【Corporate News】Substantial Increase in Carbon Emission Reduction Commitments as Greater Bay Area Companies Stride Towards Sustainable Development

HSBC, in collaboration with, the CECEP Environmental Consulting Group has released a first quarter 2024 update of the HSBC GBA ESG Index report. The findings indicated that "New Quality Productive Forces” initiative, a strategy advocated by the mainland Chinese government to enhance productivity through technological innovation, has encouraged emerging industries in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to drive continuous improvements in the region's ESG performance.

In the first quarter, on a year-on-year basis, the GBA ESG Regional Index and the Industry Sub-indices grew 6 per cent and 20 per cent, reaching scores of 124.42 and 186.05 respectively.

The economic transformation within the GBA has encouraged local enterprises to step up their efforts towards achieving low-carbon objectives. The number of GBA enterprises scoring an A or A- in the CDP1's climate change questionnaire for 2023 has doubled year-on-year. Moreover, in the first quarter alone, 28 local enterprises have either established new emission reduction targets or committed to new initiatives under the Science Based Targets initiative (SBTi)2, representing a 33 per cent increase from the last quarter of 2023.

Daniel Chan, Head of Greater Bay Area, HSBC, said: "As a national innovation hub, the GBA has seen swift advancements in emerging sectors, including electric vehicles, renewable energy, and smart robotics, all of which benefit from ongoing policy support. In the first two months of this year, Guangzhou's new energy vehicle production surged by 30 per cent year-on-year, while Shenzhen saw a nearly 50 per cent increase in the production of charging piles. The momentum created by ‘New Quality Productive Forces’ initiative is setting the GBA in a solid path to meet its ambitious 'dual-carbon' targets."

The report offers a detailed analysis of the communication services and the food and beverage sub-sector within the consumer staples category, highlighting their carbon reduction strategies. Both sectors have seen ESG performance enhancements this quarter, attributed to policies that foster the growth of the digital economy, promote trade-in of old consumer goods, and enhance climate change management.

Liao Yuan, Managing Director and General Manager of CECEP (Hong Kong) Investment Company Limited, said: "The communication services sector is pivotal to the GBA economy, with companies implementing extensive carbon management systems across manufacturing and infrastructure. Leveraging technological expertise, they offer innovative products and services to support energy efficiency across various sectors. Concurrently, the food and beverage industry is responding to the growing demand for green consumption by introducing more eco-friendly products, catering to the trend towards healthier and sustainable diets."

*The information contained herein is for general reference only. The Group does not warrant or represent that the information provided here is complete and accurate at the time of receipt or in the future due to factors such as policy updates and market changes. No liability will be accepted for any actions taken relying on the information herein without considering the circumstances and obtaining appropriate professional advice.All contents of the article, such as text, graphics, images, photos, logos, trademarks, datas and software (“Contents”), are protected by intellectual property laws and treaties in Hong Kong and elsewhere. Permission is always required if you want to reproduce or change the article. Please do so in the original language without modification, and cite the source. If you want to change the content, please obtain prior written consent from CECEP Environmental Consulting Group (“CECEPEC”).The trademark and trade name CECEP® shall not be used in any way, without prior written permission from CECEPEC, and you shall not refer to CECEPEC or its licensors in any public medium for promotional or advertising purposes, or otherwise, or for the purpose of influencing a third party. If you have any comments or questions, please contact inquiry@cecepec.com.


- Subscribe Us On WeChat -

Official accounts：中節能皓信CECEPEC

中國節能皓信環境顧問集團

CECEP ENVIRONMENTAL CONSULTING GROUP

Sustainability ｜ Environment & Climate ｜ Sustainable Finance

Green Building ｜ EnvAI 2.0 ｜ Professional Training

date：2024-05-17

© 2023. Copyright owned by CECEPEC. Please see Privacy Policy and Cookies Policy for more information.

The information contained herein is for general reference only. The Group does not warrant or represent that the information provided here is complete and accurate at the time of receipt or in the future due to factors such as policy updates and market changes. No liability will be accepted for any actions taken relying on the information herein without considering the circumstances and obtaining appropriate professional advice.All contents of the article, such as text, graphics, images, photos, logos, trademarks, datas and software (“Contents”), are protected by intellectual property laws and treaties in Hong Kong and elsewhere. Permission is always required if you want to reproduce or change the article. Please do so in the original language without modification, and cite the source. If you want to change the content, please obtain prior written consent from CECEP Environmental Consulting Group (“CECEPEC”).The trademark and trade name CECEP® shall not be used in any way, without prior written permission from CECEPEC, and you shall not refer to CECEPEC or its licensors in any public medium for promotional or advertising purposes, or otherwise, or for the purpose of influencing a third party. If you have any comments or questions, please contact inquiry@cecepec.com.