,146 tCO2e/year
Scope 3 Emissions:96,128 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:1,426,602 GJ/year
Water Consumption:2,324,102 m3/year
Waste Generated:21,163 tons/year
Carbon Intensity:Not disclosed
ESG Focus Areas
- Climate Change
- Energy Management
- Water Stewardship
- Waste Management
- Employee Wellbeing
- Supply Chain Management
- Community Investment
- Youth Development
- Arts and Culture
- Governance
- Diversity & Inclusion
Environmental Achievements
- Decreased GHG emissions (Scope 1 and 2)
- Decreased total water consumption
- Decreased total energy consumption
- Decreased general refuse to landfill
- Shanghai Wheelock Square upgraded from LEED Gold to LEED Platinum certification
- Shanghai Times Square achieved ISO 50001 certification for energy management
Social Achievements
- Further promoted employees’ physical and mental wellbeing through thematic programmes
- Improved safety and health performance with injury incident rate reduced to 1.2 per 100 employees in 2022
- Continued financial and volunteer support to underprivileged secondary school students through Project WeCan
- Donated to charitable organisations through the Wharf Emergency Relief Fund
Governance Achievements
- Enhanced climate disclosures with reference to TCFD recommendations
- Incorporated ESG risks into business model to increase business resilience
- Established a series of ESG policies aligned with UNSDGs
- Achieved a BBB rating from MSCI and an AA+ rating from HKQAA Sustainability Rating
Climate Goals & Targets
Long-term Goals:
- Modern Terminals aims to eliminate direct GHG emissions by 2030 and achieve carbon neutrality by 2050
Medium-term Goals:
- 2030 environmental targets: -25% GHG emission intensity, -20% MLIP’s electricity intensity, reduce water consumption, divert waste from landfills
Short-term Goals:
- Not disclosed
Environmental Challenges
- Global challenges impacting business resilience
- Climate-related risks (physical and transition)
- Supply chain disruptions due to extreme weather events
Mitigation Strategies
- Incorporated ESG risks into business model
- Established ESG policies and aligned operations with UNSDGs
- Developed mitigation plans for climate-related risks
- Explore business interruption insurance
- Implemented energy conservation measures
- Strengthened employees’ awareness on heat stress
- Developed alternative sourcing strategies
- Implemented resiliency measures (typhoon-resistant windows)
- Ensured hotels have a diverse supplier base
- Prioritised sustainability in renovations and new developments
Supply Chain Management
Supplier Audits: 57% of suppliers in Leisure and Hospitality screened by environmental and social criteria
Responsible Procurement
- Supplier Code of Conduct
- Green Procurement Policy
- Supplier declaration attesting to compliance with laws and regulations
- Green buying provision in tender documents
Climate-Related Risks & Opportunities
Physical Risks
- Heavy rain, storm surges, tropical cyclones, increased average temperatures, heat waves, extreme hot days
Transition Risks
- Government policies shifting to low-carbon economy, tightened environmental regulations
Opportunities
- Improving energy efficiency, implementing renewable energy, sustainable resource management, green technology, sustainable finance
Reporting Standards
Frameworks Used: GRI Standards 2021, GRI G4 Construction and Real Estate Sector Disclosures, HKEX ESG Reporting Guide, SASB real estate industry-specific sustainability accounting standards, TCFD recommendations
Certifications: ISO 14001:2015, ISO 50001:2018, ISO 45001:2018, ISO 9001:2015, LEED Platinum, LEED Gold, EarthCheck Gold, EarthCheck Silver
Third-party Assurance: Hong Kong Quality Assurance Agency (HKQAA)
UN Sustainable Development Goals
- 7 (Affordable and Clean Energy)
- 6 (Clean Water and Sanitation)
- 11 (Sustainable Cities and Communities)
- 12 (Responsible Consumption and Production)
- 13 (Climate Action)
- 8 (Decent Work and Economic Growth)
- 4 (Quality Education)
- 10 (Reduced Inequalities)
- 3 (Good Health and Well-being)
- 17 (Partnerships for the Goals)
The report details how various initiatives contribute to these goals.
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- Hang Seng Corporate Sustainability Index Series constituent
- HKQAA Sustainability Rating — AA+
- LEED Platinum and Gold certifications
- EarthCheck Gold and Silver certifications
- Various awards from international and local organisations (see page 67)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:249,607 tCO2e/year (Scope 1, 2 & 3)
Scope 1 Emissions:16,654 tCO2e/year
Scope 2 Emissions:186,678 tCO2e/year
Scope 3 Emissions:46,275 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:1,465,365 GJ/year
Water Consumption:2,958,570 m3/year
Waste Generated:18,637.72 tons/year
Carbon Intensity:13.17 tCO2e/HK$ million revenue (2023)
ESG Focus Areas
- Climate Change
- Energy Management
- Water Conservation
- Waste Diversion
- Employee Wellbeing
- Supply Chain Management
- Community Investment
- Youth Development
- Arts and Culture
Environmental Achievements
- Maintained LEED certifications for key properties (over 55% of MLIP GFA obtained green certificates)
- Nine hotels obtained EarthCheck Gold or Silver certifications
- Modern Terminals tripled annual renewable energy generation through solar panel installation
- MLIPs generated over 70,000 kWh from solar panels in 2023
- Various energy-saving initiatives across properties (e.g., LED lighting replacements, energy-efficient HVAC systems)
Social Achievements
- Implemented thematic programs to promote employee physical and mental wellbeing
- Maintained a low injury incident rate of 1.4 per 100 employees
- Promoted diversity and equality in the workplace (over 40% female representation)
- Supported over 93,000 students and 82 schools through Project WeCan
- Organized various employee engagement activities (e.g., annual party, workshops, sports events)
Governance Achievements
- Integrated ESG risks into the business model to enhance resilience
- Implemented a series of ESG policies aligned with UNSDGs
- Received recognitions from MSCI ESG Ratings (A) and HSI ESG Rating (AA+)
- Disclosed for the first time at CDP (Management Band Score of B-)
- Conducted ethical business conduct training for directors and employees
Climate Goals & Targets
Long-term Goals:
- Support carbon neutrality by 2060 (Central Government) and 2050 (Hong Kong)
Medium-term Goals:
- Achieve 2030 environmental targets (-25% GHG emission intensity, -20% MLIP electricity intensity, reduce water consumption, divert waste from landfills)
Short-term Goals:
- Not disclosed
Environmental Challenges
- Climate change leading to extreme weather events and business interruption
- Stringent public disclosure requirements increasing operating costs
- Tightened building energy codes and guidelines requiring increased capital investment
- Supply chain disruptions
- Supply chain environmental and social risks
Mitigation Strategies
- Utilize technology to minimize emissions and pursue innovative solutions
- Establish and update climate-related risk mitigation and adaptation approaches
- Formulate decarbonisation strategies
- Enhance climate disclosure
- Increase capital investment to meet regulatory requirements
- Update environmental policies
- Adhere to regulations and Supplier Code of Conduct
- Conduct supplier inspections and evaluate sustainability performance
Supply Chain Management
Supplier Audits: 97% of new suppliers screened in MLIP and MLDP operations
Responsible Procurement
- Supplier Code of Conduct
- Green Procurement Policy
- Environmental and social criteria in supplier selection
- Prioritizing local suppliers
Climate-Related Risks & Opportunities
Physical Risks
- Typhoon
- River flood
- Rainfall flood
- Storm surge
- Drought
- Extreme heat
- Sea level rise
- Snowmelt
- Landslide
- Wildfire
Transition Risks
- Rising operational costs due to tightened energy management requirements
- Early retirement of equipment
- Implementation costs for new practices/processes
- Increased energy costs
- Tightened environmental regulations
- Phasing out of current management and construction methods
- Inability to adapt to rising stakeholder interest in sustainability
- Government policy on green energy for container vessels
Opportunities
- Energy efficiency improvements
- Renewable energy adoption
- Sustainable resource management
- Green technologies
- Sustainable finance
Reporting Standards
Frameworks Used: GRI Standards 2021, GRI G4 Construction and Real Estate Sector Disclosures, HKEX ESG Reporting Guide, SASB real estate industry-specific sustainability accounting standards, IFRS S1, IFRS S2, TCFD
Certifications: LEED, EarthCheck, ISO 14001, ISO 50001, ISO 45001, ISO 9001
Third-party Assurance: Hong Kong Quality Assurance Agency (HKQAA)
UN Sustainable Development Goals
- 6
- 7
- 11
- 12
- 13
- 4
- 10
- 3
- 8
The Group's initiatives contribute to these SDGs through environmental protection, employee wellbeing, community investment, and sustainable business practices.
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- Hang Seng Corporate Sustainability Index Series constituent member
- HSI ESG rating AA+
- MSCI ESG Rating A
- LEED Platinum and Gold certifications
- EarthCheck Gold and Silver certifications
- ISO certifications
- Caring Company Logo
- Social Capital Builder Logo Award
- Happy Company
- Equal Opportunity Employer
- Mental Health Friendly Supreme Organisation
- BOCHK Corporate Low-Carbon Environmental Leadership Awards
- Y-Care CSR Scheme Silver Partner
- Y-Care Outstanding Performance (Social) Award
- Jing’an Building Excellence Contribution Award
- Outstanding Contribution to Association Work Award
- Benchmark of China Estate Living Quality
- Luxury Hotel of the Year
- Landmark Hotel
- Best Resort Hotel of the Year