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 ESG 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 29 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.
Temperature above 30°C and 35°C
Significance of physical risks: 01
Temperature below 0°C and -10°C
Significance of physical risks: 08
Wind speeds above 20 m/s and 27 m/s
Significance of physical risks: 09
Rainfall above 2.5 mm/h and 7.6 mm/h
Significance of physical risks: 04
Snowfall above 5 cm/day and 20 cm/day
Significance of physical risks: 10
Once-in-a-century tropical cyclone Wind speed
Significance of physical risks: 03
Once-in-a-century flood
Significance of physical risks: 07
Once-in-a-century flood
Significance of physical risks: 05
River flow below 2.5%
Significance of physical risks: 06
Probability of fire
Significance of physical risks: 02
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 ESG Committee;
Empowering the ESG 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 ESG 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 ESG reports and confirming the accuracy of climate information and data;
Timely feedback on the achievement of climate risk-related performance indicators;