John Swire & Sons Limited：Towards a Common Future of Carbon Neutrality-How Sustainable Real Estate Development Helps Achieve Carbon Neutrality and Cit
John Swire & Sons Limited
Abstract
Chinese path to modernisation is characterized by the harmony between humanity and nature. China’s high-quality development inevitably means that we will follow the pathways of green development. The Swire group (“Swire”), a multinational with diversified businesses, has always been committed to exploring feasible and efficient green development pathways in the areas where it operates. Swire has conducted an analysis of the fast evolving concepts of “carbon neutrality” and “city resilience”. The study was carried out from China’s perspective, with insights and learning from other major cities and countries around the world. It incorporates the experience and expertise of Swire and its property development affiliate, Swire Properties Limited, in planning for carbon neutrality and “net zero” cities through the decarbonisation of urban built environments. At the same time, it explores how an urgent transition toward carbon neutral cities will help build environmental, social, and economic city resilience. The study presents practical measures that China can take to support its commitment to ensure peak carbon emissions before 2030 and to reach carbon neutrality by 2060.
Cities are critical to global decarbonisation and thus to building a carbon neutral and climate resilient future. To achieve this, however, we must aggressively decarbonise the built environment through sustainable real estate and infrastructure development.
The built environment sector accounts for 39% of global energy-related carbon emissions. Moreover, as the World’s population approaches 10 billion people, the global building stock is expected to double in size by 2050. The carbon impacts do not result from the buildings and infrastructure alone. The cement and construction value chain currently contribute nearly one third of global CO2 emissions, including operational and embodied carbon. To achieve carbon neutrality by mid-century, therefore, we must decarbonise the whole lifecycle of our built assets.
If we do not decarbonise now, our cities will be severely damaged by an increasingly rapid change in climate, that will cause damage to key infrastructure. On a human level, this will translate into significant negative impacts on communities through physical damage, health problems, a deteriorating and unhealthy natural environment, and potential climate migration, among others.
The frequency and severity of extreme weather events continues to increase globally, escalating human, environmental and financial costs. The impacts of climate change on business and the global economy are significant and growing. Just 10 extreme weather events in 2021 each caused more than US$1.5 billion in damage, and collectively, more than US$ 170 billion. China is not immune to these climate events, having recently experienced serious rainfall episodes in Zhengzhou, for example, resulting in loss of life and extreme economic losses. China is advancing people-centred new urbanisation, and moving faster to change the development models of super-large and mega cities. Urban resilience is among the key issues in connection with these moves. Swire expects to contribute its value to China’s new urbanisation strategy by introducing the practices of other cities worldwide and its own engagement in the development of urban resilience.
Swire’s five business divisions include Property, Aviation, Beverages & Food Chain, Marine Services and Trading & Industrial. As a firm supporter and longstanding practitioner of sustainable development, Swire has a clear group strategy and action plans under its ‘SwireTHRIVE’ programme to address significant, material sustainability challenges including climate change and decarbonization, as well as water conservation and waste reduction.
Swire’s bond with China dates back 157 years and we have always been committed to supporting China’s high-quality development. China stressed the transition to green development and the development of circular economy in the 2023 Government Work Report. This certainly reinforce our confidence in delivering our longstanding commitment towards sustainable development in all the industries we are in. We appreciate the opportunity in sharing own experience this time in real estate development to support China’s ambitions to reach carbon neutrality and to build more resilient cities in China.
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