Sustainability at New World Group
Policy and Governance
Sustainability policies and various guidelines have been developed since 2012 by New World Group, reaffirming our commitment to incorporate sustainability into our business operations.
New World Group implements a number of robust policies and guidelines to ensure sustainability is embodied in our products and services, in order to safeguard the rights and interests of stakeholders.
Management Approach and Structure
With strong management support and seamless coordination among all business units, New World Group offers our stakeholders green, wellness, smart and caring-oriented products and services in response to their aspiration for a holistic lifestyle.
Through understanding socio-economic megatrends and collecting feedback from stakeholders, we identify opportunities from unmet needs and motivate our talents to unleash their innovation to meet these needs. Driven by innovation and enabled by technology, we provide green, smart, caring and wellness-oriented offerings in response to stakeholders’ aspirations, creating shared values for our customers and society.
Board Sustainability Committee
Chaired by our Executive Vice-chairman and Chief Executive Officer, the Board Sustainability Committee comprises two independent non-executive directors and one executive director and directly oversees and advises on the Company’s sustainability strategy, work plans and performance targets to advance NWD’s ESG leadership.
Group Sustainability Steering Committee
Reporting to the Board Sustainability Committee and comprising senior executives from Group functions and major business units, the Steering Committee drives practical implementation of sustainability initiatives and manages their performance to support the Board Sustainability Committee.
Group Sustainability Department
Reporting directly to the Executive Vice-chairman and Chief Executive Officer, the Department drives relevant Group-wide initiatives on sustainability integration across NWD’s major businesses and functions. In particular, it drives actions and impact towards a sustainable building lifecycle.
Group Sustainability Taskforce
Comprising members from various business units across the Group, the Taskforce serves as a knowledge exchange platform to drive ESG management and the implementation of New World Sustainability Vision 2030 (“SV2030”). Taskforce members are also ESG Persons-in Charge, who support their respective business units in flagging ESG risks to the Group, implementing sustainability policies and compiling information for ESG disclosure.
Financial innovation to expedite green building promotion in Hong Kong and Mainland China
The Framework covers New World Development Company Limited, New World China Land Limited and K11 Group Limited, demonstrating our commitment to offering quality sustainable products and initiatives.
Green bond or green loans under the Framework could fund existing and new building projects in Hong Kong and Mainland China that meet the eligibility criteria including green buildings/landscapes certification, energy efficiency and renewable energy, water management, waste management and climate change adaptation.
A ‘Second-Party Opinion
’ was obtained for the Framework from Sustainalytics, an independent sustainability research and rating company.
Transaction(s) under the Framework
The inaugural transaction is a green loan for the Group's King’s Road Commercial Re-development project in Hong Kong (target completion in 2019) certified to green and healthy building standards:
- Hong Kong BEAM Plus (Provisional Platinum)
- U.S. LEED (Platinum)
- WELL Building StandardTM (Platinum)
The second transaction is the ‘New World China First Green Bond’ for New World China Land Limited’s New World Zengcheng Comprehensive Development Project* and Qianhai CTF Finance Tower* (both targeted for completion by the end of 2021).
New World Zengcheng Comprehensive Development Project*:
- U.S. LEED (Gold Pre-certification)
- Commercial portion (two office towers including a retail mall, a hotel and serviced apartments): obtained in November 2018
- China Green Building Evaluation Standard (Two-star)
- Overall project obtained in December 2019
Qianhai CTF Finance Tower*:
- U.S. LEED (Gold Pre-certification)
- South Tower, North Tower and Retail Podium: obtained in October 2018
- China Green Building Evaluation Standard (Three-star)
- Entire project targets to attain the design label by 2019
- WELL Building StandardTM (Gold Pre-certification)
- North Tower and Retail Podium: North Tower and Retail Podium obtained in November 2018
*The project names are subject to finalisation before official opening.