Electricity is at the very heart of climate change. Power generation accounts for over 40% of global energy-related C02 emissions. However, the communities we serve are in urgent need of power to fuel their economic growth and social development.
Fossil fuels are the most carbon intensive form of power generation, and yet they are readily available and currently the most affordable choice for many developing nations. Whilst renewable energy is an attractive option, the supporting infrastructure must grow incrementally before it can offer a significant and more commercially viable solution. It is therefore important that CLP maintains a clear climate strategy for the road ahead. Our ultimate goal is to reduce our carbon emissions in line with an agreed global level at which catastrophic climate change can be avoided.
Lowering our carbon emissions intensity is a long process, but a process to which we are fully committed. Assets in our portfolio have a life-span of 40 to 60 years, and so it is crucial that we look several decades ahead in the planning and operational process, so as to ensure that each asset meets our environmental goals. In 2007, we published our Climate Vision 2050, which laid out our carbon dioxide emissions intensity reduction targets up to the year 2050. In 2010 we reviewed our performance so far and decided to set a new and more ambitious target for 2020, and leave our 2035 and 2050 targets unchanged. We will continue to conduct reviews of our targets regularly to align with our business needs in a changing business environment.