Bank of Communications (Hong Kong) Limited
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:11,319.46 tCO2e
Scope 1 Emissions:975.98 tCO2e
Scope 2 Emissions:9,836.12 tCO2e
Scope 3 Emissions:507.35 tCO2e
Renewable Energy Share:Not disclosed
Total Energy Consumption:14,646.72 MWh
Water Consumption:15,892.50 m3
Waste Generated:Not disclosed
Carbon Intensity:6.20 tCO2e per person (operational)
ESG Focus Areas
- Climate Change
- Green Finance
Environmental Achievements
- Reduced GHG emissions intensity at the operational level to 6.20 tCO2e per person in 2022.
- Launched Green Mortgage program for Hong Kong's certified sustainable buildings, with 19 applications received totaling HK$112.16 million by the end of 2022.
Social Achievements
- Distributed multiple ESG funds, offering 69 investment options to clients.
- Successfully subscribed HK$231 million in HKSAR Government's Green Retail Bond issuance.
Governance Achievements
- Established a Risk Management Committee (RMC) and Green Finance Management Committee (GFMC) to oversee climate-related issues.
- Incorporated climate risk management performance into senior management remuneration policies.
Climate Goals & Targets
Long-term Goals:
- Achieve net-zero GHG emissions at the operational level in 2050.
- Achieve net-zero financed emissions in 2060.
Medium-term Goals:
- Reduce GHG emissions at the operational level by half in 2035 (2022 as baseline).
Short-term Goals:
- Not disclosed
Environmental Challenges
- Data availability and accuracy challenges in quantifying financed emissions.
- Potential transition risks for high-carbon emission industries (e.g., cement, thermal power).
Mitigation Strategies
- Developed a methodology for quantifying carbon emissions from investments and a data collection and management system.
- Conducted stress testing for physical and transition risks using IPCC RCP 8.5 and NGFS Delayed Transition scenarios.
- Provided training to frontline units and strengthened communication with clients to improve data quality for financed emissions.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Green procurement
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
Transition Risks
- Policy changes
- Market shifts
- Technological advancements
Opportunities
- Green finance
- Transformation finance
Reporting Standards
Frameworks Used: TCFD
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Green loans
- Green bonds
- Green mortgage
Awards & Recognition
- Not disclosed
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:5,703.58 tCO2e (operational)
Scope 1 Emissions:164.43 tCO2e
Scope 2 Emissions:4,968.26 tCO2e
Scope 3 Emissions:570.90 tCO2e
Renewable Energy Share:Not disclosed
Total Energy Consumption:8,813.27 MWh
Water Consumption:9,268.00 m3
Waste Generated:473.29 tons (paper)
Carbon Intensity:2.54 tCO2e per million HKD (financed emissions)
ESG Focus Areas
- Climate Change
- Green Finance
Environmental Achievements
- Reduced operational GHG emissions intensity to 3.13 tCO2e per person in 2023.
- Launched "Green Mortgage Special Interest Rate Program", resulting in 42 applications disbursed totaling HKD 296.44 million by April 2024.
- Successfully subscribed to HKD 280 million in retail green bonds in September 2023.
Social Achievements
- Held approximately 70 training courses on climate risk and ESG management in 2023.
- Organized multiple tree-planting events, planting over 300 tree saplings.
Governance Achievements
- Established a Green Finance Management Committee (GFMC) at the board level.
- Incorporated climate risk into the responsibility scope of the Risk Management Committee (RMC) and Comprehensive Risk Management and Internal Control Committee (CRMICC).
- Integrated climate considerations into the remuneration system.
Climate Goals & Targets
Long-term Goals:
- Achieve net-zero GHG emissions at operational level in 2050
- Achieve net-zero financed emissions in 2060
Medium-term Goals:
- Reduce GHG emissions at operational level by half in 2035 (2022 as baseline)
Short-term Goals:
- Not disclosed
Environmental Challenges
- Climate change poses significant challenges to social stability and economic progress, potentially inducing material financial risks for financial institutions.
- Managing climate-related risks across the value chain, including physical risks (extreme weather events) and transition risks (policy changes, market shifts).
Mitigation Strategies
- Integrated climate risk management into the comprehensive risk management system.
- Conducted stress testing for various physical and transition risks using IPCC RCP 8.5 and NGFS Delayed Transition Scenario.
- Incorporated assessment requirements for customer climate risks and ESG risks into credit granting procedures.
- Developed a methodology for quantifying financed emissions and established a data collection and management system.
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Green procurement practices
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events impacting operations and collateral value.
Transition Risks
- Policy changes, market shifts affecting financial performance and reputation.
Opportunities
- Growth in green finance and transition finance.
Reporting Standards
Frameworks Used: TCFD
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Green time deposits, green mortgages, brokerage of Hong Kong government green bonds, ESG funds.
Awards & Recognition
- 2023 ABF Wholesale Banking Awards-Hong Kong International Green Finance Initiative of the Year
- Six awards by HKQAA for the "Hong Kong Green and Sustainable Finance Awards 2023"