Dear Stakeholders,
In the 10 years since I first became a Director of Swire Pacific, I’ve seen a significant shift in the corporate sustainability agenda. International agreements on climate and biodiversity have been set. Greater emphasis has been placed on corporate responsibility in the value chain. New regulations are being launched, and the expectations of our stakeholders have never been higher. In that time, Swire has continued to navigate these changes and excel in our industries - and of that we can be proud.
In alignment with our business strategy and values, we continue taking bold, meaningful steps to bring our way of working to new markets and industries, integrate environmental sustainability, develop our people, and operate responsibly. As we expand our businesses, we are guided by our principles while aiming to create long-term value for our shareholders. And behind the scenes, we continue to enhance our approach to sustainability.
I am pleased to present the Swire Pacific Sustainability Report 2024, which showcases our sustainability performance over the past year.
Strengthening our foundations
When it comes to making business decisions, it is evident that using non-financial data is no longer a fringe consideration. This data forms part of our risk assessments, is tied to our financing, and is a factor in determining resource allocation. This year we completed a vital assessment of our internal controls on sustainability-related processes and data. At the same time, we have identified cross-functional opportunities to bring extra rigour to our governance, which will further align non-financial data standards with those of financial data.
Innovation and collaboration
We recognise that addressing complex sustainability challenges demands cooperative action in each of our industries. We are therefore taking innovative action in priority areas. Financing of more than HK$90 million from our Sustainable Development Fund has enabled nine projects, five of which involved innovative solutions that address sustainability challenges in our operating companies.
Swire Properties, now ranked number one for its industry on the Dow Jones Best-in-Class World Index, co-signed a landmark statement aimed at accelerating the market transformation to low-carbon-emission steel manufacturing for the real estate industry. It also joined forces with LVMH, its long-term tenant partner, to amplify the impact of sustainability and share expertise in our Chinese Mainland and Hong Kong portfolio through the launch of the Green Retail Partnership, an initiative that focuses on sustainable improvement in retail environments.
In our Beverages Division, Swire Coca-Cola worked with its partners to manufacture and launch its first individually sold, label-less bottled water to reduce packaging waste and enhance recyclability. The company’s piloting of digital water metering in its South Plant in Vietnam yielded positive results, and has identified opportunities to further improve water efficiency while showcasing the benefits of digitalisation.
Cathay Pacific welcomed the successful launch of the Hong Kong Sustainable Aviation Fuel Coalition (HKSAFC) as its co-initiator. Further, in partnership with HSBC Hong Kong and EcoCeres, it launched a significant initiative to support the use of sustainable aviation fuel in Hong Kong.
