Hong Kong’s property industry needs right policies, incentives to meet energy conservation goals
- The government wants to cut electricity use of commercial buildings by 30 to 40 per cent and residential buildings by 20 to 30 per cent by 2050 from 2015 levels
- Meeting these goals would require the right policy frameworks and incentives for property developers and occupants, says JLL’s Mark Cameron
Hong Kong’s property industry has the technology and expertise but needs the right regulatory framework and incentives to meet the government’s green building energy conservation goals, according to JLL’s head of energy and sustainability in Asia-Pacific.
“Promoting green buildings, improving energy efficiency of buildings and stepping up efforts to lead a low‑carbon lifestyle will reduce the demand for power consumption and generation, and lessen the financial burden on the public due to the increased use of clean fuels for electricity generation,” according to the government’s policy report.
Buildings account for 90 per cent of the electricity consumption in Hong Kong, the report said.
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The government unveiled a goal to reduce the electricity consumption of commercial buildings by 30 per cent to 40 per cent, and that of residential buildings by 20 per cent to 30 per cent by 2050 from 2015 levels, and hoped to achieve half of those targets by 2035.
Meeting these goals would require the right policy frameworks and incentives for property developers and occupants, JLL’s Mark Cameron said on the sidelines of the ReThink HK conference on Wednesday.