The Charter welcomes companies and organisations from all sectors to join, and signatories may select from two pathways to decarbonise: (a) to set targets consistent with the direction towards the goals of the Paris Agreement, or (b) by committing to the Science Based Targets initiative (SBTi). BEC will support the signatories through events, publications and advisory. A progress tracking form will be sent to signatories each September to collect information, and a report will be published each year to summarise and disclose progress. In 2021, new initiatives will be launched to address decarbonisation in specific sectors.
Since the launch, two executive briefings were published by BEC – Setting Robust Decarbonisation Targets for Business and Achieving Significant Decarbonisation in the Property & Construction Sector – to provide guidance to Charter signatories. Workshops and seminars were organised as knowledge-sharing and co-learning opportunities. According to the BEC Low Carbon Charter Progress Report 2019, which reports the progress of the 34 initial signatories during the first year, 84% of the signatories already set reduction targets for Scope 1, 2 and/or 3 emissions. 47% of the signatories set their decarbonisation targets on or after 2019, which could be attributable to the Charter. Two-thirds of the signatories were in the early stages of decarbonisation – identifying their emission baseline, reducing Scope 1 and 2 emissions, and mapping Scope 3 emissions. Only a handful of companies were setting Paris-based targets or net-zero targets. As of 21 April 2021, there are 94 signatories in total, representing multiple sectors and companies of all sizes in Hong Kong. 10 signatories selected the SBTi pathway.
Mobilise companies in Hong Kong to set and achieve carbon reduction targets
Encourage Charter signatories to share knowledge and best practices and to call for their peers to decarbonise
Ensure transparency by reporting progress to BEC annually