Climate Change Data

Spring Real Estate Investment Trust

Climate Impact & Sustainability Data (2019, 2020, 2021)

Reporting Period: 2019

Environmental Metrics

Total Carbon Emissions:7,216 tCO2e/year
Total Energy Consumption:9,498,000 kWh/year
Water Consumption:173,838 m3/year
Waste Generated:16,967 tons/year (Non-recyclable: 367 tons, Recyclable: 3,600 tons, General Construction Waste: 12,960 tons)
Carbon Intensity:0.049 tonnes of CO2e/m2

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Implemented a Reduce, Reuse and Recycle scheme.
  • Achieved a 19.4% total energy saving rate from Nov 2018 to Nov 2019 using Techcon-EEC Energy-saving Expert Control System.
  • Replaced 350 traditional lighting fixtures with LED lights, reducing electricity consumption by approximately 37%.
  • Reduced total tonnes of CO2e from 8,320 in 2017 to 7,216 in 2019.
  • Reduced water consumption from 195,319 m3 in 2018 to 173,838 m3 in 2019.

Social Achievements

  • Maintained a tenant satisfaction rate exceeding 96% (response rate of 90%) in August 2019 survey.
  • Installed air purification systems significantly reducing PM2.5 levels to meet Grade 1 national standard.
  • Installed an advanced parking system to minimize pollutant emissions from vehicles.

Governance Achievements

  • Established a comprehensive set of policies for staff covering remuneration, recruitment, dismissal, promotion, and performance review.
  • Implemented robust data security system to safeguard sensitive information.
  • Zero reported incidents of non-compliance with laws and regulations related to employment practices, occupational health and safety, labor standards, product responsibility, and anti-corruption.

Climate Goals & Targets

Environmental Challenges

  • Managing waste generated from renovation activities.
  • Maintaining air quality in Beijing.
  • Ensuring tenant satisfaction.
Mitigation Strategies
  • Established Renovation Management Office (RMO) with written guidelines for renovations.
  • Installed air purification systems.
  • Regular tenant satisfaction surveys and Customer Service Department.

Supply Chain Management

Responsible Procurement
  • Encouraging suppliers to follow ESG best practices and maintain fair labor standards.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: HKEx ESG Reporting Guide

Reporting Period: 2020

Environmental Metrics

Total Carbon Emissions:6,667 tCO2e/year
Total Energy Consumption:8,774,000 kWh/year
Water Consumption:150,634 m3/year
Waste Generated:10,306 tons/year (626 non-recyclable, 3,060 recyclable, 9,720 construction)
Carbon Intensity:0.046 tonnes of CO2e/m2 in 2020

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Implemented a Reduce, Reuse and Recycle scheme.
  • Achieved LEED Platinum Certification under the LEED for Existing Buildings: Operations and Maintenance category.
  • Introduced a smart recycling system.
  • Utilized sewage filtering facilities and obtained a Sewage Discharge Permit.
  • Replaced 27 traditional lighting fixtures with LED lights.
  • Installed sensor taps in public washrooms.
  • Used reclaimed water for landscape irrigation.

Social Achievements

  • Established comprehensive policies for staff covering remuneration, recruitment, dismissal, promotion, and rest hours.
  • Installed air purification systems significantly reducing PM2.5 levels.
  • Introduced a smart parking system to minimize fuel consumption and emissions.
  • Provided appropriate personal protective equipment to maintenance staff.
  • Introduced automated external defibrillators (AEDs) and provided training.
  • Conducted semi-annual tenant satisfaction surveys with >97% satisfaction rate.

Governance Achievements

  • Incorporated ESG considerations into every investment decision.
  • Implemented processes and controls to assess the ESG impact of each investment decision.
  • Established a robust data security system to safeguard sensitive information.
  • Implemented a whistle-blowing policy.

Climate Goals & Targets

Environmental Challenges

  • Managing waste generated from renovation activities.
  • Maintaining air quality in light of Beijing's air quality concerns.
Mitigation Strategies
  • Established a Renovation Management Office (RMO) with written guidelines.
  • Installed air purification systems with electrostatic filters and activated charcoal layers.

Supply Chain Management

Responsible Procurement
  • Encourages suppliers to follow environmentally and socially responsible practices.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: ESG Reporting Guide, Appendix 27 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited

Certifications: LEED Platinum Certification, ISO 14001 (Building Manager), ISO 9001 (Building Manager), First Grade Qualification of Realty Management Enterprise (Building Manager)

Awards & Recognition

  • LEED Platinum Certification

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:6,693 tCO2e/year
Total Energy Consumption:8,808,000 kWh/year
Water Consumption:191,339 m3/year
Waste Generated:12,475.18 tons/year
Carbon Intensity:0.046 tonnes of CO2e/m2

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Achieved LEED Platinum Certification in 2020
  • China Green Building Level 2-star accreditation in May 2021
  • Implemented a Reduce, Reuse and Recycle scheme
  • Upgraded air-conditioning system focusing on energy efficiency
  • Installed LED lights and high-speed roller shutters

Social Achievements

  • Launched a new digital property technology platform for tenants
  • Established two breastfeeding rooms
  • Organised World Earth Day event with 350 participants
  • Achieved over 95% average tenant satisfaction rate

Governance Achievements

  • Established a Sustainability Committee
  • Adopted an arrangement for the remuneration of its Independent Non-executive Directors
  • Implemented a robust data security system
  • Established anti-corruption guidelines and whistle-blowing policy

Climate Goals & Targets

Long-term Goals:
  • Reduce GHG emissions by 12% by 2025 (compared to 2017)
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Reduce GHG intensity by 12% by 2025 (compared to 2017)
  • Reduce water intensity by 8% by 2025 (compared to 2017)

Environmental Challenges

  • Volatile macro conditions in China's economy
  • Softening Beijing office market with rising vacancy rates and falling rents
  • Government policy changes affecting the technology and property sectors
  • COVID-19 pandemic restrictions
Mitigation Strategies
  • Maintained occupancy rates and flexibility on rents
  • Implemented asset enhancement initiatives (air-conditioning, washrooms, digital platform)
  • Prudent capital management strategies
  • Refinancing of UK loan using SONIA benchmark
  • Exploring options to manage USD LIBOR transition to SOFR

Supply Chain Management

Responsible Procurement
  • Assessment of suppliers based on track records, environmental and safety performance, product quality, and regulatory compliance
  • Encouraging use of low-carbon and environmentally friendly materials

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events (rainstorms, flooding)

Reporting Standards

Frameworks Used: ESG Reporting Guide, Appendix 27 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited

Certifications: LEED Platinum, China Green Building Level 2-star, ISO 14001, ISO 9001

Awards & Recognition

  • LEED Platinum Certification
  • China Green Building Level 2-star