MTR ready to keep transport in cities moving sustainably

"We are ready to work closely with governments at all levels and industry peers to contribute to the green and sustainable development of China," said Rex Auyeung Pak-kuen, chairman of the MTR Corporation on Monday at the China Development Forum.

With railway being a low carbon form of public transportation, MTR facilitates millions of passenger trips every day in an environmentally-friendly manner, Rex said MTR is playing its part in contributing to Hong Kong's 2050 carbon neutrality goal by setting science-based carbon reduction targets for its railway and property businesses in Hong Kong to be fulfilled by 2030 and establishing a sustainable finance framework.

Rex said that HK$4.8 billion ($611.4 million) in green finance was arranged in 2021 to support sustainable development through funding projects that can conserve energy, protect the environment, enhance and expand low-carbon railway services.

Urban rail transit has been crucial for China's economic development, Rex added, but it typically yields low internal returns on investment. Massive investments are needed for construction, operation, and maintenance, making it difficult to achieve sustainability through fare revenues alone. MTR's "rail + community" model could provide a solution by capturing some of railway's external economic value back into the railway to support its financial.

Despite challenges, MTR consistently offers safe and efficient railway services. In Hong Kong, where 90% of commutes rely on public transport and nearly half utilize MTR, the network's 4 million-plus daily trips account for just 3.5% of the city's transport sector carbon emissions.

From its starting base in Hong Kong, the corporation has also expanded into the Chinese mainland and Macao, and taken on a range of railway-related projects and operations internationally. As of 2022, the total route length of the corporation's network in nine metropolitan cities has exceeded 3,500 kilometers, Rex mentioned.

In addition to constructing new rail lines, MTR builds communities along its network in Hong Kong, making the city a benchmark for its successful Transit-oriented Development. With its more than 40 years of railway project experiences and sustainable "rail + community" model funding model, MTR has been providing safe, reliable and convenient services, fostering Hong Kong's development.

"As the world faces new challenges in the post-pandemic era and facing global political and economic uncertainties, China's development becomes an indispensable force for global social and economic recovery," Rex emphasized.

"MTR is committed towards embedding environmental, social, and governance (ESG) considerations and sustainable development concepts into our businesses and operations to create long-term benefit for all of our stakeholders," said Rex.