Seazen Holding

Seazen has a target to reduce greenhouse gas (GHG) emissions and energy consumption per unit of rental/management fee income by 10% from 2020 to 2025. This target cannot be assessed by the methodology in the benchmark. The company should develop long-term and regularly spaced intermediate emissions reduction targets that align with its 1.5°C pathway. Setting intermediate targets at gaps of no more than five years will help the company incentivise near-term actions towards longer-term goals. Additionally, the company should clearly report its base year emissions and disclose any use of offsets to allow for a complete analysis of its targets and progress against them.

Seazen has implemented a supplier engagement strategy which promotes material suppliers to complete green building material product certifications and undertake China’s Real Estate Industry Green Supply Chain Initiative. However, it is unclear how many of the company’s suppliers complete these initiatives. There is no evidence that the company has integrated emissions reduction into its engagement with suppliers. The company conducts quarterly and annual evaluations of suppliers’ performance with the aim of eliminating suppliers it deems unqualified. However, this does not link directly to suppliers achieving emissions reductions. The company should create quantified targets to provide a clear direction for its whole supply chain.

Seazen has made financial commitments to decarbonise the buildings in its portfolio by issuing green bonds. It has also pledged that 100% of the new projects it undertakes will meet the China Green Building Evaluation Standard . However, the company has not quantified the proportion of buildings that the commitment applies to or the expected emissions reduction. Furthermore, the company does not disclose in-use emissions intensity data or sufficient floor area and absolute in-use emissions data for its portfolio. As a result, it is not possible to provide a meaningful assessment of the company’s future emissions intensity trend or its alignment with its 1.5°C carbon budget.

Seazen has not set emissions reduction targets. It has started developing its low-carbon transition plan using the Chinese national strategies for reaching a carbon peak in 2030 and achieving carbon neutrality by 2060. To this end, it has set specific targets such as 8% renewable energy use from company sources by 2025 and 100% green building coverage for new projects.

The company has developed a Sustainable Finance Framework and issued USD 0.3 billion in green bonds to fund new green building projects. Additionally, the company is investing in the research and development (R&D) of new materials. However, the company’s plans lack details and do not disclose long-term actions.

Seazen is engaging suppliers through green materials certifications. It engages tenants through its green leasing policy , which incentivises tenants to meet electricity and water consumption targets. However, there is no evidence of the impact of this engagement. Seazen also promotes full electrification of buildings and increasing prefabrication, but it does not clarify any details on these efforts.

Seazen does not disclose emissions intensity data. In addition, it does not report progress against its own low-carbon measures, such as renewables use and green building certification.

Seazen acknowledges climate change as an issue and has started developing low-carbon transition measures across its business. However, it lacks long-term and interim targets, does not report emissions data and does not provide sufficient evidence of the progress made against its current measures of success.

Although Seazen states that it is committed to setting up regular dialogues with respective stakeholders, no evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found of the company undertaking just transition planning to mitigate the social impacts of the low-carbon transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by Seazen was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks.

No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the low-carbon transition. Additionally, no evidence was found that the company re- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if Seazen identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments of Seazen related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of Seazen’s policies or commitments related to key decent work practices were found in the public domain. These practices include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision making.

No policies or commitments of Seazen related to key ethical business topics – personal data protection, tax, bribery and corruption, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.