Decarbonisation

Decarbonisation is one of CLP’s main priorities for our transition to a Utility of the Future. As the pace of change in the energy industry continues to accelerate, we recognise that the once linear and traditional electricity sector value chain has morphed into an interconnected and multidirectional mesh of opportunities with which we need to evolve. While wind and solar technology continues to improve, battery and other energy-storage solutions are also evolving fast and starting to contribute to grid stability.

Climate Vision 2050

Launched in 2007, CLP’s Climate Vision 2050 serves as a foundational pillar for the roadmap of our business strategy, guiding us on how we manage our climate-related risks and opportunities as we move forward.

 

Over the years, we have reviewed and updated our targets in response to changing policy drivers and technological advancements. Our key pledges include not adding new coal-fired generation assets and progressively phasing out our remaining coal-based assets before 2050. We are also committed to revisiting and strengthening our targets at least every five years.

Full Publication

Summary

Our Targets

CLP’s Climate Vision 2050 is structured with a series of targets set out from 2010 to 2050. There are two types of targets – one in the context of the carbon intensity of our energy supply, and the other in the context of the share of renewable and non-carbon emitting energy in our generation portfolio. We target to reduce the Group’s carbon intensity from the 2007 level by 80% by 2050.

 

 

Our Progress

As we continue to strive for our 2050 targets, we have also laid out interim goals. This is to enhance the transparency of our climate response.

 

Below is an overview of CLP’s progress towards our Climate Vision 2050. We are on track to meet our 2020 carbon intensity target while it remains challenging to achieve our renewable energy and non-carbon emitting energy capacity targets. A more extensive elaboration of our annual progress can be found in our Sustainability Report.

 

  • 2020 Targets
  • 2019 Performance
  • Carbon intensity

    (kg CO2/kWh)

  • 0.60

  • 0.62

  • Renewable energy capacity 

    (as percentage of total)

  • 20%

  • 13.7%

  • Non-carbon emitting energy capacity 

    (as percentage of total)

  • 30%

  • 24.9%

Note: All the above figures are on an equity plus long-term capacity and energy purchase basis.
 

Through advancing disclosures and developing scenario analysis based on recommendations from the Task Force on Climate-related Financial Disclosures, CLP wants to help stakeholders better understand how we manage climate-related risks and opportunities that impact our business and progress.

 

Our Key Approaches

  • No coal
    No additional coal-fired generation assets
  • Clean energy
    Optimise CLP’s fuel mix and invest more in clean energy 
  • Strengthen decarbonisation targets
    Gradually strengthen CLP’s decarbonisation targets
  • Pursue further opportunities
    Pursue further opportunities in transmission and distribution, smart energy services and other prominent transition enablers 
  • Customer support
    Support customers in using energy more efficiently and backing renewable energy development 


Please read our Sustainability Report for our latest response to climate change, or visit the CLP Power Hong Kong and EnergyAustralia websites to learn more about our operations and businesses in Hong Kong and Australia.    

Financing Climate Action

The CLP Climate Action Finance Framework (CAFF) details our proposition to raise climate action finance including bonds, loans and other forms of finance (CLP Climate Action Finance Transactions), as well as to use the proceeds of those CLP Climate Action Finance Transactions to invest in projects that are consistent with CLP Group’s strategy in responding to climate change challenges.

CLP Climate Action Finance Framework

Digitalisation

Workforce Transformation