French Companies and HKUST Sign MoU to Collaborate on Low Carbon Retrofit Pilot Project
Invest Hong Kong (InvestHK) is pleased to announce today (September 12) the signing of a Memorandum of Understanding (MoU) between The Hong Kong University of Science and Technology (HKUST) and a consortium of French companies, including Schneider Electric Hong Kong, Veolia, Bouygues-Dragages, Egis and Saint-Gobain. This partnership will launch a pioneering low carbon retrofit pilot project, marking a pivotal step toward achieving Hong Kong’s carbon neutrality goal by 2050, a goal shared by France.
This MoU stems from the Team France Green Paper on collaboration opportunities to accelerate Hong Kong’s path to carbon neutrality by 2050 in April 2024. This was followed by the work on a pilot project proposal for a net zero-carbon building, which was shared with the Chief Executive Mr John Lee and the Hong Kong SAR government.
The pilot project represents a concrete outcome of the Team France Green Paper, which identified collaborative opportunities to support Hong Kong’s decarbonization journey. It will focus on the energy efficiency retrofitting of an existing building at HKUST, serving as a demonstration of how public-private partnerships can drive sustainable urban development. By showcasing innovative financing models and advanced retrofitting technologies, this first HKUST pilot aims to pave the way for broader adoption of similar projects.
Key project features include:
- Joint Assessments: Evaluate and identify retrofitting opportunities within HKUST campus buildings to estimate energy-saving potential.
- Capacity Building: Raise awareness about retrofitting as a key decarbonization strategy by sharing results and best practices with industry and government.
- Develop data-driven policy: Utilize advanced digital tools to assess energy-saving measures and support policy frameworks and incentive schemes in Hong Kong
- Technology Adoption: Showcase innovative energy management technologies to enhance energy and operational efficiency.
- Living Laboratory: Create experiential learning opportunities and test research-driven solutions to address sustainability challenges.
The MoU was signed by Vice President for Administration and Business of HKUST, Prof. Kar Yan TAM; President of Schneider Electric Hong Kong, Mr. Jonathan CHIU and Chief Executive Officer of Veolia Hong Kong & Macau. Mr. Laurent PELLETIER. The signing took place at the Hong Kong Convention and Exhibition Centre. The signing ceremony was witnessed by Ambassador of France to China, Mr. Bertrand LORTHOLARY; Consul-General of France in Hong Kong and Macau, Ms. Christile DRULHE; Director-General of Investment Promotion of Invest Hong Kong, Ms. Alpha LAU; and Director of the Electrical & Mechanical Services Department (EMSD), Mr. Raymond POON.
“This pilot project is not only about sustainability, but also about market creation and investment facilitation,” said Ms. Lau. “With over 90 percent of Hong Kong’s existing buildings expected to still be in use by 2050, the retrofitting sector represents a significant opportunity for investment, innovation, and job creation. We are pleased to have facilitated this initiative by connecting strategic partners and enabling collaboration. InvestHK is committed to supporting companies of all sizes and sectors as they expand in Hong Kong, strengthen their regional presence, and turn innovative ideas into commercially viable opportunities.”
“French companies have always been at the forefront of innovation when it comes to sustainable infrastructure. We are proud to support them bringing their advanced, green solutions to Hong Kong’s dynamic built environment. As our two territories share the same goal of reaching carbon neutrality by 2050, this pilot project demonstrates how France and Hong Kong are natural partners to build a greener, more resilient future, in line with the roadmap agreed between our two Presidents to strengthen our cooperation to promote sustainable development and environment protection while addressing the challenges of climate change.” Mr. Lortholary said.
“Retrofitting is not just good for the planet. It’s good for business,” said Prof. Tam. “This initiative represents an important step toward building the evidence base that Hong Kong needs to accelerate low-carbon transformation in the built environment. By working closely with industry partners, we aim to generate real-world data, performance benchmarks, and insights that can inform policy, guide investment, and unlock scalable solutions. This initiative will help quantify the value of retrofit-led innovation and offer a blueprint for green growth.”
“With less than 2% of the global building stock being retrofitted annually, this initiative is a timely and strategic step towards decarbonizing Hong Kong’s built environment. It aims to shift public and market perceptions from viewing environmental upgrades as a cost burden to recognizing them as a strategic economic driver with long-term competitiveness. Leveraging digitization and electrification, we must embrace innovative retrofit solutions, such as AI, Digital Twin, EV charging, and smart grid systems. This collaborative approach will help advance our green technology applications and transformations, ultimately accelerating sustainability and the green economy in Hong Kong,” said Mr. Chiu.
“Optimizing existing buildings' energy efficiency is one of the main levers for Hong Kong to achieve its carbon neutrality goal, as buildings' electricity consumption is responsible for 60% of the carbon emissions,” said Mr. Pelletier. “By combining the expertise of Veolia, Schneider Electric, Bouygues-Dragages, Egis and Saint-Gobain, we can propose a more impactful set of solutions for retrofitting, leveraging the complementarity of our know-how. Beyond technology, we are also proposing an innovative business model, where our team, with the help of financial partners, can support the initial investment.”
Veolia group aims to become the benchmark company for ecological transformation. Present on five continents with nearly 218,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. Through its three complementary activities, Veolia helps to develop access to resources, to preserve available resources and to renew them. In 2023, the Veolia group provided 113 million inhabitants with drinking water and 103 million with sanitation, produced 42 million megawatt hours of energy and treated 63 million tonnes of waste. Veolia Environnement (Paris Euronext: VIE) achieved consolidated revenue of 45,351 million euros in 2023. www.veolia.com
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Veolia Hong Kong & Macau
Natasha Wong
Senior Communications Manager
Tel.+852 2167 0462
[email protected]
Urania Yau
Communications Manager
Tel.+852 2167 0409
[email protected]