Hong Kong, September 12, 2025 – 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, 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 published in April 2024. This was followed by work on a pilot project proposal for a net zero-carbon building, which was shared with the Chief Executive, John Lee.
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 the 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 the 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 signing ceremony of the MOU took place at the Hong Kong Convention and Exhibition Centre. The MOU was signed by the Vice President for Administration and Business of the HKUST, Professor Tam Kar-yan; the President of Schneider Electric Hong Kong, Jonathan Chiu; and the Chief Executive Officer of Veolia Hong Kong and Macau, Laurent Pelletier. The signing ceremony was witnessed by the French Ambassador to China, Bertrand Lortholary; the Consul-General of France in Hong Kong and Macau, Christile Drulhe; the Director-General of Investment Promotion of InvestHK, Alpha Lau; and Associate Director-General of Investment Promotion of InvestHK, Arnold Lau.
"French companies have always been at the forefront of innovation when it comes to sustainable infrastructure. We are proud to support them in 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 co-operation to promote sustainable development and environment protection while addressing the challenges of climate change," Bertrand Lortholary said.
"This pilot project is not only about sustainability, but also about market creation and investment facilitation," said Alpha Lau. “With over 90 per cent 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.”
"Retrofitting is not just good for the planet. It's good for business," said Professor 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 per cent 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 Jonathan 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 per cent of the carbon emissions," said Laurent 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.”
Sustainable development and the green economy are among the strategic sectors InvestHK prioritizes in its foreign direct investment promotion efforts. The department actively attracts international companies that bring cutting-edge solutions in energy efficiency, climate technology, and smart infrastructure. InvestHK is committed to supporting international partners in building a future-ready economy in Hong Kong, where sustainability and foreign direct investment go hand in hand.
The MOU was signed by the Vice President for Administration and Business of the HKUST, Professor Tam Kar-Yan (front row, centre); the President of Schneider Electric Hong Kong, Jonathan Chiu (front row, first right); and the Chief Executive Officer of Veolia Hong Kong and Macau, Laurent Pelletier (front row, first left). The signing ceremony was witnessed by the French Ambassador to China, Bertrand Lortholary (back row, second left); the Consul-General of France in Hong Kong and Macau, Christile Drulhe (back row, first left); the Director-General of Investment Promotion of InvestHK, Alpha Lau (back row, second right); and the Associate Director-General of Investment Promotion of InvestHK, Arnold Lau (back row, first right).
Invest Hong Kong announce today the signing of a Memorandum of Understanding (MOU) between the Hong Kong University of Science and Technology and a consortium of French companies, including Schneider Electric, Veolia, Bouygues-Dragages, Egis, and Saint-Gobain, to collaborate on building sector's decarbonisation. Photo shows the guests attending the signing ceremony of the MOU.
