Carbon footprint
Progress against targets3
1. Location-based GHG accounting approach.
2. Includes business expansion and acquisition in 2023. Excludes SCCU after date of
disposal.
3. Market-based GHG accounting approach. Includes subsidiaries covered by our 2030
target. Excludes business expansion and acquisition in 2023. Excludes SCCU which was
disposed in 2023.
The scientific reality of climate change is being felt increasingly by communities globally. To avert the worst effects of the rapidly changing climate, the world needs to limit global temperature rise to 1.5°C and transition to a net zero carbon emissions economy by 2050.
Failure to mitigate climate change, or adapt to it, represent the two most severe global risks over the next decade, underscoring why the Group has identified it as a key risk. According to the World Meteorological Organization (WMO), the chance of breaching the 1.5°C target before 2030 stands at 50%. Every fraction of a degree counts.
Our businesses will be affected by climate change directly and by governmental and regulatory mitigation and adaptation responses. Decarbonising our operations in all sectors where we operate is a strategic imperative. We must also reduce value chain emissions and strengthen our resilience to climate impacts.
We are committed to play our part to limit global temperature rise to 1.5°C, in line with the Paris Agreement. Progress requires technological advancements, mature markets, and enabling policy environments. Our strategy is to support their development, and adopt feasible approaches that align with our business objectives and help us achieve our goals.
SwireTHRIVE and our Climate Change Policy outline what we will do to reduce our emissions and adapt to climate change.
The Group and its operating company Swire Properties both received an A- rating in the 2023 CDP Climate Change questionnaire.
Our ambition is to achieve net zero emissions by 2050. This will not be easy. Only 6% of our emissions come from our own operations, the rest come from our value chain. We operate and invest in the carbon intensive aviation sector, which is difficult to decarbonise without breakthroughs in alternative fuel technology. We also face challenges including the limited availability of renewable energy in our markets.
To reduce emissions, our roadmap includes:
Improving energy efficiency
Using more renewable energy
Choosing low-carbon and energy efficient products
Encouraging our suppliers and customers to decarbonise
We are reliant on the decarbonisation efforts of our businesses and so work closely with them and set policy, targets, and approaches. Our businesses have location and sector specific challenges and design responses accordingly. Targets and approaches at the operating company have the dual effect of reducing emissions at Group and operating company levels, aligning operational action with the ambition of SwireTHRIVE. We aim to scale solutions across the Group where those opportunities exist.
In addition to investments already being made by our businesses, we are implementing two key tools to finance and accelerate emissions reduction. Since 2019, our HK$100 million Sustainable Development fund has supported trials of innovative green technology solutions, with a view to accelerating their adoption at scale. In 2023, we launched a Board-approved Internal Carbon Pricing (ICP) pilot to align decision making with Group and operating company carbon reduction targets.
Carbon removal and verified carbon offsets form part of our strategy, particularly in aviation where low-carbon solutions are not yet available at scale. But our priority is to reduce our absolute GHG emissions as much as we can first.
Our interim target is to halve our scope 1 and 2 emissions by 2030 for our legacy markets1, compared with a 2018 baseline. Each of our businesses has individual targets aligned with science, nationally determined contributions, or international industry commitments.
1. Legacy markets are those currently owned or operated by Swire Pacific which were included in the 2018 baseline. They do not include new markets such as Swire Coca-Cola’s operations in Cambodia and Vietnam.
1. Legacy markets are those currently owned or operated by Swire Pacific which were included in the 2018 baseline. They do not include new markets such as Swire Coca-Cola’s operations in Cambodia and Vietnam.
| Our divisions | Scope 1 and 2 inventory | Scope 3 inventory | Validated near term 1.5°C – aligned target | Validated long term 1.5°C – aligned target | |
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| Property |  |
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| Beverages |  |
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| Aviation |  |
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| Trading and Industrial |  |
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Swire Properties and Swire Coca-Cola have set science-based targets aligned with the 1.5°C pathway and approved by Science Based Targets Initiative (SBTi). Accordingly, 88% of our scope 1 and 2 emissions, and 34% of our scope 3 emissions are currently covered by science based targets. Both companies have signed up to Business Ambition for 1.5°C.
In 2023, we achieved a 30% reduction in emissions for businesses covered by our 2030 target compared to our baseline. Based on our 2030 projections, we surpassed our 20.8% target reduction for 2023.
The Group generated 723,000 tonnes of scope 1 and 2 GHG emissions in 2023, an 11% increase from 2022. The Beverages and Property divisions accounted for more than 80% of the Group’s emissions in 2023. Swire Properties absolute GHG emissions decreased by 1%, while Swire Coca-Cola’s emissions increased by 24%. Swire Properties has implemented energy saving measures into their HVAC system of their Hong Kong portfolio, set strict control for the circulation pumps of the heat-pump system at Taikoo Li Sanlitun, Beijing, and decreased electricity usage for HKRI Taikoo Kui and Taikoo Hui Guangzhou. Swire Coca-Cola has procured renewable energy in Chinese Mainland.
The emissions of our Aviation division increased by 1%, in part due to recovery of air travel industry after COVID-19 related reductions in business activity, reduced fleet size, replacement of old machineries and its components to improve the production efficiency. The Trading & Industrial division emissions decreased by 2%. For full details of the scope of our data, please see our Reporting methodology.
Electricity consumption is our largest source of GHG emissions. We used almost 1,022 million kilowatt-hours of electricity in 2023 and generated 613 thousand tonnes of indirect (scope 2) emissions, an increase of 16% from 2022. This is largely contributed by the acquisition of Coca-Cola bottling subsidiaries in Vietnam and Cambodia, as well as expansion in Chinese Mainland.
Total GHG emissions (scope 1 and 2) by division
(thousand
tonnes CO2e)
Total GHG emissions (scope 1 and 2) by division
(thousand
tonnes CO2e)
| 2023 | ||
|---|---|---|
| Scope 1 | Scope 2 | |
| Property | 10.4 | 182.8 |
| Beverages | 77.0 | 366.8 |
| Aviation | 16.7 | 42.5 |
| Trading & Industrial | 6.4 | 20.5 |
Scope 2 GHG emissions by division
(thousand tonnes of
CO2e)
Scope 2 GHG emissions by division
(thousand tonnes of
CO2e)
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Property | 218 | 204 | 187 | 186 | 183 |
| Beverages | 267 | 273 | 301 | 278 | 367 |
| Aviation | 55 | 47 | 44 | 44 | 42 |
| Trading & Industrial | 28 | 23 | 24 | 21 | 21 |
| Marine Services | 2.7 | 2.6 | 1.4 | 0.1 | 0 |
Our Sustainable Building Design Policy requires new and substantially renovated buildings to obtain the highest or, as a minimum, the second highest international or local building environmental certification. At the end of 2023, 94% of Swire Properties’ wholly owned existing buildings have been certified as green buildings. Of these, 98% have achieved the highest ratings. 100% of its wholly owned projects under development have achieved green building certification ratings. Swire Coca-Cola operates LEED certified bottling plants in the Chinese Mainland.
Across the Group, we continued to upgrade our lighting, cooling, boiler, and refrigeration systems to more energy efficient models. In 2023, Swire Properties continued to optimise heating, ventilating, and air conditioning systems, installed high-efficiency chillers, and conducted energy-saving retrofits across its properties. Approximately 99% of its assets (by gross floor area) in Hong Kong and the Chinese Mainland are certified to the ISO 14001 and ISO 50001 standards for environmental and energy management.
Swire Properties continues to roll out a cloud-based smart energy management platform across all its properties in Hong Kong and the Chinese Mainland portfolio. Originally developed with Schneider Electric as a recipient of the Group’s Sustainable Development Fund, the platform uses the Internet of Things, big data analysis, artificial intelligence, and cloud computing to generate energy saving insights and optimise energy consumption. The platform has identified opportunities to achieve a 50% reduction in energy use from air handling units serving the central link bridge at Cityplaza, Hong Kong.
Swire Properties’ hotels use solar energy to heat up water in their kitchens, and have induction cookers, variable speed controls for kitchen exhaust fans, head recovery functions for gas cooking stoves, and electric conveyor dishwashers to maximise kitchen energy efficiency.
Swire Coca-Cola deploys innovative technologies to reduce emissions and costs. It successfully piloted an advanced technology known as “subcarb” on four of its sparkling production lines at its Hangzhou plant. The technology improves on the traditional mixing process for beverage base and carbon dioxide, and allows the filling temperature to be raised to 17°C, instead of having to cool the product to 11°C. Initial tests show a 44% improved energy efficiency of the chiller, and 40% less steam required to warm the product back up again. In 2023, it installed “subcarb” technology on seven production lines across its Chinese Mainland operations, resulting in savings of 1.15 million kWh of electricity and 1,800 tonnes of steam. Swire Coca-Cola will install the technology on 6 more lines in the Chinese Mainland by the end of 2024.
Shifting our energy mix to renewable sources is a crucial part of our decarbonisation strategy. We encourage our businesses to explore opportunities to generate and purchase more renewable electricity (RE). Swire Properties and Swire Coca-Cola have set RE targets.
More than 29 million kWh of electricity was generated from renewable sources at Swire Properties, Swire Coca-Cola and HAECO in 2023, representing a 35% increase from 2022.
Swire Coca-Cola has set a target to use 100% renewable electricity (RE) in its core operations by 2026. It is reviewing the feasibility of this target for its new operations in Vietnam and Cambodia. In the Chinese Mainland, four facilities secured offsite RE agreements this year. Its plants in Yunnan, Hangzhou, Hubei and Wenzhou now operate using 100% RE. Its Guangxi and Anhui plants use a partial RE mix. At its Hong Kong plant, a newly installed rooftop PV system generates 28.4 MWh per year. In 2023, 26% of Swire Coca-Cola’s total electricity use was from renewable sources.
Swire Properties procures 100% renewable electricity for Taikoo Hui Guangzhou for both tenant and landlord operations. At the end of 2023, its mix of renewable electricity in the Chinese Mainland stands at about 56%. One of Swire Properties’ 2025 KPIs is to generate 4-6% of the landlord’s building energy from renewable or clean energy sources in selected new office developments. At Two Taikoo Place, it is installing solar PV panels, a wind turbine, and a waste-to-energy tri-generation system, which we estimate will supply renewable energy equivalent to approximately 6% of the landlord’s building energy.
HAECO has one of the largest solar photovoltaic (solar PV) system installations in Hong Kong. The current system consists of approximately 6000 solar panels that spans across the rooftops of HAECO Hong Kong’s hangar 2 and 3 at the Hong Kong International Airport, generating an annual output of three megawatts (MW) of electricity, with the objective to reduce carbon emission from HAECO’s electricity generation by 490 tonnes annually.
Proportion of electricity consumed from renewable
sources
(million kWh)
Proportion of electricity consumed from renewable
sources
(million kWh)
| 2020 | 2021 | 2022 | 2023 | |
| Total electricity used by the Group | 893 | 952 | 903 | 812 |
| Total RE generated on our sites | 20.7 | 20.5 | 22 | 29.6 |
| Total RE procured | 11.5 | 103 | 126 | 180 |
| % electricity used by the Group that was from renewable sources | 3.6% | 13.0% | 16.4% | 20.5% |
Swire Properties’ Integrated PEDF System at Taikoo Li Sanlitun
Most of Swire Properties’ on-site renewable energy comes from photovoltaic systems, which supply direct current (DC). By increasing on-site DC equipment and using a power distribution system which runs on DC instead of alternating current (AC), it is possible to reduce the energy losses incurred when converting between AC and DC.
A DC-operated battery storage system adds flexibility to a building’s power demand control and maximises the capture of variable grid-provided solar and wind power supply. An integrated Photovoltaics, Energy Storage, Direct Current and Flexible Power System (PEDF) can reduce energy consumption by 5-10%.
Funded by the Swire Pacific SD Fund, Swire Properties is piloting a PEDF solution at Taikoo Li Sanlitun. On-site implementation work was completed in mid-2023 and the system performance is now being evaluated. Significant energy savings are anticipated, which will eventually result in cost savings to tenants and lower carbon emissions.
The project has received an award in the Chinese Mainland and garnered interest from Hong Kong government representatives. In 2024, a commercial PEDF pilot application is being implemented at Taikoo Hui Guangzhou to examine DC applications in a shopping mall and office floor setting.
Since 2020, Swire Properties has included low-carbon procurement specifications – developed in accordance with international standards such as ISO 14067 – for construction materials such as concrete with pulverised fuel ash or ground granulated blast furnace slag, rebar, and structural steel with recycled content. It is the first real estate developer in Hong Kong to contractually require low-carbon building materials for new projects and is exploring extending this practice to its developments in the Chinese Mainland.
It has set low-carbon design targets for Taikoo Li Xi’an that aim to reduce landlord energy use intensity by 40% as compared to its existing Chinese Mainland properties. It is incorporating lifecycle energy efficiency and low-carbon energy use strategies into the project design. Low carbon ground source heat pump systems will ground source heat pump system can provide up to 60% of the project’s annual heating demand using piles up to 2.5km in depth.
In 2023, Swire Properties supported the Hong Kong Green Building Council’s (HKGBC) Zero-Carbon-Ready Building (ZCRB) Certification Scheme. Thirteen of its buildings received certification, the highest number among all participating developers. Both One Taikoo Place and Two Pacific Place received a “Super Low” energy performance certificate rating for both Landlord and Whole Building portions. It also pledged to improve the energy performance of One Island East from “Low” to “Extra Low” by committing to increasing energy savings by 10% by 2030. One Island East was one of only two buildings in Hong Kong to receive a target setting certificate under the scheme.
In Hong Kong, all new Swire Coca-Cola trucks use B7 biodiesel and comply with Euro VI emission standards. HAECO recently completed the upgrading of a fuel station to cater for the use of Biodiesel (B5). These fuels are produced from waste cooking oil, animal fat, and other oils which can significantly reduce emissions. In the past two years, HAECO replaced 60% of its traditional diesel use to biodiesel in its mini fuel station in Hong Kong. Combined with the use of Hong Kong International Airport’s airside fuelling station; Biodiesel represented 21% of HAECO’s Hong Kong fleet fuel consumption.
In 2023, HAECO introduced e-tow tractors for pushback operations at Hong Kong International Airport. It plans to introduce two more e-tractors in 2024 as part of its ongoing commitment to reducing its carbon footprint. These electric-powered vehicles will help it reduce carbon emissions by up to 377 tonnes per year during full operation.
Our Internal Carbon Pricing pilot began in 2023 and will continue throughout 2024. It is being trialled by Swire Coca-Cola, Swire Properties, and HAECO, which contribute over 80% of our operational emissions.
The hybrid model comprised a carbon fee and shadow pricing mechanism. A carbon fee of USD22/tCO2e is applied to the operational emissions of each operating company for the most recent financial year. Budgets calculated through the fee are set aside additional decarbonisation projects.
The shadow pricing mechanism originally applied to planned projects that exceed a threshold value, but has been revised to focus on projects that meet selected criteria. A price of up to USD100/tCO2e is applied to emissions associated with potential projects. The intent is that the mechanism provides additional information about the impact of emissions associated with our businesses’ capital expenditure and so aligns the investment decision making process with our carbon reduction goals.
More than 90% of our GHG emissions occur outside our direct operations. We do not control these assets and activities, but through our decisions and relationships we can work to reduce material scope 3 emissions.
In 2022, we conducted an initial mapping exercise to identify material sources of emissions in our investments and in the value chains of our businesses. All scope 3 categories were assessed to understand what is important, applying a materiality threshold defined as 5% of total scope 3 emissions, in accordance with the Corporate Value Chain (scope 3) Accounting and Reporting Standard. This year, we further strengthened our approach, increasing our scope 3 coverage and refining some calculations using more primary data.
We identified value chain emissions from purchased goods and services (26%), downstream leased assets (10%), and use of sold products (10%) as material. Swire Pacific has a significant interest in Cathay Pacific, and accounts for a proportion of its GHG emissions under our scope 3. This proportion is equivalent to the Group’s shareholding interest in the company.
Using 2023 data, our total scope 3 GHG emissions is 10,468 thousand tonnes CO2e. As air travel continued to recover from the restrictions in place during the pandemic, the share of our scope 3 emissions accounted for under category 15 increased to 50% in 2023. An increase of 42% in value chain emissions was driven by our Aviation division through Cathay Pacific’s steady post-pandemic recovery, and inclusion of HAECO’s full scope 3 emissions.
Scope 3 categories 10 and 14 are not relevant for the Group.
Scope 3 categories 10 and 14 are not relevant for the Group.
Under business as usual conditions, we expect Cathay Pacific to contribute around 60% of our scope 3 emissions. This present challenges to our net zero ambition. Although various pathways to net zero are possible within the hard-to-abate air transport sector, all feature Sustainable Aviation Fuel (SAF) as a key component for curtailing carbon emissions due to its ability to reduce over 80% of life cycle GHG emissions when compared with traditional jet fuel. Recent figures from the International Air Transport Association (IATA) show that SAF fuel production although increasing rapidly, remains very low.
Despite the challenges, Cathay Pacific has committed to achieving net zero carbon emissions by 2050, and for sustainable aviation fuel (SAF) to constitute 10% of its total fuel consumption by 2030. This year, it set a new target to reduce its emission intensity by 12% per revenue tonne kilometre by 2030 from a 2019 baseline. This near-term target builds upon its track record of being among the top five airlines with the lowest emission intensity since 2014. It has also set a target to reduce ground emissions by 32% by 2030 and 55% by 2035 from a 2018 baseline.
To accelerate the development of SAF, Cathay Pacific has rolled out SAF projects with world-renowned partners. In 2023, Cathay Pacific continued to send a clear demand signal to the SAF supply market by signing a MoU with State Power Investment Corporation (SPIC), a leading renewable energy company in the Chinese Mainland. It plans to construct four SAF plants under SPIC and the plants will use a pathway similar to power-to-liquid (PtL) to convert renewable electricity into liquid fuels.
Swire Pacific has supported the Cathay Pacific Corporate Sustainable Aviation Fuel (SAF) Programme since its launch in 2022. We contribute to the purchase of internationally recognised SAF, along with the programme’s other members, which will be used to power Cathay Pacific flights. Through its programme, Cathay Pacific will issue verified emissions reduction certificates and proof of sustainability to its customers, including Swire Pacific, reducing our scope 3 carbon emissions. See Cathay Pacific’s Sustainability Report 2023 for details.
Cathay Pacific’s carbon reduction strategy also includes modernising its fleet to improve fuel efficiency, improving operational efficiency, and providing Gold Standard accredited offsets through its Fly Greener programme.
Swire Properties has established science based reduction targets to reduce the emissions generated by capital goods and downstream leased assets, its two most significant categories of scope 3 emissions, by 25% and 28% per square metre respectively by 2030.
Tenant electricity consumption accounts for 50% of its total building energy consumption. Swire Properties helps tenants to reduce their electricity use by offering free energy audits. Since 2008, free energy audits have covered 7 million square metres of commercial space in Hong Kong and the Chinese Mainland, identifying potential annual energy savings of 11.2 million kWh. It also procures 100% renewable electricity for Taikoo Hui in Guangzhou. In 2023, INDIGO joined Taikoo Li Sanlitun, Taikoo Hui Guangzhou and Taikoo Li Chengdu in procuring renewable electricity.
Embodied carbon in capital goods is a major source of emissions for Swire Properties. It uses software tools to incorporate low-carbon considerations at the project design stage, sets procurement specifications for carbon intensive key materials, and works with contractors to source these materials and optimise energy management on its construction sites.
Emissions from packaging and the electricity consumed by its cold drinks equipment (CDE) accounts for around 74% of Swire Coca-Cola’s total value chain emissions. To meet its 2030 target, Swire Coca-Cola needs to reduce its emissions from packaging by increasing its recycled content and promoting post-consumption recovery and recycling. Since 2021, it has used 100% recycled PET for Bonaqua water bottles in Hong Kong. In 2023, recycled aluminium constituted 15% of cans in Chinese Mainland, up from 3% in 2022. It has redesigned the label length of several aseptic PET products in Hong Kong to encourage recycling.
With proactive collaboration between its procurement team and beverage cooler suppliers, it has identified ‘next generation’ CDE that uses 50% less energy compared with current equipment. All its new CDE will have high energy efficiency ratings and use natural refrigerants. As the new technology is phased-in across the Chinese Mainland, it will result an estimated reduction in scope 3 emissions by 2030 that equates to just over a third of the overall reductions required to meet its Science Based Target (SBT).
Scope 3 emissions by division are included in Downloads. Further information is available in the sustainability reports of our operating companies.
Carbon offsets can play a vital role in our net zero strategy as they allow us to compensate for hard to abate emissions within our value chain and emissions from technologically constrained sectors.
Our net zero commitment aligns with the approach defined by the Science Based Targets initiative’s (SBTi) Corporate Net-Zero Standard and references the Institute of Environmental Management and Assessment’s carbon mitigation hierarchy. We aim to reduce our scope 1 & scope 2 GHG emissions by 95% and scope 3 by 90% before purchasing high quality third-party accredited offsets to reach our goal.
Our approach contrasts with carbon neutrality which we define as counterbalancing CO2 emissions (not necessarily all GHG emissions) with carbon offsets without having reduced emissions by an amount consistent with reaching net-zero.
We recently reviewed our approach, the carbon offset market, and emerging standards including the Core Carbon Principles developed by the Integrity Council for the Voluntary Carbon Market. We are producing guidelines for our operating companies to standardise and guide decision making on offsetting across the Group.
Our evolving approach builds on our existing Carbon Offsetting Policy, which has been in place since 2009. Under the current policy, all Swire Pacific subsidiaries are required to offset the emissions associated with staff business air travel. Offsets purchased must, at a minimum, meet the Verified Carbon Standard or Gold Standard. In 2023, we purchased more than 445 tonnes of carbon offsets through Fly Greener.
We have owned and managed a Verra certified carbon offset REDD+ project in Paraguay since 2010. The project is designed to generate 10,000 carbon credits per year for 20 years. The Verified Carbon Units (VCUs) are dual accredited under both the Verified Carbon Standard (VCS) and the Climate, Community and Biodiversity Standard (CCB). See the Nature section for more information.
We need to prepare for the physical risks of climate change. This means designing buildings capable of withstanding extreme weather. Airports where we operate must be prepared to deal with the consequences of rising sea levels. Climate change can disrupt our operations and supply chains.
Stabilising global temperature increase at 1.5°C will require drastic action far beyond business as usual. Businesses will be expected to reduce emissions and to limit and adapt to climate change, which is likely to lead to stricter regulation and potentially carbon taxes. Energy availability and affordability will be affected. Regulators and investors increasingly expect companies to measure and report their exposure to climate risks to avoid financial shocks.
We have a Climate Working Group, which supports the implementation of our Climate Change Policy and the delivery of our climate change related targets and commitments. A TCFD working group comprising sustainability, finance and risk team members was formed in 2020 to shape climate-related disclosures and share best practices.
We have assessed the physical risks that climate change poses to our businesses. We use a specialised cloud-based platform provided by The Climate Service (TCS), now a part of S&P Global, to assess the financial implications of climate-related risks and opportunities under different climate scenarios. The assessment helps us to align our climate change disclosures with the recommendations of TCFD. Our group-wide scenario analysis framework is used with Swire Pacific and our operating companies in scenario analysis workshops to understand our climate-related risks and opportunities. See the Climate-related Financial Disclosures section for more information.
We require our operating companies to consider climate change risks when compiling their risk registers, and to take appropriate precautionary measures. Climate change is included in our risk register. Some of our operating companies build climate resilience into their operations.
We want to improve the capacity of our businesses, our employees, and the communities in which we operate to adapt to climate change. This involves having, and helping to provide access to, information, skills, and physical resources. Swire Pacific, Swire Properties, and Swire Coca-Cola support the Business Environment Council (BEC) Low Carbon Charter in Hong Kong.
Swire Properties completed a study of its exposure to risks and opportunities under different climate scenarios. The study indicated that its properties are exposed to low to moderate levels of physical risk, due to its relatively robust mitigation measures. Improvements for individual buildings were identified, including upgrading flood protection measures and alert systems, chiller efficiency improvements, glass facade inspections, and smart monitoring systems.
For future investments, Swire Properties has integrated sustainability criteria into the due diligence risk assessment process for new acquisitions, including climate adaptation and resilience, flood risk assessment, energy efficiency and carbon emissions of the acquired assets.
It has had a Business Recovery Plan in place since 1997 to ensure that it maintains critical crisis planning and execution capabilities in the event of major incidents, including extreme weather events. It has also put in place local crisis response plans for all portfolios.
Swire Properties – Climate Resilience Measures in our Xi’an and Sanya Projects
In response to increased climate-related physical risks from flooding and other extreme weather events, Swire Properties conducted two pre-assessments of its projects in Xi’an and Sanya, Hainan Island to ensure that climate adaptations and resilience are designed into these developments. It conducted hazard modelling using the five Shared Socio-economic Pathways (SSPs) scenarios from IPCC’s latest assessment report. It then integrated resilience design for these projects based on projected climate variables including extreme heat, extreme precipitation, sea level rises, flood depth, and extreme wind speeds. Solutions included passive design strategies, selecting construction materials that cater to extreme heat and cold, and incorporating sponge city strategies and nature-based solutions.
Swire Properties is a signatory to the Business Environment Council’s (BEC) Power Up Pledge in Hong Kong, which commits the company to sharing knowledge and best practices and collaborating to promote electrification of construction sites and transition away from diesel generators.
Swire Coca-Cola assesses water access, quality, and quantity risks for all new bottling plants. It has completed a physical risk assessment using the Climanomics platform, and conducted a scenario analysis workshop focused on understanding key physical and transition risks and the effectiveness of its controls in mitigating those risks.
Swire Coca-Cola works with governments and NGOs to protect local water sources that may be at risk from climate change or anthropogenic activities and secure access to clean and safe water for communities in need. Its flagship CSR programme “Carbon Reduction Alliance” engages value chain partners in the Chinese Mainland, to reduce carbon, and support local communities and biodiversity. Read more in Nature.
Swire Coca-Cola also provides bottled water to people affected by natural disasters as part of The Coca-Cola Company’s Clean Water 24 emergency plan. Within 24 hours of a natural disaster, Swire Coca-Cola will identify the nearest warehouse and arrange delivery, in collaboration with local governments, supporting organisations and NGOs.
Read more in our operating companies’ sustainability reports.
In 2023, we made steady process on our net zero roadmap which will form a core component of our Climate Transition Plan. We are also beginning to examine the interconnectedness of our planned decarbonisation and any potential social impacts. The UN Human Rights Council has been vocal on the threat climate change poses to human rights, and in recent COPs climate justice has increasingly been at the forefront of policy discussions and global commitments. Our aim is to ensure as we develop our Climate Transition Plan, we apply a lens that ensures our transition is just, orderly and equitable.