Veolia, the French resource-management company, has secured a significant waste management contract worth over €2 billion ($2.12 billion) to assist Hong Kong in its decarbonization and resource regeneration efforts.
Methane Capture for Carbon Footprint Reduction
As part of the agreement, Veolia will construct a cutting-edge storage facility, ensuring a remarkable 90% methane capture rate. This substantial achievement will play a pivotal role in reducing Hong Kong’s carbon footprint, as announced by the company on Wednesday.
Impact on Emissions: Equivalent to 10 Million Tons of CO2
The captured methane will translate into a staggering emissions reduction of approximately 10 million tons of CO2. These reduced emissions fall under Scope 4, which captures the positive impact resulting from implemented decarbonization solutions.
A Crucial Step Towards Carbon Neutrality
Estelle Brachlianoff, Chief Executive of Veolia, expressed her enthusiasm about this achievement, emphasizing its significance in the region’s journey towards carbon neutrality by 2050. This milestone marks a major stride in the ecological transformation of Hong Kong and beyond.
Comprehensive Lifecycle Coverage
This comprehensive contract encompasses every aspect of the project’s lifecycle, starting from the construction phase and extending to the after-care period. Veolia is committed to ensuring the seamless execution and long-term success of the waste management initiative.
Sustainable Energy and Land Development
To meet its energy requirements, the storage facility will rely entirely on electricity generated from the captured methane. Additionally, the extracted rock material will be repurposed for land development purposes, reducing Hong Kong’s dependency on imports and promoting sustainable practices.