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Far East Horizon Released Its “Carbon Peaking and Carbon Neutrality” Goal, Striving to Realize Whole-Value-Chain Carbon Neutrality by 2050


On December 14, in response to the Paris Agreement and Hong Kong’s “Carbon Neutrality” Goal, Far East Horizon’s Board of Directors reviewed and passed a proposal named “Company Carbon Goal Planning” as the Company strives to achieve carbon peaking by 2025 and realize whole-value-chain carbon neutrality by 2050. Through methods including vigorously promoting green and sustainable financial business, the Company will promote carbon reduction at operation and value chain levels, meanwhile pushing on carbon reduction in operation via equipment transformation and upgrading, green power purchase or development, carbon sink and low-carbon asset purchase, etc. In addition, Far East Horizon will carry on research on refining the low carbon transformation action plan to accumulate strategic reserve for implementing its “carbon peaking and carbon neutrality” goal.

According to the Paris Agreement, the long-term target for carbon reduction is to limit global warming to 2℃, and to seek to further limit temperature increases to 1.5℃. The global carbon peak and carbon neutral are expected to occur in 2023 and in 2050-2070 respectively. Former Hong Kong Chief Executive Carrie Lam has announced that Hong Kong will seek to become carbon neutral by 2050.

Far East Horizon positively acts with Hong Kong carbon neutral goal as the lead, strives to practice ESG development strategy, upholds the environmental responsibility concept of "development of green finance, practice green operations, tackle climate change", actively deepens the ESG practice, pays attention to operation and environmental protection against waste, improves the efficiency of resources and energy use, and reduces waste emissions, so as to boost Hong Kong carbon neutral goal.

Since 2016, Far East Horizon has published ESG reports every year and disclosed environmental data such as total greenhouse gas emissions in the report. Since 2019, the Company has taken the Recommendations of the Task Force on Climate-related Financial Disclosures  (TCFD) by Financial Stability Board (FSB) in the ESG report, and improved the management system based on the identified climate-related risks and opportunities to minimize the carbon footprint generated by operating activities. In 2021, the Company determined the accounting boundary by the operational control method, carried out carbon accounting within the scope of consolidated company statements, and established a carbon emission management mechanism for regular monitoring, statistics, analysis, and disclosure of carbon emission-related performance.

In 2022, the Company cooperated with third-party professional consulting agencies to formulate the target and route map according to its own positioning and strategy, and referring to the requirements of Science Based Targets Initiative (SBTi). The Company promises to take 2021 as the benchmark year, strive to achieve the carbon peak in 2025, and strive to achieve carbon neutral in 2050. The organizational scope covers the financial sector and industrial sector of Far East Horizon.

In addition, the Company has set short and medium term targets in steps and stages, including: with 2021 as the benchmark year, the financial sector will be carbon neutral (range 1 + 2) by 2030 at operational levels; 2% reduction in GHG emission per unit of income per year from 2021 to 2025; and 4% reduction in GHG emission per unit of income per year from 2025 to 2030.

In August 2021, the Company formally established the ESG Committee under the Board of Directors, which is responsible for identifying ESG risks and opportunities including climate change factors, and assessing the impact of climate change risks and opportunities on the Company, and also providing a good governance foundation for the implementation of the Company's "dual-carbon" goals.

Centering on the "dual-carbon" goal, the Company has planned the implementation path of the target, and calculated the carbon neutralization cost under different implementation paths, so as to ensure that the "dual-carbon" target is scientific, reasonable and feasible. By improving the greenhouse gas accounting and certification system, the Company will carry out energy conservation and emission reduction, transform and upgrade equipment, purchase or develop green electricity, purchase carbon sink and low-carbon assets, and further develop clean energy related businesses. At the same time, the Company will vigorously develop green, sustainable leasing and green investment and financing business, issue green bonds and funds to promote carbon reduction, and continue to study and refine the action plan of low-carbon transformation, so as to accumulate strategic reserves for the implementation of the Company's "dual-carbon" goal.

The Company will actively promote the green and low-carbon transformation at the operational level and business level, and take practical actions to help the realization and implementation of the "double-carbon" goal.


-Operating level

Build and use green buildings. Far East Horizon runs the concept of green energy saving through the design, construction, operation, and other stages of Far East Horizon Square, including energy saving and energy utilization, water saving and water resources utilization, material saving and material utilization, and won the LEED (Leadership in Energy and Environmental Design Energy and Environmental Design Pioneer) Gold Award, two-star green building identification certificate, etc.

Green buildings guide the green operation. In terms of electricity consumption, Far East Horizon Square adopts intelligent elevator and intelligent lighting control system to save electricity; in terms of water resources utilization, rainwater collection pool to recover water; in terms of paper saving, proposes electronic office reduce printing; in terms of garbage classification, actively carry out publicity, standardize classification and regular cleaning.


Call on employees to practice green office work. The executive working group of ESG Committee of the company put forward the action initiative of "green office, low carbon life" of Far East Horizon, including saving paper, low carbon travel, cherishing water and electricity, adhering to the ban of plastic, advocating "Clean Your Plate Campaign", garbage classification and other aspects, so as to comprehensively enhance the awareness of low carbon and energy saving of employees.


-Business level

Firmly practice green finance. Far East Horizon continued to support energy conservation and emissions reduction, social green transformation and development, ecological civilization and environment friendly society through issuing sustainable development bonds, launch green Asset-Backed Securities (hereinafter referred to as "green ABS"), the green club loan agreement, investment PPP project.

Promote green construction. Horizon Construction Development, a subsidiary of Far East Horizon, actively practices the concept of sustainable development in the process of investment, construction, production and operation. Horizon Construction Development fully evaluate the potential environmental risks of the project, and formulate environmental protection emergency management plan to deal with potential environmental protection problems; select electric equipment, energy saving equipment and environmental protection emission equipment to meet customers in low-carbon and green construction, actively develop and promote traditional reinforced concrete materials with environment-friendly turnover materials, which not only create a large space for the foundation pit construction, but also achieve the higher goal of green environmental protection and energy saving and emission reduction through the recycling of supporting structure construction.

HC composite steel support application project of HCD in Kunming

Actively practice green medical care. Horizon Healthcare, a subsidiary of Far East Horizon, carry out the new, change, expansion project environmental impact assessment requirements, timely purchase, operation, maintenance of environmental protection equipment, regular monitoring, ensure operating hospital pollutant emissions, strict management of medical waste collection, transfer, disposal, promote hospital LED lamps and water saving faucet replacement, continue in environmental compliance, pollutant management, energy and resource saving, reduce greenhouse gas emissions, practice low carbon environmental protection development.

Promote the construction of green campuses. Horizon Education, a subsidiary of Far East Horizon, reduces the non-essential consumption of energy and resources in the operation process through the standardized management of campus facilities and the energy-saving transformation of equipment. While actively creating a green and safe campus environment, the school also actively integrates the concept of green low carbon and resource conservation into educational concepts and practice norms, and guides students to continuously improve and improve citizens' environmental literacy through various forms such as course knowledge, inquiry learning and practical topics.

In the future, Far East Horizon will continue to deepen the practice of ESG development strategy, extend the Company's carbon neutral planning objectives from its own operation to the whole value chain of investment and financing business and industrial business, and strive to achieve comprehensive carbon neutrality as soon as possible!