Swire Properties takes a proactive, science-based and data-driven approach to addressing physical climate risks and strengthening climate resilience in both our new developments and our existing portfolio. For new projects, comprehensive climate risk screening and hazard modelling are integrated into early investment decisions, using state-of-the-art tools and multiple climate scenarios to identify site-specific vulnerabilities such as flooding, extreme rainfall, sea level rise and heat stress.

Where material risks are identified, targeted adaptation and resilience measures, including advanced drainage upgrades, flood barriers, nature-based solutions and adaptive design strategies, are incorporated into the project design to ensure the properties are future-proof under extreme weather caused by climate change. Certain infrastructure-level measures have also been identified and actioned by local authorities to mitigate these risks.

We perform climate hazard projections associated with the multiple Shared Socio-economic Pathway (“SSP”) scenarios (SSP1-1.9, SSP1-2.6, SSP2-4.5, SSP3-7.0 and SSP5-8.5) as recommended by the United Nations Intergovernmental Panel on Climate Change’s (“IPCC”) Sixth Assessment Report, also known as AR6. More extreme low-confidence high-emissions scenarios will be considered wherever the risk is material to the properties. These scenarios range from the immediate term to the distant future and cover buildings’ lifespans, namely 2030, 2050, 2080 and 2100.

We utilised various types of hazard models, including urban drainage modelling (InfoWorks ICM), riverine modelling (HEC-RAS), coastal hydrodynamic modelling and intensified typhoon tracking and assessments to understand the urban waterlogging, riverine flooding and storm surge impacts to our properties and the surrounding neighbourhoods.

These models fully consider site and city historical flooding, the project’s architectural layout, elevation and drainage design and capacity. Detailed flood maps indicating the projected maximum flood depths, velocity and flow of flood waters were produced, and any flooding vulnerability spots identified. These analyses will form important parameters that will inform climate resilience designs in the ensuing project phases, which will involve architects, a mechanical, electrical and plumbing consultants and project teams.

Climate resilience design is integrated into our projects based on projected climate variables and design parameters, which include projected outdoor dry-bulb temperatures, extreme precipitation and rainfall intensity, sea level rises, storm surge and extreme wind speeds.

We adopt a progressive adaptive approach by implementing a medium GHG concentration scenario that focuses on developing enhancement measures up to mid-century (2050) while closely monitoring long-term climate change projections. This flexible approach allows for modifications based on changing conditions or any unforeseen impacts of climate change.

As part of our flood resilience design, we have implemented the following strategies:

To address heat stress, we focus on:

Swire Properties was the first company in Hong Kong and the Chinese Mainland to have its science-based targets validated and approved under the new SBTi Buildings Sector Science-Based Target-Setting Criteria (“Buildings Criteria”). We also had our net-zero targets validated by the SBTi, establishing a long-term sector-specific decarbonisation trajectory for our portfolios around the world that is in line with both the Paris Agreement and with reaching net zero by 2050. This commitment reinforces our participation in the Business Ambition for 1.5°C and the UNFCCC Race to Zero campaign.

The Buildings Criteria takes a “whole building approach”, covering all energy consumption and fugitive emissions from building operations, enhancing accountability for emissions reduction and encouraging collaboration between landlords and tenants.

This is an important and immediate step towards creating a net-zero built environment, providing businesses across the value chain with the tools to play their part in preventing the catastrophic impacts of climate change, while capitalising the opportunities of the net-zero transition.

These approved science-based targets commit us to:

Swire Properties commits to reaching net-zero greenhouse gas emissions across our value chain by 2050 through the following set of long-term targets: