New World Development

New World Development, a Hong Kong-based company in the retail trade and repair services industry, has set ambitious climate commitments and reports on its greenhouse gas emissions.

In 2025, New World Development's total reported emissions are approximately 1.3 billion kg CO2e. This includes about 8.9 million kg CO2e from Scope 1 (direct emissions), approximately 142.1 million kg CO2e from Scope 2 (indirect emissions from purchased energy), and about 1.1 billion kg CO2e from Scope 3 (value chain emissions). Key Scope 3 categories include capital goods (approximately 821.3 million kg CO2e), investments (approximately 132.7 million kg CO2e), and use of sold products (approximately 204.4 million kg CO2e).

Looking back, in 2024, total reported emissions were about 1.5 billion kg CO2e. This comprised around 9.7 million kg CO2e from Scope 1, approximately 148.6 million kg CO2e from Scope 2, and about 1.3 billion kg CO2e from Scope 3, with capital goods being a significant contributor at approximately 1.3 billion kg CO2e. In 2023, the company's total reported emissions were approximately 876.8 million kg CO2e, including about 8.0 million kg CO2e from Scope 1, approximately 109.3 million kg CO2e from Scope 2, and about 759.5 million kg CO2e from Scope 3.

New World Development has several Science Based Targets initiative (SBTi) approved targets:

• Near-Term Targets: New World Development commits to reduce absolute Scope 1 and 2 GHG emissions by 42.0% by FY2030 from a FY2023 base year. The company also aims to reduce absolute Scope 3 GHG emissions from capital goods by 25.0% and Scope 3 GHG emissions from downstream leased assets by 51.6% per square metre within the same timeframe.
• Long-Term and Net-Zero Targets: New World Development commits to reach net-zero GHG emissions across the entire value chain by FY2050. This includes a long-term target to reduce absolute Scope 1, 2, and Scope 3 GHG emissions (from capital goods, use of sold products, downstream leased assets, and investments) by 99.6% by FY2050 from a FY2023 base year.

The company also has earlier, approved SBTi targets based on a FY2019 baseline, committing to reduce absolute Scope 1 and 2 GHG emissions by 46.2% by FY2030, Scope 3 GHG emissions from capital goods by 22% per square metre of construction floor area, and Scope 3 GHG emissions from downstream leased assets by 29.8% per square metre of gross floor space within the same timeframe.

Furthermore, New World Development has set intensity reduction targets, including a 37% energy intensity reduction (kWh/sq. m.) in major existing buildings in Hong Kong by 2030 against a 2012 baseline, and a 22% energy intensity reduction in major existing buildings in Mainland China by 2030 against a 2015 baseline.