Hang Seng Bank : and CarbonCare InnoLab Team Up to Harvest Solar Energy to Fund Self-sustaining Climate Education (31 May 2021)

31 May 2021

Hang Seng and CarbonCare InnoLab Team Up to Harvest Solar Energy to Fund Self-sustaining Climate Education

Innovative 'Hang Seng Low Carbon Future - SolarCare Programme'

Launched Today to Benefit HK Young People

Hang Seng Bank and CarbonCare InnoLab (CCIL) today announced the 'Hang Seng Low Carbon Future - SolarCare Programme', an exciting initiative that links renewable energy production with youth environmental education in an innovative and sustainable way. The Programme is part of the two organisations' efforts to help tackle climate change.

Hang Seng has donated HK$3 million to fund the Programme's first project, which involves the installation of 390 solar panels at the youth campsite of local NGO, Breakthrough. The installation is targeted for completion in May 2022, and the solar energy system is expected to generate approximately 150MWh of clean energy a year, equivalent to the estimated annual usage of 31 average Hong Kong households. This will earn an annual rebate of around HK$600,000 under the Hong Kong Government's Feed-in-Tariff Scheme, extending the impact of the original donation and generating a positive ripple effect for years to come.

Hang Seng and CCIL will jointly manage the overall Programme and direct the rebate money to fund a youth-focused climate education programme targeting 5,400 young people every year. CCIL will oversee the solar energy system installation and collaborate with Breakthrough on the running of onsite activities such as conducting low-carbon tours, green training camps, and recycling and upcycling DIY workshops, as well as a local climate change conference.

Electricity generation currently accounts for more than 65% of Hong Kong's annual greenhouse gas emissions1. Although use of renewable energy in electricity generation is still very low at only 0.2% of total electricity consumption2, many opportunities exist to scale up and expand renewable energy initiatives. Some estimates suggest that Hong Kong could derive about 20% of its energy from solar and wind. For example, roofs, podiums and public spaces offer opportunities for producing between 11% and 14% of the city's energy needs3.

1. "Greenhouse Gas Emissions in Hong Kong by Sector", Climate Ready@HK, Environment Bureau, 2020
2. "Hong Kong Energy End-use Data 2019", Electrical and Mechanical Services Department, 2019
3. "Paris Watch Climate Action Report", CarbonCare InnoLab, 2018

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May Wong, Head of Communications and Corporate Sustainability at Hang Seng Bank, said: "We are delighted to be working with CCIL to help accelerate Hong Kong's shift to a low-carbon economy. This innovative programme will directly reduce carbon emissions and provide long-term funding for an environmental education programme to inform and inspire young people on the issue of climate change and what we can all do to help tackle this major global challenge.

"As a leading bank in Hong Kong, we have set a target to reduce our own carbon emissions and make our operations carbon neutral by 2030. Our office building at 113 Argyle Street was the first domestic bank building in Hong Kong to be awarded the top-level 'Platinum' certification under the US Green Building Council's LEED scheme. We are also supporting our clients' low-carbon initiatives though sustainable finance solutions. So far this year, we have approved about HK$3.9 billion in green loans, and with a number of applications being processed, we expect our total green lending to be in the region of HK$5 billion in 2021."

Chong Chan-yau,Co-founder and CEO at CCIL said: "The climate crisis is upon us. Hang Seng is setting a good example for the private sector in addressing climate change through community investment. We believe the Programme will generate significant environmental, educational and philanthropic returns. We need more organisations like Hang Seng to support Hong Kong's transition to a low-carbon economy."

Hang Seng has been caring for the local community for 88 years. The Bank strives to be a leader in Environmental, Social and Governance (ESG) development in the banking industry and support the community's transition to a low-carbon economy. To learn more about Hang Seng's strategy, approach and progress on ESG, please take a look at the Bank's latest Environmental, Social and Governance Report (ESG Report), released today.

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Photo Caption

(From left to right) May Wong, Head of Communications and Corporate Sustainability, Hang Seng Bank; Chong Chan Yau, Co-founder and CEO, CarbonCare InnoLab; and Joyce Man, General Secretary, Breakthrough, officiated at today's launch ceremony for the 'Hang Seng Low Carbon Future - SolarCare Programme'.

About 'Hang Seng Low Carbon Future - SolarCare Programme'

'Hang Seng Low Carbon Future - SolarCare Programme' is Hang Seng's first self- sustaining community investment initiative. The Programme supports positive action on climate change by promoting renewable energy use and youth climate education. Organised in partnership with CarbonCare Innolab, the Programme installs solar energy harvesting systems at local charitable organisations with the aims of cutting carbon emissions in Hong Kong and earning funds through the Hong Kong Government's Feed- in-Tariff Scheme for use in educating and inspiring young people on climate change issues and how we can all take action.

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About Hang Seng Corporate Sustainability

As a homegrown financial institution, Hang Seng shares the drive, determination and dreams of the people of Hong Kong and strives to build a prosperous and sustainable future for the city. Young people are key to sustainability. Engaging them and providing them with tools for development is crucial to their success. This is why a key component of Hang Seng's approach is empowering Hong Kong's young people with the skills, knowledge and self-esteem that they need to thrive. Hang Seng is also committed to the wider society. Its four pillars of community investment are: equip young people with future skills for employability, improve their financial literacy and promote sustainable finance, address climate change concerns, and care for the community. In 2020, Hang Seng invested HK$30 million in community development in Hong Kong, bringing its total contribution over the past decade to HK$282 million.

About CarbonCare InnoLab

Founded in 2014, CarbonCare InnoLab (CCIL) is an NGO dedicated to nurturing communities of young people and students in Hong Kong, and encouraging them to help mitigate climate change and develop sustainable low-carbon lifestyles through innovation, education and action. Our mission is to encourage innovation that is both relevant to local needs and which contributes to solving global challenges. This includes climate justice, carbon reduction, resource conservation and action that will assist adaptation and resilience building. We put special emphasis on multi-stakeholder engagement and solution-oriented processes, as well as awareness-building across the community. CCIL is a Section 88 registered charity and based in Hong Kong.