Taking Action on Climate Change
Climate change is an imminent threat to the world. People from all walks of life are seeking different solutions to deal with this urgent environmental issue. As a leading cultural enterprise, NWD recognises that sustainability is a top business priority. We’re committed to doing our part to address challenges and working alongside wider society to make positive change. We aim to achieve the targets set out under our Sustainability Vision 2030 and integrate climate change considerations across our businesses, contributing to UN SDG 11 Sustainable Cities and Communities.
In FY2020, we pledged our support to the Task Force on Climate-related Financial Disclosures (TCFD) after attempting to disclose climate risks and opportunities based on their recommendations in the financial year 2019. This is well ahead of HKEX’s disclosure mandate by 2025. Going forward, we will continue to explore different ways and best practices to build safe, resilient and sustainable communities.
In February 2021, NWD became the third real estate company in Asia to commit to the Business Ambition for 1.5°C, a global call to action from the United Nations and business leaders for climate change mitigation under the Paris Agreement. NWD is also a member of Race to Zero, a global campaign that aims to mobilise a coalition of leading net zero initiatives across over 730 countries. We will set Science Based Targets by 2023 to provide a clearly-defined path to reduce emissions, covering the company’s major properties and construction activities in Hong Kong and the mainland, to be achieved by 2030. NWD has longer-term ambitions of achieving net zero carbon by 2050.
NWD also developed a Renewable Energy Roadmap, with the ambitious commitment of using 100% renewable energy to reduce Scope 2 emissions for all Greater Bay Area rental properties by end of FY2025/26 and all Greater China rental properties by end of FY2030/31. This will be achieved by installing onsite renewable energy, adopting power-purchase agreements and purchasing renewable energy certificates.
We are pleased to share with you our latest video produced for us by BBC StoryWorks, the commercial content division of BBC Global News, as part of World Green Building Council’s “Building a Better Future” series. The series of films and articles explore what the construction sector is doing to become more sustainable, and showcase buildings around the world that protect the planet and help us to lead happier, healthier lives. K11 ATELIER King’s Road and Victoria Dockside are two exemplary projects demonstrating our commitment to building sustainable cities and communities, learn more about them below!
Victoria Dockside is Hong Kong’s first purpose-built art, design and cultural district, situated along the harbourfront in Tsim Sha Tsui. The district comprises K11 ATELIER Victoria Dockside, an A-grade office building that has obtained LEED Platinum®️ and Final Platinum under BEAM Plus New Buildings V1.1, as well as our cultural-retail destination K11 MUSEA and luxury residences K11 ARTUS, which have both obtained LEED Gold®️ certified. Victoria Dockside is connected to the wider neighbourhood via the harbourfront promenade Avenue of Stars and Salisbury Garden.
The project stands out for its groundbreaking microclimate control, reducing the heat island effect – when building surfaces and their surroundings absorb and hold heat resulting in higher temperatures. The project also improves thermal comfort for visitors and stays resilient to climate risks.
K11 ATELIER King’s Road
K11 ATELIER King’s Road is one of the world’s first triple platinum certified green and healthy buildings, certifications achieved include WELL CertifiedTM Platinum, LEED Platinum and BEAM Plus New Buildings Final Platinum.
Over 70 innovative and sustainable features are incorporated into the building. The top floor consists of Asia’s largest hybrid solar-thermal system, as well as a sky garden with extensive greenery, biophilic jogging path, and organic farm. Furthermore, after two years of research and development, the world’s first patented inverted greenery design, CEILINGREEN® was showcased in the building lobby. All these remarkable features contribute to providing a better environment for our tenants and building users. K11 ATELIER King’s Road has won numerous top building awards, including MIPIM Asia Awards 2020 – the leading regional property awards otherwise known as the “Oscars of the Asian real estate world” and the WorldGBC Asia Pacific Leadership in Green Building Awards 2020.
From March to June 2021, over 1,200 stakeholders were engaged to join its green building tour, which provides an opportunity for us to demonstrate how we walk the talk for our sustainable commitments.
To strengthen our sustainability governance, we integrate climate-related risks into the Group’s Enterprise Risk Management (ERM) by adopting “Applying enterprise risk management to environmental, social and governance-related risks” guidelines published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the World Business Council for Sustainable Development (WBCSD) in 2018. Climate risk has been identified as one of the emerging and key risks of the Group and has been included in our risk register. Our objective is to achieve the ongoing assessment, monitoring and management of climate risks through the Group and all business units, enhance our properties’ climate resilience and adaptability, and strengthen understanding and ownership of the assessment and management of climate risks relevant to the Group’s business activities.
We are finalising our Climate Resilience Design Guidelines, which facilitate us to integrate various climate mitigation and adaptation measures into new developments, major refurbishment and construction activities, covering the full property lifecycle and climate risks that are pertinent to our major business locations, such as flooding, water stress, extreme temperatures and extreme wind, and suggest resilience improvement measures. Coastal areas are inevitably prone to risks such as floods and extreme weather events brought by climate change. In addition to green building design, we undertook climate risk scenario planning with an external consultancy for 14 major existing sites in the Greater Bay Area. Our studies have shed light on the potential physical risks that we might be exposed to and how we can enhance our existing assets to protect our customers and the building structure.
To tackle potential water risks, we have adopted the “Sponge City” concept – a design that absorbs and captures rainwater and utilises it to reduce floods – in our projects. Various measures have been taken in Greater Bay Area development projects, including Canton First Estate, Ningbo New World and MOUNT PAVILIA to lower flood risks by enhancing water absorption capacity and redistributing water loads.
For example, rainwater harvesting and onsite greywater treatment provide irrigation water in the MOUNT PAVILIA residential project. Canton First Estate, located in Foshan, China, is also embedded with a rainwater harvesting system which collects water for irrigation. Along with other features such as a bio-retention pond and green landscapes, Canton First Estate can withstand a once-in-50-years torrential rainstorm event. Ningbo New World incorporates several Sponge City features, including a bio-retention pond, a rainwater garden, permeable pavements and an ecological rooftop, enhancing the climate resilience of the neighbourhood.