Hong Kong Science and Technology Parks Corporation (HKSTP) has announced its Net-Zero 2045 Vision on World Environment Day. This vision aims to ensure that HKSTP’s operations meet the Corporate Net-Zero Standard established by the Science Based Targets Initiative (SBTi) by 2045. By committing to achieve net-zero emissions, HKSTP becomes the first statutory body in Hong Kong to set a target for net-zero by 2045, which is five years ahead of Hong Kong’s Climate Action Plan 2050 Carbon Neutrality target.
HKSTP’s commitment to achieving net-zero by 2045 is not only a step towards environmental sustainability but also an investment in creating an ecosystem that supports the Hong Kong Government’s vision of establishing the city as an international green technology and financial centre.
This initiative aligns with the goals set forth by the Financial Secretary in the 2023-24 budget announcement, emphasising the importance of building a sustainable and thriving green technology sector in Hong Kong.
The Corporate Net-Zero Standard established by the Science Based Targets initiative (SBTi) is globally recognized as one of the leading frameworks for setting corporate net-zero targets in alignment with climate science. This standard provides companies with the necessary guidance, criteria, and recommendations to set science-based net-zero targets that are consistent with the goal of limiting the overall global temperature rise to 1.5°C. By adhering to this standard, companies like HKSTP can ensure their net-zero commitments are based on rigorous scientific principles and contribute to the collective efforts to mitigate climate change.
HKSTP has established both near-term and long-term targets that encompass Scope 1, 2, and 3 carbon emissions as defined by the Science Based Targets initiative (SBTi). These targets address carbon emissions from HKSTP’s own operations as well as across its extended value chain. Specifically, the near-term targets set to be achieved by 2030 are as follows:
- Operations (Scope 1 & 2):
- Reduction of 42% in carbon emissions.
- Value chain (Scope 3):
- Reduction of 25% in carbon emissions from downstream leased assets, including emissions from tenants and waste.
- Reduction of 52% in carbon emissions intensity (per square meter) from capital goods, which includes embodied carbon emissions.
By establishing these near-term targets, HKSTP aims to significantly reduce its carbon footprint and promote sustainability throughout its operations and value chain.
HKSTP is formulating a decarbonisation roadmap to start its journey to net-zero. The roadmap focuses on areas such as building energy efficiency, retro-commissioning, and retrofitting to reduce carbon emissions.
The CEO of HKSTP stated that Hong Kong is rapidly becoming a leader in green technology and green finance innovation. He highlighted the significance of HKSTP’s Net-Zero 2045 vision in setting operational benchmarks and demonstrating to businesses and industries in Hong Kong that achieving net-zero is an attainable business goal.
HKSTP aims to foster a green tech and green finance ecosystem that encourages climate and sustainability innovations originating from Hong Kong and spreading globally. With over 100 green tech ventures already present, HKSTP believes that a cycle of green innovation and investment will drive sustainability, leading to further advancements in innovation.
HKSTP, together with various green tech park companies, demonstrated how the Science Park ecosystem is playing a pivotal role in driving exceptional innovations for a greener and more sustainable future. This showcase highlighted the collaborative efforts and groundbreaking advancements taking place within the Science Park, contributing to environmental sustainability, and fostering a culture of innovation in the field of green technology.
