HKSTP Targets to Achieve Net-Zero Emissions by 2045

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by KnowESG
KnowESG_HKSTP net zero emissions by 2045
Image courtesy of HKSTP

In a remarkable celebration of World Environment Day, the Hong Kong Science and Technology Parks Corporation (HKSTP) unveiled its ambitious Net-Zero 2045 Vision at the "Green is Action" event.

This groundbreaking commitment ensures that HKSTP's operations will meet the rigorous Corporate Net-Zero Standard established by the Science Based Targets initiative (SBTi) by 2045, making it the first statutory body in Hong Kong to take such a decisive step—five years ahead of the city's Climate Action Plan 2050 Carbon Neutrality target.

HKSTP's commitment not only underscores its dedication to sustainability but also serves as a significant investment towards supporting the Hong Kong Government's objective of establishing the city as a leading international hub for green technology and finance, as announced in the 2023–24 budget by the Financial Secretary.

The SBTi's Corporate Net-Zero Standard is globally recognised as one of the most comprehensive frameworks for setting science-based Net-Zero targets aligned with climate science. It provides guidance, criteria, and recommendations necessary for companies to establish targets that are consistent with limiting the rise in global temperatures to 1.5°C.

HKSTP has set both near-term and long-term targets encompassing the three scopes of carbon emissions defined by the SBTi. These targets cover carbon emissions across HKSTP's own operations as well as its extended value chain. The near-term targets for 2030 include:

  • A reduction of 42% in carbon emissions from operations (Scope 1 & 2)

  • A reduction of 25% in carbon emissions from downstream leased assets (Scope 3), such as emissions from tenants and waste

  • A reduction of 52% in carbon emissions intensity (per square meter) from capital goods (Scope 3), such as embodied carbon emissions

To embark on this journey towards Net-Zero, HKSTP is currently formulating a comprehensive decarbonisation roadmap with a particular focus on areas such as building energy efficiency, retro-commissioning, and retrofitting.

Albert Wong, CEO of HKSTP, expressed his optimism, stating, "Hong Kong is rapidly emerging as a frontrunner in green tech and green finance innovation. Through our Net-Zero 2045 vision, we aim to establish new benchmarks for operations, inspiring businesses and industries in Hong Kong to recognise Net-Zero as a viable business goal.

"By fostering a green tech and green finance ecosystem, HKSTP seeks to ignite a cluster effect that will propel climate and sustainability innovations from Hong Kong to the world and vice versa. With over 100 green tech ventures already thriving, we firmly believe that nurturing a virtuous cycle of green innovation and investment will drive sustainability, leading to even more innovation."

During the event, HKSTP and several prominent green tech park companies showcased how the Science Park ecosystem is instrumental in driving world-class innovations for a greener and more sustainable future. Among the featured companies were Archireef Limited, i2Cool Limited, 'M' Concepts Studio Ltd., and Neuron Digital Group, each making significant contributions to environmental preservation and sustainability.

As HKSTP paves the way for a sustainable Hong Kong, its commitment to sustainability can be explored further through its sustainability initiatives here.

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Source: HKSTP

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