In 2024, Hang Lung Properties completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Hang Lung Properties has also provided a category-level breakdown for 11 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2024 | 2023 | 2022 | 2021-2019 |
|---|---|---|---|---|
Total Scope 1 | 4,292a | 4,034a | 3,942a | |
Total Scope 2 | ||||
Market-Based | 125,067a | 160,331a | 168,822a | |
Location-Based | 171,037a | 185,997a | 184,053a | |
Total Scope 3 | 435,045a | 810,580a | 443,372a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 2.965a | 3.0536a | 2.973a |
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In 2024, the total operational greenhouse gas (GHG) emissions of Hang Lung Properties amounted to 175,329 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2023, the total operational greenhouse gas (GHG) emissions of Hang Lung Properties decreased by 7.74%, showing that the company has made progress in taking action to reduce the climate impact of its operations.a
In 2024, the total Scope 1 emissions of Hang Lung Properties were 4,292 metric tons of CO₂ equivalent (tCO₂e).a
Since 2020, Hang Lung Properties's Scope 1 emissions have increased by 36.21%, reflecting a rising long-term trend in Scope 1 emissions over time.ab
Compared to the previous year (2023), Hang Lung Properties's Scope 1 emissions increased by 6.4%, suggesting that the company faced challenges in reducing emissions from its directly owned or controlled operations.a
In 2024, Hang Lung Properties reported Scope 2 greenhouse gas (GHG) emissions of 125,067 tCO₂e using the market-based method and 171,037 tCO₂e using the location-based method.a
Since 2020, Hang Lung Properties's Scope 2 greenhouse gas (GHG) emissions (Location-Based) have remained relatively stable, indicating that Hang Lung Properties's emissions have plateaued with no significant change in its energy consumption footprint.ab
Compared to the previous year (2023), Hang Lung Properties's Scope 2 emissions (Location-Based) have remained relatively stable, indicating that Hang Lung Properties's emissions have plateaued with no significant change in its energy consumption footprint.a
In 2024, Hang Lung Properties reported its Scope 2 emissions using the market-based method and using the location-based method.a
In 2024, Hang Lung Properties reported 435,045 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2024 disclosure of Hang Lung Properties includes a breakdown across 11 of the 15 Scope 3 categories defined by the GHG Protocol, matching the level of disclosure in 2023, demonstrating consistent Scope 3 emissions reporting coverage year over year.a
In 2024, Hang Lung Properties reported total Scope 3 emissions of 435,045 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 66.85% of these emissions originated from upstream activities such as purchased goods and capital goods, while 33.15% came from downstream activities like product use, distribution, and end-of-life treatment.a
Since 2020, Hang Lung Properties's Scope 3 emissions have increased by 27.7%, reflecting a rising long-term trend in Scope 3 emissions over time.ab
Compared to the previous year (2023), Hang Lung Properties's Scope 3 emissions decreased by 46.33%, highlighting the company's efforts to lower indirect emissions from its value chain.a
In 2024, Hang Lung Properties reported emissions for 11 out of the 15 Scope 3 categories defined by the GHG Protocol.a
This reflects a high level of granularity and transparency in the company's emissions reporting.
In 2024, the largest contributors to Hang Lung Properties's Scope 3 emissions were:a
In 2024, Hang Lung Properties reported Scope 1 greenhouse gas (GHG) emissions of 4,292 tCO₂e and total revenues of USD 1,448 millions. This translates into an emissions intensity of 2.97 tCO₂e per millions USD.a
In 2024, Hang Lung Properties reported a Scope 1 emissions intensity of 2.97 tCO₂e per millions USD. Compared to the peer group median of 5.35, this places the company below its industry benchmark, indicating it is more carbon-efficient than most competitors.a
In 2024, Hang Lung Properties ranked 8 out of 23 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
Hang Lung Properties is therefore positioned in the mid-range of its industry, neither a clear leader nor a laggard in carbon efficiency.a
In 2024, Hang Lung Properties reported a total carbon footprint of 610,374 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 39% decrease compared to 2023, indicating progress in reducing its overall greenhouse gas output.a
The largest contributor to Hang Lung Properties's total carbon footprint was Scope 3 emissions, accounting for 71.28% of the company's total carbon footprint, followed by Scope 2 emissions at 28.02%.a