CLP is also accelerating plans to phase out coal-fired generation assets by 2040, a decade earlier than previously pledged. In the interim, the Group has set new science-based targets for 2030 and strengthened its 2040 targets to align with the goal of limiting global warming to well below 2°C above pre-industrial levels.
“Recent natural disasters and scientific evidence all point to the urgent need for accelerated climate actions. CLP’s goal is to provide sustainable energy solutions from one generation to the next. That requires us to shoulder our responsibility in fighting against climate change while ensuring a reliable and affordable energy supply,” said Richard Lancaster, Chief Executive Officer of CLP Holdings Limited.
“The updated Climate Vision 2050 will guide our way towards a net-zero future, managing climate risks while capturing the many opportunities presented by the energy transition. As we progressively phase out coal, our investment will be directed towards low-carbon streams of business including power transmission and distribution, renewable energy, new energy technologies as well as smart technology solutions that will help our customers become more energy-efficient and reduce their own carbon footprint.”
Key decarbonization targets under the updated Climate Vision 2050 include:
The update of Climate Vision 2050 follows a strategic review this year, which considered a comprehensive range of factors including the latest climate science, technology trends, the regulatory environment, the risks and opportunities to the business as well as the views of key internal and external stakeholders. Since its launch in 2007, Climate Vision 2050 has been instrumental in informing CLP’s business strategy and guiding its investment decision-making, underpinning the Group’s long-term success as a business.
CLP remains committed to strengthening its decarbonization targets at least every five years, in recognition of the need to align with the goal of limiting global warming to 1.5°C, as well as changes in the operating environment including the evolving climate science, policy drivers and community needs.