Hong Kong SFC Commits to Become a Carbon-Neutral Organisation Before 2050 in Line with Hong Kong Climate Action Plan 2050, Interim Target of Reducing 50% of Carbon Emissions by 2030
28th April 2023 | Hong Kong
Hong Kong Securities & Futures Commission (SFC) has announced its commitment to become a carbon-neutral organisation before 2050 (in line with Hong Kong Climate Action Plan 2050), and has set an interim target of reducing 50% of carbon emissions by 2030. Hong Kong SFC: “The SFC recently engaged an external consultant to conduct a carbon footprint assessment which included identifying and quantifying its own Scope 1, 2, and 3 emissions (Note 2). From this baseline, the SFC will seek to reduce its emissions as far as practicable by targeting their key sources including electricity consumption, investments and purchased goods and services. The SFC is implementing a series of carbon reduction measures. They include engaging with our asset managers on decarbonising the SFC’s investment portfolio, and working with our landlord on electricity and waste management and our suppliers in identifying low carbon alternatives.”
“ Hong Kong SFC Commits to Become a Carbon-Neutral Organisation Before 2050 in Line with Hong Kong Climate Action Plan 2050, Interim Target of Reducing 50% of Carbon Emissions by 2030 “
Tim Lui, Hong Kong SFC Chairman: “Tackling climate change is a long-term task which requires collective action. In addition to making its own commitment to carbon neutrality, the SFC plays an active role in the development of a robust regulatory framework to support greener, more sustainable financial markets in Hong Kong and the Mainland.”
Julia Leung, Hong Kong SFC CEO:“We are committed to making periodic disclosures on the status of our carbon reduction efforts, including the progress towards meeting our climate targets, in alignment with the TCFD recommendations. Through transparency and accountability, we hope the SFC’s carbon neutrality commitment and ongoing disclosures will help show the way for businesses of all kinds to contribute to the global effort to combat climate change.”
Hong Kong SFC Commits to Become a Carbon-Neutral Organisation Before 2050 in Line with Hong Kong Climate Action Plan 2050
27th April 2023 – The SFC recently engaged an external consultant to conduct a carbon footprint assessment which included identifying and quantifying its own Scope 1, 2, and 3 emissions (Note 2). From this baseline, the SFC will seek to reduce its emissions as far as practicable by targeting their key sources including electricity consumption, investments and purchased goods and services.
The SFC is implementing a series of carbon reduction measures. They include engaging with our asset managers on decarbonising the SFC’s investment portfolio, and working with our landlord on electricity and waste management and our suppliers in identifying low carbon alternatives.
Notes:
1. Published in October 2021, Hong Kong’s Climate Action Plan 2050 sets out the vision of Zero-carbon Emissions
- Liveable City
- Sustainable Development and outlines strategies and targets for combating climate change and achieving carbon neutrality.
2. Based on the available data, the consultant computed the SFC’s Scope 1, 2 and 3 emissions, as defined under the Greenhouse Gas Protocol, across four financial years (2018-19 to 2021-22). In line with the consultant’s recommendations, the SFC will adopt the financial year 2018-19 as the base year for its carbon neutrality commitment for all categories of emissions except investments, and 2021-22 for investments.
The SFC’s total baseline emissions were 108,244.1 tonnes of carbon dioxide equivalent (tCO2e), comprising: (i) scope 1 (fuel) emissions: 14.1 tCO2e; (ii) scope 2 (electricity) emissions: 3,270.0 tCO2e; (iii) scope 3 (investments) emissions: 95,024.3 tCO2e; and (iv) scope 3 (air travel, electricity transmission and distribution, hotel accommodations, purchased goods and services, car rentals and waste) emissions: 9,935.7 tCO2e.
The emissions figures and the SFC’s baseline may be adjusted depending on further validation and verification of the emissions boundary setting and computation methodologies used.
3. The Task Force on Climate-related Financial Disclosures (TCFD) is a task force set up by the Financial Stability Board to improve and increase reporting of climate-related financial information. The Final Recommendations of the TCFD were issued in June 2017.
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