New World Development partners with CityU to Accelerate Net Zero Carbon by 2050

New World Development Company Limited (“NWD” or the “Company”) is partnering with City University of Hong Kong (“CityU”) to accelerate its ambition to achieve Science Based Targets by 2030 and Net Zero Carbon by 2050, echoing the HKSAR Government’s own green target.

NWD has consistently taken progressive climate action to improve the climate resilience of the Company’s business operations and assets. NWD is a passionate supporter of the Task Force on Climate-related Financial Disclosures (TCFD) and Business Ambition for 1.5°C, a campaign initiated by the United Nations urging business to set targets designed to limit the global temperature rise to 1.5°C above pre-industrial levels.

Now, NWD is teaming up with the School of Energy and Environment (SEE) of CityU to co-develop net zero carbon related technologies in the areas of energy efficient design, renewable energy, building materials with low embodied carbon, waste management, emissions trading, and health and wellness – as well as providing pilot opportunities to realise research ideas.

Adrian Cheng, Chief Executive Officer at NWD said, “We are committed to Creating Shared Value (CSV) for the community and all of our stakeholders. We understand that third party collaboration is essential in our global transition to a zero carbon future. Through this strategic partnership with CityU, we will jointly develop innovative technologies to address climate change and create a more sustainable future for the next generation.”

Ellie Tang, Head of Sustainability at NWD said, “To further advance our decarbonisation efforts, we are taking systematic approaches to align our building portfolio decarbonisation efforts with the Paris Agreement. Now, in this crucial partnership with CityU, we will pool our resources to pilot new green technology and innovation that can help us reach our net zero carbon goals – and the world’s – in pursuit of a greener and more sustainable building industry.”

Professor Chak K. Chan, Dean and Chair Professor of Atmospheric Environment of School of Energy and Environment at CityU added, “The faculty members of SEE have been conducting innovative research to facilitate the transformation to a carbon neutral economy. We are delighted to join hands with NWD to promote research and development of technology to drive net zero carbon innovations in the building and construction industry. Together we will bring positive impacts to our society.”

The Company will also continue its pledge to the Sustainability Vision 2030′s pillars of Green, Wellness, Smart and Caring with an objective to curate opportunities for a life well-lived and create shared value for all its stakeholders.