New World Development partners with CityU to Accelerate Net Zero Carbon by 2050

HONG KONG,Sept. 24,2021 --New World Development Company Limited ("NWD" or the "Company") is partnering with City University of Hong Kong ("CityU") to accelerate its ambition to achieve Science Based Targets by 2030 and Net Zero Carbon by 2050,echoing the HKSAR Government's own green target.

[From left] Ellie Tang,Head of Sustainability at New World Development and Professor Chak K. Chan,Dean and Chair Professor of Atmospheric Environment,School of Energy and Environment,CityU,signed a Memorandum of Understanding (MOU) on accelerating net zero carbon by 2050.

NWD has consistently taken progressive climate action to improve the climate resilience of the Company's business operations and assets. NWD is a passionate supporter of the Task Force on Climate-related Financial Disclosures (TCFD) and Business Ambition for 1.5°C,a campaign initiated by the United Nations urging businessto set targets designed tolimit the global temperature rise to 1.5°C above pre-industrial levels.

Now,NWD is teaming up with the School of Energy and Environment (SEE) of CityU to co-develop net zero carbon related technologies in the areas of energy efficient design,renewable energy,building materials with low embodied carbon,waste management,emissions trading,and health and wellness – as well as providing pilot opportunities to realise research ideas.

Adrian Cheng,Chief Executive Officer at NWD said,"We are committed to Creating Shared Value (CSV) for the community and all of our stakeholders. We understand that third party collaboration is essential in our global transition to a zero carbon future. Through this strategic partnership with CityU,we will jointly develop innovative technologies to address climate change and create a more sustainable future for the next generation."

Ellie Tang,Head of Sustainability at NWD said,"To further advance our decarbonisation efforts,we are taking systematic approaches to align our building portfolio decarbonisation efforts with the Paris Agreement. Now,in this crucial partnership with CityU,we will pool our resources to pilot new green technology and innovation that can help us reach our net zero carbon goals – and the world's – in pursuit of a greener and more sustainable building industry."

Professor Chak K. Chan,Dean and Chair Professor of Atmospheric Environment of School of Energy and Environment at CityU added,"The faculty members of SEE have been conducting innovative research to facilitate the transformation to a carbon neutral economy. We are delighted to join hands with NWD to promote research and development of technology to drive net zero carbon innovations in the building and construction industry. Together we will bring positive impacts to our society."

The Company will also continue its pledge to the Sustainability Vision 2030's pillars of Green,Wellness,Smart and Caring with an objective to curate opportunities for a life well-lived and create shared value for all its stakeholders.

About New World Development Company Limited

New World Development Company Limited ("the Group",Hong Kong stock code: 00017),a premium brand infused with a unique personality defined by The Artisanal Movement,was founded in 1970 and was publicly listed in Hong Kong in 1972. It is a constituent stock of the Hong Kong Hang Seng Index,with a total asset value of approximately HK$616.5 billion as at 31 December 2020. Our core business areas include investment in property and property development,and investment in and/or operation of roads,commercial aircraft leasing,construction,insurance,hotels and other strategic businesses,boasting operations in Greater China,especially the Greater Bay Area. The Group's two listed companies are NWS Holdings Limited (Hong Kong stock code: 00659) and New World Department Store China Limited (Hong Kong stock code: 00825). New World China Land Limited is wholly owned by the Group.

About School of Energy and Environment,City University of Hong Kong

Established in July 2009 as the first dedicated school of its kind in Hong Kong,City University's School of Energy and Environment (SEE) aspires to be a leading school in Asia to foster an interdisciplinary approach in developing sustainable energy and environmental technologies. SEE also stands for sustainability,energy,and environment.Our interdisciplinary efforts capitalize on our faculty's special expertise in renewable energy,waste to energy,power management,climate change and air pollution,building and energy efficiency,innovative environmental technologies,and sustainability policies and economics. Our research achievements underpin the education we offer to our students. Our goal is to nurture a new generation of energy professionals who take an interdisciplinary and holistic view of climate change mitigation and emissions reduction in finding innovative solutions to produce clean energy and sustainable development.

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