GlobalData offers a comprehensive analysis of Hong Kong and China Gas, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Hong Kong and China Gas’s ESG performance. GlobalData’s company profile on Hong Kong and China Gas offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Hong Kong and China Gas (Towngas) has set a net-zero target and plans to achieve it by 2050. The company’s latest filings mentioned the keywords 'Carbon' and 'Emissions' most number of times in relation to 'Net Zero'. Towngas is dedicated to achieving carbon neutrality by leveraging energy transition and innovation. The company has established two medium-term targets for 2025, aiming to reduce its group operational greenhouse gas (GHG) emissions by 10% and contribute to an annual reduction of 10 million tonnes of GHG emissions in the environment. This will be accomplished through various initiatives, including the adoption of coal to gas, solar photovoltaic power generation, and improvements in energy efficiency.
Towngas has reported GHG emission data which cover the operations within and outside Hong Kong. The company's total greenhouse gas emissions have increased from 1,262,000 tonnes CO2e in 2018 to 2,503,000 tonnes CO2e in 2022. Scope 1 emissions have increased from 807,000 tonnes CO2e in 2018 to 1,830,000 tonnes CO2e in 2022, while scope 2 emissions have increased from 455,000 tonnes CO2e in 2018 to 673,000 tonnes CO2e in 2022.
Towngas has taken steps to reduce its emissions, including using regional grid emission factors for GHG emissions due to electricity consumption and obtaining other emission factors from local government and authorities. The company has also partnered with SGS and Microsoft Hong Kong to adopt the S-Carbon platform to monitor and manage its scope 3 emissions. Additionally, Towngas has engaged with its suppliers to monitor and manage their GHG emissions and has partnered with recyclers at EcoPark to recycle wooden pallets and vehicle batteries. The company has also arranged a 7-year green loan of RMB500 million for the development of the renewable energy business.
In conclusion, Towngas has set an ambitious net-zero target and outlined its commitment to achieving carbon neutrality by 2050. The company has implemented various measures, including reduction targets, adoption of cleaner energy sources, energy efficiency improvements, and collaborations with partners to monitor and manage emissions, demonstrating its proactive approach towards mitigating climate change and transitioning towards a sustainable future.