New World Group Announced Green Finance Framework & Successful Raising of First Green Loan
Feed-in Tariff Expected to Boost Clean Power Generation
New WorldGBC Report Presents Global Evidence on Tangible Benefits of Green Buildings
Gaining Momentum of Turning Where You Work Green
Green Shop CONNECT: Bridge You Up with the Hong Kong Green Shop Alliance
Engagement with the Youths
New World Group Announced Green Finance Framework & Successful Raising of First Green Loan
Green financing is a global trend and both the mainland China Government and Hong Kong Government are actively promoting it. Echoing the “New World Sustainability Vision 2030”, New World Group established a “Green Finance Framework” to enable the usage of green loans/bonds to fund quality buildings with green and healthy features in Hong Kong and Mainland China. New World Development Company Limited, New World China Land Limited and K11 Group Limited are covered by this Framework.
The Framework references the requirements of Green Bond Principles 2017 in setting project eligibility criteria including green building certification, energy efficiency and renewable energy, water and waste management and climate change adaptation. The inaugural transaction was Hong Kong’s first green loan for the Group’s King’s Road commercial redevelopment project, which has achieved multiple top-level sustainability building certifications:
- Hong Kong BEAM Plus (Provisional Platinum Certification)
- US LEED (Platinum Pre-certification)
- The world’s first WELL Building StandardTM (Platinum Pre-certification)
“The King’s Road project will set the benchmark for future sustainable buildings. In addition to green designs, we actively consider how our built environment could promote the wellbeing of building users. We are excited to support green financing alongside the Hong Kong Government and mainland China Government by launching the Framework and securing our first green loan for this innovative project,” said Adrian Cheng, Executive Vice-chairman and General Manager of New World Development.
External review was conducted on the exercise such as obtaining a “Second-Party Opinion” on the Framework from Sustainalytics, an independent sustainability research and rating company, and a “Green Finance Certificate” (Pre-issuance) from Hong Kong Quality Assurance Agency on the green loan.
About “New World Sustainability Vision 2030”:
Inspired by the unique brand personality The Artisanal Movement, New World Group enriches the modern living culture with sustainability. “New World Sustainability Vision 2030” references the United Nations Sustainable Development Goals and steers the Group to curate an artisanal customer experience with the elements of “GREEN”, “WELLNESS”, “SMART” and “CARING”. Together, we ignite the transformation for a life well-lived.
Feed-in Tariff Expected to Boost Clean Power Generation
Large scale renewable energy system with capacity similar to the one at the rooftop of Electrical and Mechanical Services Department Headquarters could enjoy feed-in tariff of HK$3 for each unit.
Corporations with targets on operating with renewable energy such as Apple Inc. could purchase renewable energy certificate to offset the carbon footprint.
The Environment Bureau revealed the implementation details of initiatives on renewable energy and energy efficiency under the new Scheme of Control Agreements with the two power companies in town, including the much-anticipated feed-in tariff scheme, in the paper recently submitted to Panel on Environmental Affairs of Legislative Council.
The feed-in tariff is eligible for any non-governmental bodies or individuals who installed distributed solar photovoltaic or wind renewable energy system that is connected to the grid. The rate would be dependent on the capacity of the facility – HK$5 each unit for systems with a capacity below 10kW like most such system installed at rooftop of village houses, and HK$3 for system with a larger capacity between 200kW and 1MW. Systems with a capacity exceeding 1 MW will be considered on a case-by-case basis. The Bureau estimates a payback period of less than 10 years for installation and maintenance costs of the systems under such proposed rate.
Meanwhile, renewable energy certificate would be available for sale by power companies for units of electricity from local renewable energy sources. These certificates allow companies, organisations and properties that could not install renewable energy systems to purchase clean energy generated elsewhere in order to offset the carbon footprint from daily operations and show support for local renewable energy development.
Application of the feed-in tariff scheme of CLP and HK Electric will open from 4 May and 1 September respectively, while renewable energy certificates will be available in the coming October and November as well.
The two power companies will also set up new community energy saving funds to assist disadvantaged groups to replace or purchase energy efficient electrical appliances. Additional programmes to be implemented by CLP in 2019 include funding support for schools and NGOs to apply for BEAM Plus Existing Buildings certification to promote green building adoption, with further details to be announced in mid-2018.
New WorldGBC Report Presents Global Evidence on Tangible Benefits of Green Buildings
Henderson Land’s residential project “Double Cove” is one of the featuring cases, with a score of 97% for overall satisfaction from residents, featuring various green designs.
The World Green Building Council has launched a new report on 24 April titled “Doing Right by Planet and People: The Business Case for Health and Wellbeing in Green Building”. The report highlights tangible economic benefits of green building and showcases improved occupant satisfaction when companies implement new health, wellbeing and productivity features in existing green structures. The HKGBC participated in the study as an Advisory Committee member.
Case studies of 11 green facilities around the globe have been examined in the report, while Henderson Land Development Company Limited’s mixed-use residential project “Double Cove” is the only one from Hong Kong. The report evaluates health and wellbeing features that were integrated into the facilities, such as: enhanced fresh air ventilation, acoustic privacy, increase of daylight penetration and use of biophilic design elements such as green walls and extensive indoor plants.
The report offers following insights and urges companies to make green improvements of their buildings:
The biggest economic benefit are realised when impacts to the environment and people are addressed jointly from the start of the building design and a clear direction to achieve key metrics such as improving air quality without sacrificing energy efficiency is set.
Achievements in energy and greenhouse gas emissions reduction coming from on-site renewable energy systems can be incorporated with no negative impact on the design for occupants.
Employees prefer and work best when they are in spaces with ample natural light, good air quality and access to greenery and amenities.
The largest improvements in employee satisfaction happen when staff are engaged in co-designing their new green and healthy workspaces.
The report is part of WorldGBC's Better Places for People campaign, which support GBCs and their members to increase the demand and supply of green buildings which are supportive of the health, wellbeing and productivity of the people within them. The HKGBC has been involved in several reports by providing input and advice as well as case studies to the project.
Gaining Momentum of Turning Where You Work Green
Baskerville House, completed in 1970s, is now a building that conforms with the latest green existing building standard after a series of upgrading works.
Office buildings of different ages can turn green! Built in the 1970s, Baskerville House has recently achieved Excellent grade under Energy Use aspect of BEAM Plus Existing Buildings V2.0 Selective Scheme. The building has undergone upgrading works, from the conventional air-cooled to water-cooled chillers, and from T8 fluorescent tube to more energy-efficient T5 lights. Thanks to the efforts of the property management team, old buildings can stay green!
Other office buildings of Swire Properties have also just achieved Final Platinum ratings under BEAM Plus Existing Buildings V2.0, including Cityplaza One, Dorset House and PCCW Tower.
Different types of existing buildings can be maintained in their unique green way. Achieving Final Platinum rating under BEAM Plus Existing Buildings V2.0, HKEX Data Centre has its way to keep the building green. A data centre hosts high-density servers with high power consumption and heat generation, which in turn require continuous cooling for the IT facilities. Apart from enhancing energy efficiency, refrigerants of lower global warming potential are also used at HKEX Data Centre to do less harm to ozone depletion. Moreover, more efficient cooling towers are installed in the building so that less fresh water is consumed to make up the evaporative loss from cooling.
Last but not least, HKGBC’s renovated office has achieved Platinum rating under BEAM Plus Interiors! To cope with our evolving needs in operations and enhancing health and wellbeing of colleagues, we have re-designed the space so that most of the colleagues can have views to outside at their workstations, with indoor plants remain as partitions. We have also adopted an automated lighting system. Most of the lightings will turn off during non-office hours such as lunch breaks, while staff could still control the lighting of their own workstation through a mobile app. The well-performing system and the energy efficient lighting fixtures have saved us nearly 50% of electricity consumption.
An automated lighting system installed at HKGBC office enables staff to adjust the lighting of workstation for their own working schedule through a mobile app.
HKEX Data Centre is the first-ever data center in town achieving certification under BEAM Plus Exisiting Buildings category.
Green Shop CONNECT: Bridge You Up with the Hong Kong Green Shop Alliance
After the recent launch of official website and Facebook page, the Hong Kong Green Shop Alliance (HKGSA) has just published its first e-newsletter Green Shop CONNECT this month. Apart from the latest news and action from the HKGSA, Green Shop CONNECT would also share green shopping tips and feature articles on interesting topics. Our Alliance members and NGO partners will also share best practices and provide updates on the latest initiative of different stakeholders in jointly creating a green shopping environment. Readers are, of course, encouraged to be part of the strong alliance as well.
Just read your latest edition of Green Shop CONNECT here and be a subscriber to get the latest updates of HKGSA.
Engagement with the Youths
GB Faculty members Dr Benny Chow (left photo) and Ms Grace Kwok (right photo) are invited as guest lecturers at OUHK to share professional green building knowledge to the students.
Students learn about the career opportunities and work-life moments from aspiring professionals and veterans in the industry during the sharing session.
A total of 21 tertiary students from seven universities have joined a sharing session on 27 March to learn more about the career opportunity on green building industry as well as the HKGBC Student Membership. Two young green building consultants, Ms Karen Shi and Mr Johnathan Tong from Allied Environmental Consultants Limited and ARUP, together with our Immediate Past Chairman Sr Wong Bay shared how they started their career in the green building industry and the work-life moments. The students actively grasped the opportunity to exchange ideas with our guests.
Separately, GB Faculty members Ms Grace Kwok May-han and Dr Benny Chow Ka-ming were invited to be the guest lecturers to around 50 students enrolled in the course “Design and Management for Green Buildings and Facilities” at the Open University of Hong Kong (OUHK) on 19 March and 9 April respectively. The guest lectures provided an eye-opening experience to the students, equipping them with the latest industry knowledge on green building development.
Education and engagement with students are essential to promote green building development. All full-time students with valid student identity are eligible for the free HKGBC Student Membership. Students are welcome to join us now via our website.
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