MENU PLACES PEOPLE PARTNERS PERFORMANCE PERFORMANCE (ENVIRONMENT) (ECONOMIC) Governance Strategy Risk Management Metrics and Targets In 2023, Swire Properties will begin piloting the use of internal carbon pricing (“ICP”) to drive our transition to a low-carbon economy. Our ICP model will take the form of an internal carbon fee. By linking each unit of CO emissions to a fixed cost, our business units will be further incentivised to integrate low-carbon 2 considerations into their business decisions. ICP will become another strategic tool in our carbon management strategy to drive aggressive near-term decarbonisation across our portfolio while we seek to achieve net-zero by 2050. The funds raised through ICP will be directed towards decarbonisation projects that drive or provide additional carbon reduction impact. Our New Ventures department works with investors, accelerators and experts from around the world to source new technologies that add strategic value to our operations, including low-carbon technologies. In 2019, we launched UrbanLab, the first corporate accelerator programme in the Chinese Mainland to focus on PropTech to foster the application of innovative technology solutions relevant to the real estate sector. In 2020, we established a new USD50 million corporate venture capital fund which will be used to invest in relevant and innovative technology companies to help fuel the Company’s ongoing creative and digital transformation. SUSTAINABLE DEVELOPMENT REPORT 2022 226