In order to enhance risk management and seize development opportunities, Yuexiu Property has earnestly formulated and disclosed its climate risk response strategies, doubled its efforts to manage and respond to climate change risks, and promptly grasped the opportunities brought by climate change.
Yuexiu Property has incorporated climate change management into the responsibilities of the sustainability governance structure, in line with the International Financial Reporting Sustainability Disclosure Guidelines No. 2 (IFRS S2)--Climate-related Disclosures, and pushed forward climate change-related work through coordination at all levels. Meanwhile, the Climate Change Response Working Group has been established, and the corresponding countermeasures have been formulated based on the identification and analysis of climate-related risks and opportunities.
Yuexiu Property has utilised a climate risk model to analyse the influences of climate risks of the 27 cities where it operates under the scenarios of temperature rises of 1.5°C and 3°C in accordance with international standards and the requirements of the Hong Kong Stock Exchange, and improved climate factors and incorporated them into its strategies and operations.
The average annual temperature has risen compared to historical levels, primarily due to increased greenhouse gas emissions from human activities.
Significance of physical risks: 01
Global sea levels are on a long-term rising trend, leading to the flooding of low-lying and coastal areas.
Significance of physical risks: 02
Temperatures were significantly higher than normal, with serious implications for employee health and safety and resource consumption.
Significance of physical risks: 03
Excessive rainfall causing floods, which can damage infrastructure and threaten lives.
Significance of physical risks: 06
Overflowing rivers leading to widespread flooding, damaging communities and property.
Significance of physical risks: 05
Tropical storms bringing strong winds and heavy rainfall, causing structural damage and environmental safety hazards.
Significance of physical risks: 04
Extreme cold temperatures leading to increased resource consumption and affecting project delivery.
Significance of physical risks: 07
Heavy snowfall impacting project progress and completion, and causing damage to buildings.
Significance of physical risks: 08
Responsible for the leadership and decision-making on strategic directions related to tackling climate change;
Regularly hear and review the climate-related work reported by the sustainability Committee;
Empowering the Sustainability Committee to provide oversight of climate-related work;
Develop and review climate-related strategies;
Develop key targets for climate-related risks and regularly review performance and report to the Board;
Supervise the progress of climate management efforts;
Coordinate and arrange climate-related risk mechanism and work mechanism;
Take charge of overall implementation of climate-related strategies and targets;
Assessing specific climate-related risks and opportunities;
Supervise the implementation of climate-related risk and opportunity management;
Review climate-related risk management performance and report to the Sustainability Committee;
Coordinate the implementation of specific climate-related risk and opportunity management tasks across departments and assist in resolving implementation issues;
Timely feedback to superiors on climate-related work;
Identify specific climate-related risks and opportunities, and implement stewardship practices;
Information collection and reporting, report the latest information on tackling climate change;
Responsible for disclosing climate-related information in sustainability reports and confirming the accuracy of climate information and data;
Timely feedback on the achievement of climate risk-related performance indicators;
