Climate | Swire Pacific Limited

Climate

To avert the worst effects of climate change, the world needs to limit global temperature rise to 1.5°C and transition to a low carbon economy by 2050. Failure to mitigate climate change, or failure to adapt to it, represent two of the most severe global risks over the next decade.

Our businesses will be affected by climate change directly and by governmental and regulatory mitigation and adaptation responses. Decarbonising our operations across all our businesses is a strategic imperative. We must also reduce value chain emissions and strengthen our resilience to climate impacts.

Governance

The Swire Group Sustainability Committee (SGSC) oversees the management of sustainability matters relating to the Swire Pacific Group. The Swire Group Environmental Committee (SGEC) advises the SGSC on matters required to enable effective oversight and decision making related to its responsibilities. A Climate Working Group supports the implementation of relevant policies and the delivery of our climate change-related targets and commitments.

Climate Change Policy

Targets

We are committed to playing our part in limiting global temperature rise to 1.5°C, in line with the Paris Agreement. Progress requires technological advancement, mature markets, and an enabling policy environment. Our strategy is to support their development. Each of our businesses has individual targets aligned with science, nationally determined contributions, or international industry commitments.

Swire Properties and Swire Coca-Cola have set science-based targets aligned with the 1.5°C pathway and approved by the Science Based Targets Initiative (“SBTi”).

2030 target

↓50%

Scope 1 and 2 emissions compared with 2018 baseline

2050 target

Net zero emissions

2030 target

↓50%

Scope 1 and 2 emissions compared with 2018 baseline

2050 target

Net zero emissions

Our approach

Achieving our ambition of net zero emissions will not be easy. Most of our emissions come from our investments and value chain. We operate and invest in the carbon intensive aviation sector, which is difficult to decarbonise without breakthroughs in alternative fuel technology. We also face challenges including the availability of renewable energy in our markets.

Carbon removal and verified carbon offsets form part of our strategy, particularly in aviation where low-carbon solutions are not yet available at scale. But our priority is to reduce our absolute greenhouse gas emissions as much as we can first.

In addition to investments already being made by our businesses, we are implementing two key tools to finance and accelerate emissions reduction — the Sustainable Development Fund and Internal Carbon Pricing (“ICP”).

To reduce emissions,