HONG KONG, Sept. 5, 2023 /PRNewswire/ -- Sino Group is pleased to announce that Sino Land Company Limited ('Sino Land') has received validation from the Science Based Targets initiative (SBTi) for its near-term science-based emissions reduction targets. Sino Land has also become the first real estate developer in Hong Kong to join the Science Based Targets Network (SBTN) Corporate Engagement Programme, demonstrating its commitment to using natural resources sustainably and protecting and restoring our natural environment.
The SBTi provides companies and financial institutions a clear roadmap to reduce greenhouse gas (GHG) emissions in line with the goals of the Paris Agreement, as guided by the latest climate science. As a collaborative effort between CDP, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature, the SBTi establishes best practices, offers resources and guidance, and independently evaluates and approves companies' emissions reduction targets.
Sino Land's corporate GHG emissions reduction targets, covering its operations and development activities in Hong Kong, Mainland China, Singapore and Australia, have been verified by the SBTi as aligned with its criteria and recommendations (version 5.0) which significantly raise the level of ambition for setting scope 1 to 3 targets. The validated targets include a commitment to reduce absolute scope 1 and scope 2 GHG emissions by 46.2 % by FY2030, using FY2019 as the base. Sino Land is also dedicated to reducing scope 3 GHG emissions from capital goods, fuel and energy-related activities, and waste generated in operations by 51.6% per square feet by FY2030 from the FY2022 baseline. Moreover, Sino Land aims for a 51.6% reduction in scope 3 GHG emissions from leased assets per square feet by FY2030, also based on FY2022.
Mr Daryl Ng, Deputy Chairman and Chairman of the ESG Steering Committee of Sino Group, said, "Establishing science-based targets and developing clear decarbonisation pathways are essential in addressing climate change. Sino Group has introduced its Sustainability Vision 2030, which integrates sustainability throughout our diverse operations. We are delighted that our targets have received validation from SBTi, reaffirming our commitment to reducing our environmental impact and aligning with international best practices. This external validation highlights our steadfast dedication to addressing long-term energy and climate challenges as we work towards our net zero carbon goals by 2050. We deeply value the engagement of our colleagues. It is our shared commitment to journey together in building ESG knowledge and decarbonisation, and fostering collaboration with our esteemed partners as we strive towards a more sustainable future for the benefit of our communities and the planet."
The SBTN Corporate Engagement Programme builds on the success of the SBTi and brings together over 60 organisations, including NGOs, consultancies and industry associations. The vision of the SBTN is to ensure that cities and companies operate within environmental boundaries, allowing both nature and people to thrive. The SBTN is developing science-based targets related to freshwater, land, biodiversity and oceans for widespread adoption to achieve this. Through its participation in the SBTN Corporate Engagement Programme, Sino Land has a valuable opportunity to collaborate with a global network of experts developing clear pathways and science-based strategies to contribute to biodiversity conservation and to protect and restore natural resources such as water, ocean and land.
Sino Land has received validation from the Science Based Targets initiative (SBTi) for its near-term science-based emissions reduction targets.
