New World Development

New World Development (NWD) from Hong Kong has outlined a comprehensive strategy to address its carbon emissions and climate impact. The company is committed to achieving net-zero greenhouse gas (GHG) emissions across its value chain by the financial year 2050.

Emissions Data:

• 2025: NWD reported total GHG emissions of approximately 1113.5 million kg CO2e. This includes Scope 1 emissions of about 8.9 million kg CO2e, Scope 2 emissions of approximately 142.1 million kg CO2e, and Scope 3 emissions totalling around 963.3 million kg CO2e, with significant contributions from capital goods and investments.
• 2024: The company's total emissions were approximately 1487.3 million kg CO2e. Scope 1 emissions were around 9.7 million kg CO2e, Scope 2 emissions were approximately 148.6 million kg CO2e, and Scope 3 emissions were about 1329.7 million kg CO2e, heavily influenced by capital goods.
• 2023: Total emissions stood at approximately 876.8 million kg CO2e, comprising Scope 1 emissions of around 8.0 million kg CO2e, Scope 2 emissions of approximately 109.3 million kg CO2e, and Scope 3 emissions of about 759.5 million kg CO2e.
• 2022: NWD reported total Scope 1 and 2 emissions of approximately 265.4 million kg CO2e, with Scope 1 at about 46.0 million kg CO2e and Scope 2 at approximately 219.4 million kg CO2e. Scope 3 data was not disclosed for this year.
• 2021: The total Scope 1 and 2 emissions were approximately 297.7 million kg CO2e, with Scope 1 at about 42.4 million kg CO2e and Scope 2 at approximately 255.3 million kg CO2e. Scope 3 data was not disclosed.
• 2020: Total Scope 1 and 2 emissions were approximately 320.3 million kg CO2e, comprising Scope 1 emissions of about 35.5 million kg CO2e and Scope 2 emissions of approximately 284.8 million kg CO2e. Scope 3 data was not disclosed.
• 2019: NWD reported Scope 1 emissions of approximately 300.0 million kg CO2e and Scope 2 emissions of around 311.1 million kg CO2e, resulting in a combined total of approximately 611.0 million kg CO2e. Scope 3 data was not disclosed.
• 2018: Scope 1 emissions were approximately 310.7 million kg CO2e, and Scope 2 emissions were around 313.0 million kg CO2e, totalling approximately 624.0 million kg CO2e. Scope 3 data was not disclosed.
• 2017: The company's Scope 1 emissions were approximately 334.7 million kg CO2e, and Scope 2 emissions were around 327.0 million kg CO2e, leading to a combined total of approximately 663.8 million kg CO2e. Scope 3 data was not disclosed.
• 2016: No specific emissions data was reported for this year.

Climate Commitments and Reduction Targets:

New World Development has established several ambitious targets aligned with climate science:

• Net-Zero by 2050: NWD is committed to achieving net-zero GHG emissions across its entire value chain by FY2050. This long-term vision underscores a dedication to systemic decarbonisation.
• Absolute GHG Emission Reductions:
  • A target to reduce absolute Scope 1 and 2 GHG emissions by 42.0% by FY2030 from a FY2023 base year.
  • Previously, NWD had committed to reducing absolute Scope 1 and 2 GHG emissions by 46.2% by FY2030 from a FY2019 base year.
• Scope 3 Emission Reductions:
  • To reduce Scope 3 GHG emissions from capital goods by 25.0% by FY2030 from a FY2023 base year.
  • To reduce Scope 3 GHG emissions from downstream leased assets by 51.6% per square metre by FY2030, also from a FY2023 base year.
  • Previous targets included a 22% reduction in Scope 3 GHG emissions from capital goods per square meter of construction floor area by FY2030 from a FY2019 base year, and a 29.8% reduction in Scope 3 GHG emissions from downstream leased assets per square meter of gross floor space within the same timeframe.
• Energy Intensity Reductions:
  • A target to reduce energy intensity (kWh/sq. m.) in major existing buildings in Mainland China by 22% against a 2015 baseline by 2030.
  • A commitment to reduce energy intensity (kWh/sq. m.) in major existing buildings in Hong Kong by 37% against a 2012 baseline by 2030.

These commitments demonstrate NWD's proactive approach to climate change mitigation, integrating sustainability into its business strategy and operations.