Copyright © 2024 Swire Pacific Limited. All rights reserved.
A ground-breaking framework to manage and reduce impact on nature and enhance resilience in the face of climate change and biodiversity loss
Swire Properties has partnered with the Taskforce on Nature-related Financial Disclosures (“TNFD”) to officially launch its framework in Hong Kong, encouraging corporates and financial institutions to disclose and manage their nature-related risk and opportunities. The TNFD seeks to provide decision-relevant information to investors and stakeholders to facilitate a shift in global capital flows towards nature-positive outcomes, which is aligned with the goals of the United Nations’ Kunming-Montreal Global Biodiversity Framework.
The TNFD Recommendations were first published during New York Climate Week in September 2023 after a two-year design and development process led by the 40-member TNFD Taskforce. Swire Properties is the only Hong Kong and real estate sector representative on the Taskforce, as well as among the 320 global companies who joined the inaugural TNFD Early Adopter programme.
TNFD’s guidance and tools provide organisations with a systematic way to report and act on nature-related issues, including resource use and management, land and ocean use change, pollution and loss of biodiversity.
The TNFD Recommendations Hong Kong Launch event brought together the Hong Kong TNFD Early Adopters and over 150 representatives from the Government, regulators, financial institutions, businesses, academic sectors and NGOs. The guest of honour was Salina Yan, JP, Permanent Secretary for Financial Services and the Treasury (Financial Services), HKSAR Government; while supporting organisations included the Business Environment Council, Hong Kong Exchanges and Clearing Limited (“HKEx”) and the Hong Kong Green Finance Association.
During the event, a panel discussion with representatives from HKEx, BNP Paribas Asset Management, The Hong Kong and China Gas Company, The University of Hong Kong and Swire Properties offered insights into integrating nature-related considerations in the business decision-making process and into how different sectors can work together using the TNFD recommendations to contribute to a nature-positive future for the world.
Tim Blackburn, Chief Executive of Swire Properties said, “We’re delighted to have contributed to the formulation of the TNFD, and to be among the first to pilot the reporting and disclosure framework. All businesses rely on natural resources and it’s more important than ever to examine closely how we affect nature, especially in the face of climate change. TNFD provides an internationally-recognised framework for businesses to assess and manage nature-related risks and opportunities, and to set priorities to enhance resilience. We would encourage the business community to integrate nature considerations into their investments and operations, so that collectively we can bring about lasting positive change.”
Tony Goldner, Executive Director of TNFD said, “Over the past decade, corporates and financial institutions have made significant strides in addressing climate change. However, climate change is only one of the nine identified planetary boundaries. Accelerating nature loss poses a considerable risk to society and the planet, as well as to the business and financial industries. The release of the TNFD Recommendations last September, along with our ongoing support for the International Sustainability Standards Board (“ISSB”), Global Reporting Initiative (“GRI”) and others to incorporate nature-related considerations into the global baseline for corporate sustainability reporting, has provided businesses and financial industry with the tools to identify, assess and manage their material nature-related issues. We are delighted that Swire Properties is at the forefront of these global efforts, and is setting an example as a leader in Asia.”
Salina Yan, JP, Permanent Secretary for Financial Services and the Treasury (Financial Services), HKSAR Government said, “Hong Kong’s status as an international financial centre can help bring plans and actions together to promote sustainable transformation. We released a vision statement setting out the vision and approach of the Government and financial regulators in developing a comprehensive ecosystem for sustainability disclosure in Hong Kong last month. We are set to become one of the first jurisdictions to align the local sustainability disclosure requirements with the ISSB Standards. The TNFD has employed an open, innovative, and bottom-up approach to design a set of nature-related disclosure recommendations to address the ambitious goals and targets laid down in the Kunming-Montreal Global Biodiversity Framework. We will closely monitor global developments and align with international standards as appropriate.”
Swire Properties was featured as a TNFD pilot use case by the World Business Council for Sustainable Development (WBCSD) in an industry report, showcasing the Company’s approach to identifying and managing nature-related opportunities through nature-inclusive building designs and green building practices, and demonstrating how biodiversity considerations are integrated and assessed to drive nature-positive impact.
As the initial step in testing and implementing the framework, Swire Properties, for the first time, has disclosed its nature-related impact, dependency, risk and opportunities according to the TNFD Recommendations, in its recently-published Sustainability Report 2023. The Company established a Biodiversity Policy in 2019, which aims to incorporate biodiversity considerations into its property design and operations.
Swire Properties continuously works to enhance the climate resilience of its developments and its communities by adopting nature-based solutions. For example, approximately 70,000 sq ft of additional landscape area will be added to the portfolio upon the completion of the Taikoo Place redevelopment project, offering lush greenery and water features. It will serve as a nature-based solution by reducing the heat island effect, increasing rainwater retention and improving district level air quality. It is also designed to support urban biodiversity through the careful selection of native tree species and vegetation, forming “green corridors” that facilitate the movement of birds, butterflies and other wildlife species between urban greenspaces.
Photo Captions
Please download photos from this link: https://shorturl.at/mtD02
(From right) Tim Blackburn, Chief Executive of Swire Properties; Emily McKenzie, Technical Director of TNFD and Salina Yan, JP, Permanent Secretary for Financial Services and the Treasury (Financial Services), HKSAR Government, officiated the launch of the TNFD framework in Hong Kong.
Representatives of the supporting organisations including Simon Ng, Chief Executive Officer of Business Environment Council (second from left); Kelly Lee, Senior Vice President, Policy and Secretariat Services, Listing, Hong Kong Exchanges and Clearing Limited (right) and Chaoni Huang, Executive Vice President of Hong Kong Green Finance Association (left), also attended the launch alongside over 150 representatives from the Government, regulators, financial institutions, businesses, academic sectors and NGOs.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel, and residential properties, with a particular focus on mixed-use developments in prime locations at major mass transportation intersections. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Taikoo Place, Pacific Place, Cityplaza, Citygate Outlets. The Company’s completed portfolio in Hong Kong comprises approximately 16.5 million sq ft (approximately 1.54 million sqm) of space.
In the Chinese Mainland, Swire Properties has six completed mixed-use developments in Beijing, Shanghai, Guangzhou and Chengdu. They include Taikoo Li Sanlitun and INDIGO in Beijing, HKRI Taikoo Hui and Taikoo Li Qiantan in Shanghai, Taikoo Hui Guangzhou and Taikoo Li Chengdu. INDIGO Phase Two in Beijing, Taikoo Li Xi'an, two new, mixed-use projects in Shanghai and a new retail project in Sanya are currently under development. The Company’s completed portfolio in the Chinese Mainland comprises approximately 14.1 million sq ft (approximately 1.31 million sqm) of space.
In addition to Hong Kong and the Chinese Mainland, the Company has investments in the United States, Indonesia, Vietnam and Thailand.
Visit Swire Properties’ website at www.swireproperties.com
About TNFD
The Taskforce on Nature-related Financial Disclosures (TNFD) is a market-led, science-based and government-backed initiative providing organisations with the tools to act on evolving nature-related issues. It was launched in June 2021 with the support of the G20 Sustainable Finance Working Group and financial support from a number of governments and philanthropic foundations.
In September 2023, after a two-year design and consultation phase with market participants, the TNFD published its disclosure recommendations and supporting implementation guidance to encourage and enable business and finance to assess, report and act on their nature-related dependencies, impacts, risks and opportunities aligned to Target 15 of the Global Biodiversity Framework (GBF).
With its corporate reporting recommendations published, the Taskforce is now focused on encouraging and enabling voluntary market adoption and supporting efforts to address the knowledge, capacity building and data needs of market participants.
The Taskforce is comprised of 40 senior executives drawn from leading financial institutions, corporates and market service providers, with combined assets of over US$20 trillion. Twenty core knowledge partners from leading science, standards, and data bodies support the work of the Taskforce. A group of over 1,400 organisations support the work of the Taskforce as institutional members of the TNFD Forum. Over 360 organisations globally have now committed to start reporting on their nature-related issues aligned to the recommendations of the TNFD.