illuminem summarizes for you the essential news of the day. Read the full piece on South China Morning Post or enjoy below:

🗞️ Driving the news: Over a dozen Hong Kong property developers, including Hongkong Land and Swire Properties, have formed the Hong Kong Proptech Alliance to standardize the procurement of low-carbon construction materials
• The alliance aims to reduce emissions embedded in construction materials across the supply chain
• This initiative seeks policy incentives and investment frameworks to support the transition to sustainable building practices

🔭 The context: Hong Kong’s building sector accounts for 60% of the city’s carbon emissions, mainly from electricity consumption
• Globally, 11% of emissions come from the construction process and material production, while 28% come from building operations
• The industry faces challenges in accessing transparent and credible low-carbon materials, especially in Hong Kong and mainland China

🌍 Why it matters for the planet: Reducing emissions in construction is critical to mitigating climate change
• By transitioning to low-carbon materials, the construction sector can significantly reduce its environmental footprint and contribute to global emissions reduction goals

⏭️ What's next: The alliance will focus on establishing clear documentation frameworks, driving procurement shifts, and advocating for policy support to foster sustainable construction
• Long-term collaboration with suppliers will be key to advancing these efforts

💬 One quote: “The key challenge... is a lack of transparency on the availability and credibility of low-carbon construction materials,” said Kent Jan, head of digital transformation at Hongkong Land

📈 One stat: 60% of Hong Kong's carbon emissions stem from electricity consumption in buildings

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