Business Environment Council (“BEC”) recently published its Net-zero Carbon Charter Progress Report 2023, which presents the decarbonisation efforts undertaken by BEC and the Charter signatories. The report findings reveal that a combined total of 61% of respondents are progressing through Scope 1 & 2 Target Setting to proactively reduce their direct and indirect carbon emissions from purchased energy; and have even expanded their efforts to Scope 3 Mapping and Target Setting, setting targets to cut indirect emissions from their value chain. Nearly half of the respondents have also reported emissions reduction in all scopes of targets, with 42.9%, 72.7% and 53.8% in Scopes 1, 2 and 3 respectively.
Encompassing the decarbonisation targets, initiatives and performances of the Charter signatories of various sizes and sectors from 21 December 2023 to 26 January 2024, the Progress Report addresses a comprehensive range of topics on corporate decarbonisation, including climate-related disclosure, risks and opportunities faced, as well as the Charter signatories’ ambitious targets on greenhouse gas emissions reduction and proactive decarbonisation measures. It seeks to leverage the collective experiences and data of the signatories to foster a more informed, engaged, and effective corporate approach to climate action, highlighting the sector’s pivotal role in the global push for sustainability.
In addition, the report also points out the top five challenges corporates are facing. Apart from the availability of dedicated budgets for emissions reduction, energy efficiency, and low-carbon R&D, which emerges as the most critical determinants for achieving net-zero targets, the importance of internal engagement across all levels is also highlighted because decarbonisation is an organisational endeavour that requires sustained commitment and collaboration of all staff members and external stakeholders.
Mr Simon Ng, Chief Executive Officer of BEC, said, “The findings of BEC Net-zero Carbon Charter Progress Report 2023 make it clear that decarbonisation is an immense undertaking requiring a holistic approach. The business community needs access to sufficient funding, strong internal alignment, and effective stakeholder engagement to meet their climate goals.
“Looking ahead, it is clear that cross-sector collective action will be essential to overcoming these challenges. Only by working together can we marshal the resources, expertise and influence needed to drive the transformative changes towards a sustainable future.”
BEC Net-zero Carbon Charter Progress Report 2023 is available on BEC website: https://bec.org.hk/en/publications