Greater Bay Area real estate sector cannot ignore climate change threats, must act to head off disaster, report warns

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Industry stakeholders in the Greater Bay Area (GBA) should create a “Climate Resilience Coalition” to build a coordinated approach to climate change-related risks and mitigation, suggested the report, written by the Urban Land Institute (ULI) – an international non-profit education organisation – in partnership with HSBC.

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The GBA, which comprises Hong Kong, Macau, and nine other cities in southern China’s Guangdong province, is home to around 86 million people and has a combined economic output of 12.6 trillion yuan (US$1.97 trillion).

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As a low-lying coastal region, the GBA is vulnerable to extreme weather events linked to climate change. A report by the Organisation for Economic Co-operation and Development (OECD) named Guangzhou and Shenzhen among the top 20 cities worldwide that are most at risk of flood losses by 2050.

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In Hong Kong, around 55 per cent of the city’s commercial buildings and 23 per cent of residential buildings will be threatened if sea levels rise by 2 metres by 2100, according to a recent report by China Water Risk. In addition, the organisation estimated that such a scenario would affect up to 82 per cent of the Hong Kong government’s total revenues.

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