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MTR
Hong Kong
MTR Corporation operates the Mass Transit Railway, which provides public transportation in Hong Kong. The company also develops residential and commercial properties near its stations. MTR's largest environmental impact is electricity consumption (the rail lines are primarily electric). The company is focusing on energy efficiency and has implemented several energy-saving technologies, such as an automatic control system that drives trains at a speed and frequency for optimum energy use, and a regenerative braking system for rail cars (resulting in rail cars using 25% less energy). MTR participates in both the Intergovernmental Panel on Climate Change and the Sustainable Development Commission of the International Association of Public Transport and is lobbying to have the transportation sector added to the Kyoto Protocol. As a result of the company's merger with KCRC, MTR has expanded its operations to mainland China. China presents significant social and environmental concerns, including corruption, lax law enforcement, and workers rights violations; however, the benefits of developing effective infrastructure for public transportation in China are invaluable. Areas for future improvement include green building and managing risks in China. Portfolio 21 is pleased with MTR's commitment to have all future property developments achieve certification by the Hong Kong green building standard, HK-BEAM, and we have asked MTR to set certification goals at leadership levels.
Human rights concern
MTR Corporation is a Hong Kong-based company focused on public rail transport, a service that undoubtedly has its environmental benefits. The company has recently expanded into mainland China, and expects additional growth in this area. Portfolio 21 recognizes there are significant issues in regards to the implementation and enforcement of labor rights and environmental regulations in China, however, given the nature of MTR's business and its potential to provide the social and environmental benefits of public transportation to China's growing population, we feel the benefits make the investment worthwhile. Read Portfolio 21's Globalization, Human Rights and Social Justice policy.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/09 and may not reflect current opinions or subsequent events.