Wharf Real Estate Investment Company Limited
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:103,916 tCO2e/year (market-based)
Scope 1 Emissions:7,836 tCO2e/year
Scope 2 Emissions:96,080 tCO2e/year (market-based)
Scope 3 Emissions:904 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:813,963 GJ/year
Water Consumption:922,691 m3/year
Waste Generated:19,793.18 tons/year
Carbon Intensity:Not disclosed
ESG Focus Areas
- Climate Change
- Energy Management and Decarbonisation
- Water Stewardship
- Waste Management
- Employee Wellbeing
- Youth Development
- Arts and Culture
- Community Care
- Supply Chain Management
- Customer Satisfaction
- Occupational Safety and Health
- Corporate Governance
Environmental Achievements
- Times Square received LEED Platinum v4.1 certification.
- Reduced electricity consumption in Plaza Hollywood by 1.5% and Harbour City by over 194,000 kWh.
- Reduced total power consumption at Times Square by 1.8% compared to 2022.
- Achieved ISO 14001 environmental management system certification.
- Harbour City, Gateway Apartments, and Pacific Club certified as Hong Kong Green Organisations.
- Reduced plastic containers ordered at Pacific Club by approximately 828 kg.
- Recycled over 16,000 kg of polyfoam across Harbour City, Times Square, and Plaza Hollywood.
- Donated over 1,876 kg of surplus food to Foodlink.
Social Achievements
- Maintained a low injury rate of 2.8 per 100 employees.
- Achieved ISO 45001 occupational safety and health management system certification.
- Implemented various employee wellbeing initiatives, including a chillout room at The Murray and massage days at Marco Polo Hongkong Hotel.
- Supported over 93,000 students through the WeCan programme.
- Hong Kong Investment Properties achieved a 98% overall customer satisfaction rate.
Governance Achievements
- Implemented a robust enterprise risk management framework.
- Conducted 1,021 hours of anti-corruption training and 1,221 hours of anti-competition training.
- Arranged HK$3,600 million in sustainability-linked loans.
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Not disclosed
Short-term Goals:
- Reduce GHG emissions by 30% by 2030.
- Reduce electricity intensity at investment properties in Hong Kong by 27% by 2030.
- Reduce water consumption of Hong Kong operations by 18% by 2030.
Environmental Challenges
- Climate change leading to more frequent and severe extreme weather events.
- Talent shortage.
- Supply chain disruptions.
- Increasingly stringent environmental regulations.
- Water scarcity.
Mitigation Strategies
- Developed a Climate Change Policy Statement and improved climate-related risk assessment methodologies.
- Offered competitive remuneration and benefits packages, career development opportunities, and employee engagement activities.
- Actively engaged with suppliers to ensure supply chain stability and sustainability.
- Increased capital investment to meet environmental regulations and implemented innovative green technologies.
- Initiated a water stress risk assessment and implemented water conservation measures.
Supply Chain Management
Supplier Audits: 47% of new suppliers screened for environmental and social criteria.
Responsible Procurement
- Green Procurement Policy
- Supplier Code of Conduct
- Green Purchasing Clause in tender documents
- Preference for suppliers using environmentally-friendly products.
Climate-Related Risks & Opportunities
Physical Risks
- Typhoon
- Rainfall flood
- Extreme heat
- Sea level rise
Transition Risks
- Carbon tax
- Tightened climate policies
- Higher electricity and water charges
- Higher material costs
- More stringent fuel and emission standards
Opportunities
- Improving energy efficiency
- Increasing renewable energy use
- Sustainable resource management
- Green and low-carbon 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 recommendations
Certifications: ISO 14001, ISO 45001, ISO 9001, LEED Platinum
Third-party Assurance: Hong Kong Quality Assurance Agency (HKQAA)
UN Sustainable Development Goals
- 6
- 7
- 11
- 12
- 13
Initiatives contribute to these goals through environmental protection, responsible resource use, community development, and ethical business practices.
Sustainable Products & Innovation
- iPaint cooling technology
Awards & Recognition
- Hang Seng Corporate Sustainability Index constituent member (AA+ rating)
- MSCI ESG Ratings — BBB
- Sustainalytics ESG Risk Rating — Low Risk
- CDP Management Band Score of B-
- Various awards for Times Square, Harbour City, Marco Polo Hotels, etc.