Hang Lung Properties and LVMH Group launch Common Charter to accelerate sustainability progress
©Hang Lung Properties
Hang Lung Properties and Moët Hennessy Louis Vuitton (LVMH) are delighted to announce that the Groups have formulated an ambitious agenda for sustainability action together entitled Common Charter: Joining Forces to Accelerate Change, which outlines a set of 20 innovative actions they will implement in 2023 to accelerate sustainability progress. Under the Charter, the Groups will pursue 20 concrete actions organized under the following four pillars:
Climate Resilience, including sharing energy data, turning off lights at night, encouraging energy innovation through awards, and pursuing renewable energy;
Resource Management, including mandatory carbon footprint analysis, a shared database of low carbon materials, auditing waste streams, and innovative projects in recycling and reuse, water management, and biodiversity;
People and Wellbeing, including air quality and acoustic projects, development of a shared learning agenda, and initiatives to enhance community wellbeing;
Sustainability Governance, including the use of digital platforms to improve environmental governance, and sharing of strategies for sustainable procurement.
To speed progress, leverage expertise and strengthen impact under the Charter, the Groups are partnering with a number of external organizations, including: Bluerisk on water management; CLP on renewable energy; GIGA (RESET) on carbon footprint assessment and low carbon materials; the Institute of Public and Environmental Affairs (IPE) on environmental governance; Schneider Electric on energy management; and TRASHAUS on waste audits and recycling. In addition, they are developing research projects on key challenges through the Urban Land Institute, and through Hang Lung's association with the Hang Lung Center for Real Estate at Tsinghua University.
Some of the Charter actions have already begun. For example, the Groups are working with TRASHAUS on a waste audit covering the demolition process of a store renovation in Hang Lung's Plaza 66 in Shanghai. The audit is collecting data on wood, metal and mixed renovation waste, and investigating waste transit and recycling facilities, in order to identify ways to reduce waste and increase circularity. The Groups will then look to apply insights gained to other tenant renovations.
Spanning Hang Lung's portfolio of properties across seven cities in mainland China, the Agreement engages 26 LVMH brands occupying over 90 retail spaces with a lettable floor area in excess of 27,000 sq. m. With plans to engage the employees and suppliers of both Groups, the partnership will run to the end of 2025, and is expected to be renewed thereafter.
