Our decarbonisation journey began back in 2004, when we first targeted to make renewable energy 5% of our portfolio by 2010.
In 2007, we launched our Climate Vision 2050 to support the transition towards a sustainable, low-carbon future and to guide our strategy to manage climate-related risks and opportunities. The associated targets are integrated into strategic decision-making for our asset portfolio management, including acquisitions and divestments, write-downs and asset impairments.
Over the years, we have reviewed and updated our targets in response to changing policy drivers and technological advancements. The latest review was conducted in 2017, with new targets announced in 2018. We are committed to strengthening our targets at least every five years.
We further set out our strategy to move towards these targets in CLP's Climate Vision 2050: A more sustainable world, which highlights our ambitions to decarbonise the Group’s generation portfolio and leverage advanced technologies and innovations to support our evolution into a Utility of the Future. Our key pledges include not investing in additional coal-fired generation assets and progressively phasing out all remaining coal-based assets by 2050. We will also seek to increase renewable energy capacity and focus on opportunities in transmission and decentralised smart energy solutions.
Read the full report and the summary to learn more about our updated Climate Vision 2050.
Climate Vision 2050 sets out a series of decadal targets from 2010 to 2050 compared to 2007 levels. These targets are based on our generation capacity on an equity and long-term capacity and energy purchase basis. They consist of two types:
Clean energy targets
These key metrics help us track how our generation portfolio has evolved over the years and provides guidance on how our business strategy will need to transform over the coming decades.