Net zero carbon is achieved when the greenhouse gases put into the atmosphere match those taken out or when they are offset by credits. In addition to the Environmental, Social, and Governance benefits obtained by minimising real estate’s environmental impact, owners and operators can also future-proof their portfolios to increase revenue and save cost.
In comparison with global best practices, Hong Kong still has a long way to close the gap. Real estate consumes 90% of the city’s power in summer and electricity generation accounts for 65% of its carbon dioxide emissions. The city’s aging real estate infrastructure is holding back greener technologies, where more than 85% of buildings are over ten years old.
Hong Kong’s lag can be attributed to minimal legislation in the city and few use cases that demonstrate the economic benefits of upgrading aging infrastructure and raising new buildings’ standards. For significant changes to occur, the Hong Kong real estate sector must transform existing assets and future-proof real estate portfolios to yield green dividends.
“In the absence of significant new legislation, the fastest way for Hong Kong to advance is partnership.”
Alex Barnes
Managing Director, Hong Kong and Macau
JLL
JLL’s purpose is to shape the future of real estate for a better world. Our sustainability programme focuses on three key issues: climate action for sustainable real estate; healthy spaces for all people; and inclusive spaces for thriving communities. We aim to deliver impact by being a responsible business and driving change through client solutions.