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Cushman & Wakefield: The Real Estate Sector Plays a Pivotal Role in Addressing Climate Risks and Sustainability Imperatives

Cushman & Wakefield’s report examines market drivers and pathways to meaningful climate action for the property industry

HONG KONG SAR – Media OutReach – 4 November 2021 – The real estate sector has a significant role to play in addressing the implications of climate change following the sobering assessment of climate risk by the UN’s Intergovernmental Panel on Climate Change (IPCC) and ahead of the upcoming COP26 summit in Glasgow. In its recently released report titled Climate Risk in Asia Pacific: Real (E)state of Emergency, Cushman & Wakefield looks at the current state of climate risks and these impacts on real estate, market drivers and pathways to meaningful climate action in the region, as well as how property firms can navigate their journeys of lower emissions and climate risk management.

The Sixth Assessment Report (AR6) of the UN’s Intergovernmental Panel on Climate Change (IPCC) released in August 2021 highlighted worsening climate change, imploring for more rapid reduction of carbon emissions to avoid potentially catastrophic impacts to the planet. The UN labelled the report a ‘code red’ and climate experts said it had effectively brought forward the risks that were forecast to arrive in 30 years, to just 10 years.

 “What the AR6 has told us is that extreme weather events and accompanying regulation and litigation are going to happen significantly sooner than we had anticipated, and that’s a wake-up call,” said Rebecca Jinks, Head of Sustainability, Australia at Cushman & Wakefield. “While the report said that global warming of at least 1.5 degrees Celsius is inevitable, if the world moves to rapidly cut emissions and achieve net zero by 2050, this can limit further global warming.”

According to the report, the built environment demands around 40% of the world’s extracted materials, while waste from demolition and construction represents the largest single waste stream in many countries. Building and construction are responsible for 39% of global carbon emissions, with operational emissions accounting for 28%. The remaining 11% comes from embodied carbon emissions, or upfront carbon that is associated with materials and construction processes throughout the building lifecycle and value chain. Reducing carbon emissions associated with the property industry is therefore crucial throughout the property’s life cycle from the initial planning and investment, to building operations, refurbishment and final demolition.

There is further impetus for the property industry in Asia Pacific to act as many of the world’s most emissions-intensive economies reside in this region. Governments and the private sector across Asia Pacific are also moving to mitigate the cause and effect of climate change, with the property industry traversing this divide.

The financial and non-financial risks of climate change are also sharply rising which is driving demand for sustainability due diligence and mitigation planning among real estate investors. While new buildings generally perform higher on sustainability metrics, most buildings in Asia Pacific economies are ageing. However, it takes fewer emissions to upgrade existing stock which presents significant overall emissions reduction opportunities.

According to Alton Wong, Co-Head of Sustainability Services Platform, Greater China, Cushman & Wakefield: “The large pension funds are placing pressure on developers and owners to adopt strong ESG principles to attract their investment. Additionally, the government and local authorities in China are encouraging owners and developers to address property sustainability, both from a development perspective and operationally.

Cushman & Wakefield has seen a significant increase in investor and owner enquiries for support on embedding ESG due diligence screening into existing processes to evaluate existing or prospective investments. To address these enquiries, the firm has adopted the following approach to support clients through their journey of climate change related to financial and non-financial risk management:

  • Identify and manage: Portfolio ESG Materiality Assessment or asset Climate Change Due Diligence review to identify risk and opportunities.
  • Monitor: Regular reporting of ESG scorecard and performance metrics.
  • Scenario Analysis: Portfolio and asset level scenario analysis and mitigation planning.
  • Manage Risks: Support developing plans to mitigate materiality and scenario analysis associated risks or issues.
  • Report & Disclose: Regular and annual reporting of ESG performance metrics, including frameworks such as GRESB and CDP.

Cushman & Wakefield has also committed to industry-leading science-based targets and reaching net zero emissions across its value chain by 2050. They will be focusing their efforts on its corporate offices and operations by committing to reduce absolute scope 1 and 2 market-based GHG emissions 50% by 2030 from a 2019 base year. The firm’s science-based targets will not only reduce absolute GHG emissions from its corporate operations, but will also include the facilities it manages on behalf of its clients, some of the world’s largest real estate owners and occupiers.

 

Leading by example, the firm commits to partnering with its clients (representing 70% of its scope 3 value chain emissions) to set their own science-based targets by 2025. Notably, approximately 99% of Cushman & Wakefield’s emissions come from facilities it manages on behalf of clients, and the firm is committed to actualizing its vision of a sustainable future that extends beyond its own corporate footprint.

 

Additionally, by 2050, the firm pledges to achieve net zero emissions across its entire value chain, encompassing all direct and indirect business elements that contribute to GHG emissions (scopes 1, 2 and 3). This target was pledged through the Race to Zero campaign and the SBTi’s Business Ambition for 1.5°C pathway—initiatives using climate science frameworks to reach net zero in a global effort to avoid the most catastrophic impacts of climate change.

 

Click here to download Climate Risk in Asia Pacific: Real (E)state of Emergency.


About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms in the world, with approximately 50,000 employees in over 400 offices and 60 countries. In Greater China, a network of 22 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. The firm had global revenues of $7.8 billion in 2020 across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.


#Cushman&Wakefield

Police Officer Disciplined for Posting TikTok Video While in Uniform

Police Officer Disciplined for TikTok Video


A police officer in Vientiane Province has been disciplined after posting a video of himself performing a song while in uniform on social media.

The ExtraOrdinary Exhibition fundraised for HKD120,000 of artworks auctioned to fund women focused charity

The funds raised through the ExtraOrdinary Exhibition accounts for 30% of charity’s budget to help Hong Kong women battle the risks of gynecological cancer

HONG KONG SAR – Media OutReach – 4 November 2021 – Opening conversations on women’s health is no easy feat, yet the Karen Leung Foundation’s (KLF), The ExtraOrdinary Exhibition, is a health awareness program that proves to be powerful. Across the last 6 weeks and various locations, the exhibition has sold 25% of their selected artworks and has set goal to raise half a million Hong Kong dollars.

 

“The ugly truth is that over 2,000 women annually in Hong Kong are diagnosed with at least one major form of gynecological cancer,” says Katharina Reimer, Executive Director of The Karen Leung Foundation. “And with the lack of communication and knowledge, many miss early treatment. So, we want to bring the local community together to change this difficult conversation into something more relatable – art.”

 

The ExtraOrdinary Exhibition features over 40 artworks from local and international artists, carrying paintings, photography, sculptures, and NFT art. Each piece carefully selected from Hong Kong’s rising artists like Claudia Chanhoi, Ka Ying Wong, Vox Vanguard, and more, to interpret a woman’s life experience.

 

Reimer says the foundation’s community and outreach has grown exponentially with many interests from businesses, corporates, and high-level individuals. A women-led and women-focused insurance brokerage firm, Alea, begins their partnership with KLF to raise awareness on women-related health issues and donating a portion of each of their sales to support all their programs.

 

To further spread the word of women’s health and risks of gynaecological cancer, KLF and the Hong Kong Youth Arts Foundation (HKYAF) has released a dance film titled, “BREATHE“, embodying the feminine experience. Directed by Lindsey McAllister, the choreography delves into the emotional toll of one who would suffer from cancer and hopes that this art of expression will resonate with the audience and bring light to women’s wellbeing.

 

Proceeds raised from the art exhibition will be used to fund all of KLF’s programs to educate, prevent, and provide support services to women at risk of gynecological cancer. The final leg of this year’s exhibition will be displayed at The Hari Hong Kong until 3rd January 2022, and the online catalogue will be available until 31st December 2021.

 

THE EXTRAORDINARY EXHIBITION @ THE HARI HONG KONG
Location: The Hari Hong Kong, 330 Lockhart Road, Wan Chai
Duration: 29 September 2021 to 3 January 2022
Price: Free

 

The ExtraOrdinary Exhibition images:

https://drive.google.com/file/d/1XAEY4Ae_RKCEyugVwwqpH9Fg5olXLKM-/view?usp=sharing

ABOUT THE KAREN LEUNG FOUNDATION

The Karen Leung Foundation (KLF) www.karenleungfoundation.org is working to save lives in Hong Kong by raising awareness of gynaecological cancer, educating women to increase rates of early detection and ensuring that women in treatment have access to optimal medical care. Founded in 2013, we are the first and only organization in Hong Kong solely devoted to women’s gynaecological cancers. To date, the Karen Leung Foundation has raised more than HK$27 million to fight gynaecological cancer and help Hong Kong girls and women. The Karen Leung Foundation honors the memory of Karen Leung, a hedge fund trader, who died at age 35 following a diagnosis of metastatic cervical cancer.

https://twitter.com/KarenLeungFdn

https://www.facebook.com/KarenLeungFoundation

https://www.instagram.com/karenleungfoundation/

https://www.youtube.com/channel/UCLUQgnEgj3ULRyfa7h9sMeg

#TheKarenLeungFoundation

AXA introduces an innovative “Energy Saving Campaign”

Customers can win a chance to get a HKD50 supermarket coupon upon energy consumption reduction

HONG KONG SAR – Media OutReach – 4 November 2021 – AXA Hong Kong and Macau (“AXA”) launches an innovative “Energy Saving Campaign” to encourage customers to “Go Green” by saving energy and reducing carbon emissions in our daily lives. We hope to combat climate change with collective actions.

 

From now until 31 January 2022, eligible customers of our general insurance plans[1] can win a chance to get a HKD50 supermarket e-coupon[2] by completing a simple registration via AXA’s designated website (link) and uploading an electricity bill(s)[3] which show(s) a reduction of the average daily electricity consumption in any one month or two months between September to December 2021, compared to the same month(s) in 2020.

 

AXA has always been adhering to the purpose of “Act for human progress by protecting what matters”. We support sustainable development through our product offerings, digital transformation and community activities. With our commitments and actions towards sustainability, we have become the first insurer to join the “Green Monday ESG Coalition” earlier this year to combat climate change for a sustainable and resilient future.

 

The above is for reference only. Terms and conditions applied.

 

For more information on the “Energy Saving Campaign”, please visit: www.axa.com.hk


[1] Eligible customers are the policyholders of in force general insurance plans which are underwritten by AXA, including: home insurance, travel insurance (annual cover), overseas students insurance, private car insurance, helper insurance and personal accident insurance.

[2] Limited quota applies to the offer on a first-come-first-served basis (Quota: 6,000) and each policy is eligible to the offer once only.

[3] Each set of the electricity bill(s) will be eligible to the offer once only.

Citi Hong Kong Continues to Underpin the Success of FinTech

HONG KONG SAR – Media OutReach – 4 November 2021 –

 

Photo 1

https://bit.ly/3k5rgNw

Citi Hong Kong continues to support the annual flagship Hong Kong FinTech Week. As Diamond Sponsor, Citi’s line-up of ten speakers this year share their expertise and views to propel fintech development in Hong Kong. Citi CEO Jane Fraser delivered a keynote speech “Citi: Innovating for the Digital World” on November 3, where she discussed the acceleration in digital worldwide, how Citi fosters the fintech ecosystem in the new digital era and what opportunities lie ahead.

 

Photo 2

https://bit.ly/3GShdF9

Citi Hong Kong is pleased to be the Diamond Sponsor of “Hong Kong FinTech Week 2021” and continues to foster the development of FinTech in the city.

 

From left to right: Lawrence Lam, Consumer Business Manager, Citibank Hong Kong; Angel Ng, CEO for Citi Hong Kong and Macau; and Vishal Kapoor, Head of Treasury and Trade Solutions, Citi Hong Kong, attended the opening ceremony of “Hong Kong FinTech Week 2021”.

 

Photo 3

https://bit.ly/3bHlFIt

 

Lawrence Lam, Consumer Business Manager, Citibank Hong Kong attended “Hong Kong FinTech Week 2021”.

 

Photo 4

https://bit.ly/3k7eOg2

  

Citibank Hong Kong Consumer Business Manager Lawrence Lam joined the conference session “Pandemic: Accelerating the Digital Transformation” with industry experts to exchange views on “Know Your Customer” and enhancing customer experience through technology.

Co-creating a Regenerative Future with Cross-Sector Wisdom and Dialogue at the 14th Social Enterprise Summit

HONG KONG SAR – Media OutReach – 4 November 2021 – The 14th Social Enterprise Summit (“SES”) has officially launched today at the Hong Kong Convention and Exhibition Centre. Themed “Building Blocks of a Regenerative Future“, SES 2021 took a hybrid format, with over 70 speakers and representatives from 13 countries and regions, aiming to leverage strengths of different sectors to advance social innovation in the post-pandemic era. The four-day Summit consists of discussion panels with dynamic and interactive events, social innovation visits and workshops, that inspire participants’ creativity with first-hand experience.

 

The theme of this year’s Summit is “Building Blocks of a Regenerative Future“, which signifies a trend of shifting from prosperity to ‘thrivability’, focusing on planetary and societal wellbeing. As nature has demonstrated its innate capacity to regenerate, now is the time for all citizens to be equipped as changemakers to our respective social biospheres, and to drive innovative initiatives across different sectors for social good. Social Enterprise Summit held an array of exciting activities in nine districts including the Social Entrepreneurship Labs, Community Carnival, SE Bazaar, School Talks & Workshops, and Community Tours during July to early November, which aimed to outreach local community and inspire each other with new social innovation ideas.

 

Mrs. Rebecca CHOY YUNG, Chair of Organising Committee of Social Enterprise Summit expressed in her welcoming speech, “Despite the substantial challenges ahead, many social entrepreneurs have shown that positive change is possible. Since 2014, we have been scaling up social innovation and empowering individuals through our community programs. This year, we have expanded our programs to 9 districts in Hong Kong with the addition of Wanchai, Kowloon City and Tai Po. Cross-sector participation and dialogues are extremely robust. I am delighted to report that innovative ideas and pilot projects have been nurtured in different districts by passionate innovators coming from different backgrounds.”

 

The keynote speaker, Mr Charles EISENSTEIN, author of “Sacred Economics: Money, Gift, and Society in the Age of Transition”, explained the concepts of demographic, economic and ecological maturity, as well as their relations to a “Regenerative Future” in the Keynote Speech. Various macroeconomic and social policies that helped accelerate the transition, and the roles that business, government, NGOs, and academia might play were also discussed. Mr James LAW, JP, Founder, Chairman and CEO of Cybertecture Architects, HK and Ir Andrew YOUNG, Associate Director (Innovation) of Sino Group acted as keynote respondents and shared their visions on a “Regenerative Future”.

 

The subsequent session of “Public Innovation – Bridging the Gaps Between the People, Private and Public Sectors” examined the importance of tripartite collaboration among the public sector, business and the civic society to driving a “Regenerative Future”. The panel was hosted by Mr Warren LUK, CEO of Good Lab, HK, with Ms Ada WONG, JP, Deputy Chair of Organising Committee of Social Enterprise Summit, HK, Ms Sunkyung HAN, Founder and CEO of C., South Korea, and Ms Emily ONG, Deputy Executive Director of DesignSingapore Council, Singapore to be the guest speakers. They shared Hong Kong cases and discussed a few examples in Asian cities in the hope of encouraging cross-sector partnership.

 

The thematic session of “Building Community Blocks” in the afternoon was co-hosted by Mr Francis NGAI, Founder and CEO of Social Ventures Hong Kong and Ms Tiffany FUNG, Impact Producer of SONOVA, Social Ventures Hong Kong to facilitate dialogues with guest speakers. Ms Vivian LEE, Founder and Director of ActionHouse International Limited, Mr Linus LEUNG, Founder of ACTIVE CONCEPT Limited, Mr Sampson WONG, Co-founder of “When in Doubt, Take a Walk”, and Mr Manfred YUEN, Founder of Groundwork Architects & Associates explored, from the points of view of people, business and social enterprise, on how different sectors could leverage their own strengths to reinforce community cohesion via social innovation.

 

Aligning with the strategic focus of the SES, three-themed tracks on Day 1 and 2 highlighted the prerequisites and groundwork that are essential to building a “Regenerative Future”. Track 1-“Co-Creating an Open Knowledge Hub for Ecosystem Development” focused on building an open data bank to share insights on Environmental, Social and Governance across the world. Track 2 – “Building Alliances for Regional Collective Impact” brought together Asian social entrepreneurs to advance social innovation with new strategies and tools. Track 3 – “Bridging Purpose with Actions” will cover how resources can be channelled effectively to purpose-led projects.

 

On Day 3 and 4, delegates will be immersed in multiple dimensions of social innovation including two workshops, a concluding session themed “Beyond Sustainability”, and three social innovation visits. The concluding session will be hosted by Dr Ilex LAM, Chairman of iEnterprise Foundation. He will join hands with Ms Naomi CHAN, National Executive Vice President of JCI Hong Kong, Dr Eddy LEE, Founder of 350HK, Ms Nicolette TONG, Executive Vice President of The Wave and Mr YUEN Shu Wah, Founding Chairman of Gratia Foundation Limited, to examine the vision of sustainability in the post-pandemic era and the prospect of the future “regenerative development.

 

For further details, please visit the SES’s official website: https://ses.org.hk/

 

About Social Enterprise Summit (SES)

Social Enterprise Summit (SES) is a cross-sector platform to inspire and empower social innovation and social entrepreneurship. The flagship International Symposium builds on the experiences of over 70 speakers and attendances from 10+ locations to inspire, innovate, connect and collaborate with delegates from the civic society, businesses, government and academic sectors from Hong Kong, China; Asia Pacific region and beyond to advance positive societal changes. Community engagement activities are held in nine different districts in Hong Kong during the year to expand the participation and reach beyond the conference rooms, applying knowledge, social entrepreneurship and innovative mindsets to various day to day life settings. Official Website: http://www.ses.org.hk

#SocialEnterpriseSummit

RCEP, World’s Largest Trade Pact to Come into Effect in January

RCEP to come into effect in January
Vietnam’s Prime Minister Nguyen Xuan Phuc attending the 4th Regional Comprehensive Economic Partnership (RCEP) Summit online.

The RCEP, the world’s largest free-trade bloc, will officially come into effect in January next year.

Laos Sees Second Day of Record Covid-19 Numbers

Covid-19 Update


Laos has confirmed another record day of Covid-19 cases, reaching 1,170  new cases across the country, with three new deaths.