Page 54 - Urban Renewal Authority 2023-24 Annual Report

CORPORATE SUSTAINABILITY

CORPORATE

SUSTAINABILITY

Sustainability and Environment, Social and Governance (ESG) matters are embedded in
URA’s core businesses and daily operations, covering Redevelopment, Rehabilitation,
Preservation, Revitalisation and Retrofitting.

In the past year, we have made considerable progress in the sustainability
and ESG initiatives, creating profound impacts that ripple through
communities and generations.

The Urban Renewal Sustainability Framework has been implemented across URA’s projects
to assess their sustainability performance. Consisting of five domains, namely, Economy,
Environment, Society, Process and People, the framework “measures” the differences in
sustainability before and after URA’s intervention. The improvements brought by URA’s
intervention reflect our performance. The first-round results of these assessments will be
published in our upcoming Annual Sustainability Report.

In response to the Government’s target to achieve carbon neutrality by 2050, the carbon
neutrality study for URA has established the baseline and boundary of its carbon emissions.
The URA is drawing up a roadmap for carbon neutrality with short-term, medium-term and
long-term emission reduction targets and implementation plans in our operations and 5Rs
business activities.
While it is not mandatory for the URA, as a public organisation, to publish a sustainability
report, we took the initiative to follow the Global Reporting Initiative (GRI) Standards to
prepare future sustainability reports, in order to enhance URA’s sustainability reporting
standard and showcase our sustainability achievements.

URA’s first Annual Sustainability Report for 2023/24, which is expected at the end of 2024,
will cover key topics, including governance and business conduct, corporate financial
sustainability, diversity, employee health and well-being, responsible procurement,
community development, carbon footprint, construction site safety and the sustainability
framework.

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