Highways Department

SCA 2018 Project Owner (Public Sector) - Merit Award

The Central - Wan Chai Bypass and Island Eastern Corridor Link (CWB) is a strategic road targeted to alleviate traffic congestion along the Gloucester Road - Harcourt Road - Connaught Road Central corridor. Sustainable construction achievements included the 6-Phase temporary reclamation for cut-and-cover tunnel construction such that a tremendous amount of construction materials could be reused in subsequent phases and the innovative greening and external designs of landscaped deck, ventilation buildings, etc.

Cut-and-cover tunnel at Causeway Bay Typhoon Shelter and ex-Public Cargo Working Area underwent a 6-Phase temporary reclamation construction process. Such arrangement minimised embayment effect within the area, impact to environment and ecology and disruption to the daily activities of vessel owners. Beneficial reuse of temporary steelworks, concrete seawall blocks and other construction and demolition materials were also achieved.

Roof of the North Point portal of the CWB Tunnel will be developed into a landscaped deck with different species of plants in stepping height from west to east connecting to the green roof of the noise enclosure.

The architecturally designed West Ventilation Building (WVB), located at the Central Tunnel Portal, comprises an extensive green roof. This design provides not only all the benefit of a green roof but also aesthetically pleasing landscape allowing the WVB structure to blend-in smoothly with the vibrant harbourfront.

About the Model

The HKSAR Chief Executive had announced in the 2017 Policy Address to position Hong Kong as an Asia’s green finance hub for raising green capital. In view of the substantial GDP contributed by the construction sector annually, the construction industry has a high potential to meet the trend of green finance. Thus, there is a need to well define the green standard and system to facilitate the application of green finance in construction industry.

The Model aims to act as an interactive guide on environmental practices and advanced technologies for construction projects which is compatible with international green bond/loan principle. Green finance can mobilise capital for green and low carbon investments in the construction industry. Public owners, developers, contractors and suppliers could issue green financial instruments for funding their projects with reference to the guideline of this model.

Interactive guide to classify construction practices based on green finance principle

Interactive guide to classify construction practices based on green finance principles

User-friendly model for set up its own checklist and sustainability KPIs

User-friendly model for set up its own checklist and sustainability KPIs

Sustainable hub to share latest local and intentional solutions

Sustainable hub to share latest local and international solutions

Why the Industry Needs Green Finance?

  • Green finance providing benefits for assisting the transition from the ‘brown’ to the ‘green’ construction.
  • Green finance can mobilise capital for green and low carbon investments in the construction industry
  • Stakeholders can seek opportunities for long pay back initiatives and low interest rates when adopting advanced and innovative measures.
  • To encourage investors from the Mainland along the Belt and Road as well as international investors to arrange green financing through Hong Kong construction capital markets.

Components of Green Bond/Loan Principles

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Green bond/ loan proceeds are to be applied for environmental (or “green”) projects with an indicative list of eligible project categories. See the figure below for the 10 eligible Green Project Categories.

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Recommends issuers/ borrowers to disclose their overall green objectives, the process used to determine eligibility of green projects, and the process to manage environmental and social risks of these projects.

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The net proceeds of the Green Bond/ Loan, or an amount equal to these net proceeds, should be credited to a sub-account, moved to a sub-portfolio or otherwise tracked by the issuer/ borrower in an appropriate manner, and attested to by the issuer/ borrower in a formal internal process linked to the issuer’s/ borrower’s lending and investment operations for green projects.

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Recommends annual reporting of the amounts allocated and results of the eligible green projects.

Green Project Categories

Key Features

no. of sustainability measures compatible with international green bond and green loan principle
41
no. of sustainability measures compatible with international green bond and green loan principles
no. of stakeholders and green finance experts engaged
162
no. of stakeholders and green finance experts engaged
no. of pilot projects
30
no. of pilot projects

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