Transforming the Real Estate Industry: BuildingMinds' Impact on Emission Reduction in the Supply Chain

Over a dozen property developers and construction firms in Hong Kong have formed the Hong Kong PropTech Alliance to standardize the procurement of low-carbon construction materials in alignment with their climate-action plans. The group, which includes members such as Hong kong Land, Sino Group, and Swire Properties, aims to reduce emissions across the industry's supply chain. The alliance has launched a technical procurement guideline to accelerate the development of the low-carbon construction market by standardizing carbon accounting and disclosure, providing industry benchmarks, and seeking policy support.

Germany-based BuildingMinds, which helps clients preserve real estate asset values using digital tools, said "Property owners are increasingly required to calculate “embodied carbon” in their portfolios. It is essential to develop scientific methods to estimate the carbon that is locked up in older buildings". its CEO Marek Sacha said.

The guideline proposes that procurement processes should include performance criteria, such as low-carbon product ratings, incorporation of recycled materials, and information on material composition, along with energy efficiency and carbon intensity related to manufacturing processes. The Hong Kong Green Building Council and the Construction Industry Council have also taken steps to address embodied carbon emissions in buildings, but the alliance notes that more regulatory support is needed for innovative strategies to progress.

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