A Sustainable New World.
Minimising environmental impacts in property development.
New World Development (NWD) is a Hong Kong-listed conglomerate with a diversified business that spans residences, hotels, offices, retail malls, education and wellness services.
At its core, NWD is a cultural enterprise that integrates creativity and innovation into its projects to build a stronger society. Among its achievements on this front are the preservation of Hong Kong’s last remaining heritage movie palace, the State Theatre, and the Victoria Dockside 10-year regeneration project, a development that includes the world’s first cultural-retail concept, K11 MUSEA. Projects such as these have become a means of uniting commerce with community as NWD delivers on its mission statement – to Create Shared Value – for the benefit of all.
In line with its vision of building a better society through innovation and sustainable growth, NWD established the New World Sustainability Vision 2030 to set sustainability targets for the Group based on the United Nations Sustainable Development Goals in the categories of Green, Wellness, Smart and Caring.
In 2020, NWD became a signatory to international commitments including those of the Task Force on Climate-Related Financial Disclosures (TCFD) and the United Nations Global Compact. In so doing, in 2019 it became one of the first companies in Asia to adopt the TCFD framework for assessing and disclosing climate risks and opportunities. The following year, NWD committed to the Business Ambition for 1.5°C, a global call to action by the United Nations and business leaders for climate change mitigation under the Paris Agreement.
It also laid out a Renewable Energy Roadmap for adopting 100% renewable energy in all of its Greater China rental properties by fiscal 2031. NWD is only the third real estate developer in Asia to receive the Science Based Targets Initiative’s (SBTi) approval for its near-term 1.5°C-aligned science-based targets and commit to the SBTi Net-Zero Standard. The Company will achieve near-term science-based targets by fiscal 2030 and set out a long-term, company-wide emission reduction strategy to reach science-based net-zero by 2050.
As a pioneer in ESG integration, NWD has established a comprehensive set of policies that outlines sustainability commitments and guidelines in daily operations to ensure that all of its business units are moving in the same direction. Its Group Sustainability Policy demonstrates its commitment to minimising environmental impacts, promoting green and healthy living, and improving the quality of life in the communities in which it operates. The Group Sustainability Steering Committee supports internal policy development, monitors the enforcement of environment-related policies across the Group, and regularly reviews policy updates.
In order to realise its goals, NWD has embedded sustainability considerations throughout the key stages of the property development process, based consistently on its Sustainability Building Policy. The policy aims to achieve at least the second-best level of green building certifications under schemes such as the Building Environmental Assessment Method Plus (BEAM Plus), the Leadership in Energy and Environmental Design (LEED) standard, and the China Green Building Evaluation Standard for new developments at the design stage and for existing properties at the operational stage.
NWD’s K11 ATELIER King’s Road is one of the first office buildings in the world to achieve triple platinum certifications under the WELL Building Standard, BEAM Plus and LEED schemes. NWD conducts regular audits and inspections of existing buildings, and undertakes retrofitting work to enhance energy efficiency, contributing to its decarbonisation efforts.
NWD has also implemented several energy management and efficiency measures, including heating, ventilation and air-conditioning system upgrades, the deployment of water pumps with variable-speed drives, the installation of mobile app-friendly smart landscape lighting control, and the use of renewable energy. All measures are assessed based on their respective contributions to energy savings and payback period prior to budget approval and implementation.
One of NWD’s key concerns is Scope 3 emissions reduction, especially the carbon emissions of downstream lease assets. Reflecting this, NWD launched the “Creating Shared Value Lease”, an industry-first tenant engagement initiative with a direct-to-employee programme to encourage tenants to join its decarbonisation journey. The programme provides incentives to tenants, such as K Dollars, which can be used for payment at K11, if they achieve sustainability milestones such as energy-saving targets and waste reduction/recycling goals.
“New World Development really impresses with its industry-first tenant engagement programme, which incentivises tenants to participate in the company’s decarbonisation efforts. This programme offers genuine rewards to tenants that make sustainability gains through such measures as scaling back energy consumption, reducing waste, and increasing recycling.”
Shanggari Balakrishnan, Chief Executive Officer, MORS Group
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