CLP Achieves 2020 Carbon Intensity Target on Path to Climate Vision 2050
As the COVID-19 crisis turned the spotlight on global health, the pace of climate action has expedited around the world, particularly as world leaders are expected to strengthen their Paris Agreement climate commitments at the 26th United Nations Climate Change Conference later in 2021. In support of global developments, CLP has upheld the Group’s commitment to decarbonise its operations as it transitions to a Utility of the Future.
In its new Sustainability Report, CLP announced that the Group’s carbon intensity was reduced to 0.57kg CO2/kWh, well below the 2020 decarbonisation target of 0.6kg CO2/kWh laid out in CLP’s Climate Vision 2050. Carbon intensity at CLP was lowered by the commissioning of the new combined-cycle gas turbine (CCGT) unit at Black Point Power Station in Hong Kong, which helped increase the share of natural gas-fired power generation to around 50% of the city’s fuel mix, and the completion of the third phase of Laiwu Wind Farm in Shandong province, Mainland China, which is now the largest operational wind farm across the CLP Group.
While its clean energy targets have yet to be met due to portfolio changes and evolving market circumstances, CLP remains committed to honouring its pledge to strengthen its Climate Vision 2050 targets at least every five years, with a review currently underway.
Recognising the growing international efforts to increase transparency and credibility on climate-related disclosures, CLP continued enhancing its disclosures in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. CLP also further considered the resilience of its Climate Vision 2050 against relevant climate scenarios to better understand the impacts of associated climate risks and opportunities.
Although the pandemic has brought much of the world to a standstill, CLP continued to make significant progress on its project to build an offshore liquefied natural gas terminal in Hong Kong waters, and has broken ground for the construction of a second additional CCGT gas-fired unit at Black Point.
CLP also pressed on in its pursuit for growth opportunities in emerging transition enablers needed for transforming the energy system. These include low-carbon technologies in decentralised generation, smart energy services, transmission and distribution systems, battery or other energy storage solutions, and electric vehicle charging facilities.
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