BEA buys green certificates covering 30% of expected power use

The certificates represent 10,500 MWh of electricity generated by a solar project in Yunnan.

Bank of East Asia has completed its first purchase under Hong Kong Exchanges and Clearing’s Green Electricity Certificates pilot programme.

The bank purchased certificates representing 10,500 megawatt-hours of electricity generated by a solar-energy project in Yunnan province.

The transaction was conducted through the Guangzhou Power Exchange Centre with the support of Core Climate, HKEX’s environmental marketplace.

The volume corresponds to the projected 2026 electricity consumption of BEA Building and BEA Tower in Hong Kong. It represents approximately 30% of the group’s anticipated electricity use for the year.

BEA was among the first corporate participants in the pilot, which is intended to support Hong Kong’s environmental-products market and strengthen green-market connectivity within the Greater Bay Area.

The transaction will also give the bank practical experience in procuring renewable-electricity certificates as part of its operational decarbonisation strategy.

Brian Li, BEA’s co-chief executive and chairman of its ESG steering committee, said the certificates would complement the bank’s emphasis on reducing energy consumption and improving operational efficiency.

BEA is targeting net-zero operational emissions by 2030.