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CLP strengthens reporting with double materiality approach

Published: 14 Mar 2022
Author: WBCSD Communications
Type: Member Spotlight

The CLP Group (CLP) has adopted a double materiality approach in its newly-published Sustainability Report and integrated Annual Report to better reflect environmental, social and governance (ESG) risks and opportunities in its business strategy from both a financial and an impact perspective.

In line with best practice from global reporting standard setters, CLP features the material topics that reflect its impacts on people, the environment and the economy in its 2021 Sustainability Report, addressing the concerns of a diverse range of stakeholders.

In its integrated Annual Report, it focuses on ESG topics that potentially create or erode its enterprise value – issues that may be of most interest to shareholders and other capital providers.

Furthermore, it has launched a standalone Climate-related Disclosures Report to provide climate-related financial information and demonstrate how it manages the energy transition in a changing climate.

The report was prepared based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the International Sustainability Standards Board’s (ISSB) Climate-related Disclosures Prototype.

It covers governance of CLP’s response to climate change and management of climate-related transition and physical risks, while offering relevant metrics and targets. It also includes information on the climate scenario analysis conducted by CLP for its portfolio across different markets, and details of how CLP mobilises resources to implement Climate Vision 2050 and identify opportunities presented by the energy transition.

2021 marked CLP’s 120th anniversary. Its new set of reports acknowledge the many challenges it faced as an energy business in the turbulent landmark year and highlight the resilience of its people across its operations in Asia Pacific and CLP’s efforts in addressing its risks and opportunities.

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