In 2016, a total of 39 companies and organisations were awarded the CarbonCare® Label --- 18 for the CarbonCare® Label, 10 for the CarbonCare® Action Label and 11 for the CarbonCare® ESG Label.
Climate change is now regarded as an existential risk for the human race. Whilst 195 countries have pledged to limit global warming to well below 2°C through the Paris Agreement now in force, two key issues confront the private sector: 1. What bold actions are necessary? 2. How do we mobilize the funds needed to support such actions?
In the follow-through of the Paris Agreement, the United Nations estimated that an annual sum of US$5-7 trillion in green financing is necessary for the transition to a sustainable and low-carbon world. As the Hong Kong government has taken up green finance as a core policy, new opportunities are opening up for the private sector. At this time it is crucial that Hong Kong companies get prepared and stay competitive – this is exactly what the latest series of CarbonCare® Labels has aimed to achieve.
In keeping with the widespread practice of environmental awards being supervised by value-driven, non-governmental organizations with a non-profit status, CarbonCare® labels are awarded by CarbonCare InnoLab starting from 2016.
CarbonCare InnoLab (CCIL) is a non-profit organization dedicated to the nurturing and development of innovative solutions, policies and practices in response to today's climate change and sustainability challenges. CCIL is a charitable body registered in Hong Kong, enjoying tax exemption status under Section 88 of the Inland Revenue Ordinance.
Carbon Care Asia (CCA) is a social business which provides professional consultancies and sustainability solutions through a market-based approach. The two organizations operate with independent governance structures, but share a common aim to promote a sustainable future.
The CarbonCare® Label is a unique scheme designed to acknowledge corporate carbon reduction efforts and commitment. However, much is changing since its launch in late 2011. To reflect the latest developments following the signing of the Paris Agreement, and to prepare entities to embrace the emerging opportunities, the CarbonCare® Label Scheme has revamped its categories to cover a more extensive range of carbon solution recognition --- the CarbonCare® Label for entity-wide carbon management, the CarbonCare® Action Label for pioneering carbon reduction action and the CarbonCare® ESG Label for solid preparation for ESG Reporting. Applicants can choose one or all of the three initiatives.
Each of the labels requires substantive effort to achieve, but all of the labels are a recognition of excellence in the journey to sustainability. By 2016, over 200 labels have been awarded to listed companies, private companies, government departments, public bodies, SMEs, NGOs, as well as specific events and projects.
The CarbonCare® Label encourages and recognizes the efforts of companies and organizations in their action to tackle climate change and achieve carbon reduction/neutrality status by Measuring, Reducing and Offsetting (MRO) their carbon footprints.
1) All organizations including listed companies, SMEs, public bodies and NGOs are eligible to apply.
2) The entity must establish its emission baseline and emission inventory. Reduction and offset performance is validated and verified in accordance with a specific protocol based on international best practice before measurement.
There are six CarbonCare® Labels representing different levels of achievement in carbon reduction/neutrality – with green labels in one, two, three, four and five leave(s) respectively recognizing the achievement of 5% (starter), 20%, 40%, 60%, and 80% emissions in the application year against a defined base year, and a gold label indicating the achievement of carbon neutrality.
As recognition of companies or organizations which have implemented new and concrete measures in carbon reduction, the CarbonCare® Action Label is introduced.
CarbonCare® Action Label awardees are pioneers in innovative carbon reduction solutions. Thus the recognition given by this label is intended to encourage more widespread adoption of new solutions among companies or organizations in the same sector. This is another initiative by the CarbonCare® Label Scheme to promote a low-carbon economy in the most effective and efficient manner.
1) The applicant must have taken one or more new measures ("Carbon Reduction Action, CRA)" that may lead to carbon emissions reduction during the application period;
2) The CRA must relate to the applicant's core operations;
3) The CRA must be assessed to have good potential for significant and quantifiable carbon emissions reduction based on current scientific knowledge;
4) The CRA must be scalable, thus offering good potential for further carbon emissions reduction;
5) The applicant must have verifiable documentary evidence of the implementation of the CRA.
Starting from 1st January 2016, The Hong Kong Exchanges and Clearing Limited (HKEx) has mandated that all listed companies should comply with the Environmental, Social and Governance (ESG) Reporting Guide. Otherwise, the companies will need to publicly explain why they are unable to comply. Building a good foundation for environmental policies and KPIs is not only an essential step for compliance, but also an indispensable move for companies to take advantage of green project opportunities, to attract green finance, and to earn recognition from international investors. The CarbonCare® ESG Label will recognise those with high standards of reporting and credible plans for further reporting improvements.
1) Undertake carbon audits and gather emissions data in accordance with international protocols;
2) Establish KPIs for environmental aspects in accordance with HKEx ESG Guide;
3) Establish environmental policies in accordance with HKEx ESG Guide and management approach with reference to GRI G4 guidelines;
4) Have either disclosed the previous criteria in current ESG Report, or committed to disclose them in the next ESG Report.
Whether you are a listed company, SME, social enterprise or NGO, you are likely to face a radically different business environment as a result of climate change – changes in policies, reporting requirements, resource constraints, extreme weather, health issues, involuntary migration and changing demographics. The first step to protect your business from such risks, and to capture new opportunities, is to do a climate-check. These are the benefits of obtaining a CarbonCare® Label:
All CarbonCare® Label awardees are invited to special events organized by the CarbonCare® Label Scheme and also enjoy the benefits of a special media package developed under the media partnership with the Hong Kong Economic Journal (HKEJ). In 2016:
1) Invitation to attend the CarbonCare® Label Award Ceremony cum Conference on Green Finance x Climate Innovation held on 14 Dec, 2016;
2) Photo opportunities for award presentation by the officiating guest The Hon Lam Woon-Kwong, Convenor of the Non-Official Members of the Executive Council;
3) Publicity in a post ceremony full-page supplement in the HKEJ;
4) Free e-version of HKEJ supplement for distribution by awardees to their own clients;
5) Round-the-year display of Awardees List on the website of CarbonCare InnoLab and Carbon Care Asia;
6) Use of the CarbonCare® Label logo on company letterheads, business cards, website and display areas.
Sponsors and Supporting Organizations of CarbonCare® Label 2016:
Please contact our organization for more details of the scheme
or further enquiries on label application / renewal procedures:
Email: firstname.lastname@example.org; Tel: (+852) 2541 5020