Hong Kong, 7 February 2022 – Synergy Group Holdings International Limited, stock code 1539.HK (“Synergy Group” or “The Group”)1 has successfully acquired verification statements of Greenhouse Gas (GHG) emissions granted by CMA Testing and Certification Laboratories under CMA Industrial Development Foundation Limited (CMA Testing2). The Group’s projects were quantified to achieve emission by a total of 7,146.74 tonnes of CO2e (Carbon Dioxide Equivalent)3. The GHG emission inventories have been verified in accordance with ISO14064-3:20194 as meeting the requirement of ISO14064-1:20184.
The Group Chairman and Chief Executive Officer Mr. Mansfield Wong commented, “It is a global uphill battle when it comes to reaching carbon neutral targets. Our goal is to reduce GHG emissions and strive to achieve carbon neutrality in the near future. The Group is actively formulating a commercial scheme to assist other companies in neutralizing their GHG emissions.”
As of today, the Group has verified 7,146.74 tonnes of CO2e in total, which is estimated to be accounted for approximately 1% of the Group’s total GHG emission inventory, the remaining inventories are being certified. Current carbon credit prices5 are quoted by different international Carbon Credit Exchanges5 ranging from RMB56 to EUR89 per tonne. The Group expects the global carbon credit prices5 and market-based emission trading schemes continued to grow gradually as we are approaching the targets of Hong Kong’s Climate Action Plan 20506, China’s Carbon Dioxide Peaking 20307 and Carbon Neutrality 20607. Driving GHG emission is imminent action to curb global warming effects, the Group has set out its priorities for investing in carbon markets. The Group is committed to creating environmental sustainability through its experienced GHG emission management and green technological innovations.
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Notes to editors:
1. Synergy Group Holdings International Limited (“Synergy Group” or “The Group”)
Founded in 2008, Synergy Group Holdings International Limited (Stock code: 1539.HK), as the first Energy Service Company (ESCO) to be listed on the Hong Kong Stock Exchange, is one of the leading integrated energy saving and management solutions providers based in Hong Kong. The Group together with its subsidiaries, is principally engaged in design and customisation, investment, installation and commissioning, operation and maintenance of (i) energy efficiency technology; (ii) renewable energy; and (iii) energy storage and distributed energy resources. Serving clients in over 20 countries, businesses cover large multi-million projects in Malaysia, Indonesia and South Africa.
2. CMA Testing
Established since 1979, CMA Testing, a subsidiary of The Chinese Manufacturers’ Association of Hong Kong (香港中華廠商聯合會), is a large-scale quality assurance center, specializes in testing, inspection and certification services. CMA Testing is also a third-party laboratory accredited by The Hong Kong Laboratory Accreditation Scheme (HOKLAS) and an inspection body accredited by The Hong Kong Inspection Agency Accreditation Scheme (HKIAS). CMA Testing’s global footprint spans over 12 countries in Asia, Middle East, Europe and North America.
3. Carbon Dioxide Equivalent (CO2e)
CO2 refers to Carbon Dioxide, while CO2e stands for "Carbon Dioxide Equivalent" which includes CO2 and other greenhouse gases. For any quantity and type of greenhouse gas, CO2e signifies the amount of CO2 which would have the equivalent global warming impact.
4. ISO14064 Greenhouse Gas Calculation and Verification Management System
ISO14064-1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals
ISO14064-2: Specification with guidance at the project level for quantification, monitoring and reporting of greenhouse gas emission reductions or removal enhancements
ISO14064-3: Specification with guidance for the verification and validation of greenhouse gas statements
5. Carbon Credit Price Index
While Hong Kong is still exploring the feasibility to have a platform for carbon trading exchange, the Company has made references to other international exchange platform or publicly available sources for the current market prices:
Individual exchange/ publicly available sources for reference:
Exchange: Shanghai Environmental and Energy Exchange
EUA Futures – Jan 22
Exchange: Intercontinental Exchange
CBL California Carbon Allowance Vintage-Specific 2021 Feb 22
(USD29.59 per contract)
Exchange: New York Mercantile Exchange
Australian Carbon Credit Units
Source: Clean Energy Regulator, Australian Government
6. Hong Kong’s Climate Action Plan 2050
The Government today (October 8) announced Hong Kong's Climate Action Plan 2050, setting out the vision of "Zero-carbon Emissions‧Liveable City‧Sustainable Development", and outlining the strategies and targets for combating climate change and achieving carbon neutrality.
7. China’s Carbon Dioxide Peaking 2030 and Carbon Neutrality 2060
The Communist Party of China Central Committee and the State Council on Oct 24 jointly released a document titled: Full Text: Working Guidance For Carbon Dioxide Peaking And Carbon Neutrality In Full And Faithful Implementation Of The New Development Philosophy (www.gov.cn)