Hong Kong developers form alliance to cut emission in building industry

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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