Electricity is at the very heart of climate change. Power generation accounts for over 40% of global energy-related CO2 emissions, yet the communities we serve are in urgent need of more power to fuel their economic growth and social development.
Fossil fuels are the most carbon intensive form of power generation. However, they are readily available and currently the most affordable choice for many developing nations. While renewable energy is an attractive option, the infrastructure must grow incrementally before it offers a significant and more commercially viable solution.
It is therefore important that CLP has 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 we are committed to it. With our assets lasting 40 to 60 years, we often look several decades ahead in the planning and operational process to ensure that each asset meet our environmental policies and goals.
In 2007, we published our Climate Vision 2050, which laid out our carbon dioxide emissions intensity reduction targets to the year 2050. In 2010, we reviewed our performance so far and decided to set new and more ambitious targets for 2020.