This keynote session gathers the C-Suite of Hong Kong’s utilities giants. These large providers enjoy access to a highly sophisticated workforce, the latest technologies, a tailor-made local policy framework and a front seat at the nexus of Asia’s financial capital streams. Yet it is precisely this unique positioning that raises the threshold for reinvestment, finding larger consumer bases and a strong incentive to innovate, which will be crucial factors to substantially reduce the sector’s environmental impact – if the ambitious 2050 carbon neutrality goals are to be realistically achieved. This high-level panel will explore how Hong Kong can pivot from its current energy mix and fossil-fuel reliance towards a greener future, and what it takes to achieve this ambitious transformation.
Learnings
1. What forms of capital investment are needed to steer Hong Kong towards a green energy future?
2. What policy and market best-practices are there to encourage change and are adaptable to Hong Kong’s unique market?
3. What are the technologies that will act as powerful tools to achieve a greener utilities reality and what contribution can local and GBA innovators make?
Post-event Actions
1. Be better equipped to identify investment opportunities and supply gaps for both the public and private sector to achieve net zero.
2. Work towards a roadmap across industries for them to play their part in HK’s green energy transformation
3. Understand what regulatory support and incentives the industry needs.
Moderator
Fiona Watson
Vice President, Corporate Performance & Accountability (CP&A)
WBCSD
WBCSD
Vice President, Corporate Performance & Accountability (CP&A)
Mrs. Fiona Watson is Vice President (VP) and a member of the Leadership Team (LT) at the World Business Council for Sustainable Development (WBCSD), based in Amsterdam, the Netherlands. Fiona joined WBCSD in May 2023.
In her role as VP, Fiona leads WBCSD’s work on Corporate Performance & Accountability, working with members and partners to streamline and accelerate the integration of sustainability-related impacts, risks and opportunities into financial decision making to drive capital allocation for transformation at scale. This work includes WBCSD member programs on corporate transparency, transformation and aligning finance and value as well as convening CFO, GC and other executive forums. She also convenes the Senior Advisory Board of WBCSD’s Preparer Forum for Sustainability Disclosures with key standard setters and global reporting experts.
Fiona has more than 25 years of international experience working on transformative finance agendas. As a dual qualified US/UK lawyer, she was Head of Legal for Treasury, Disclosure and ESG at RBS Group (now NatWest) in the aftermath of the financial crisis from 2011 to 2020. At RBS she was appointed as a member of various executive committees including the Executive Disclosure Committee with legal responsibility for the Group’s global market disclosures (including risk factors) and prudential balance sheet funding activity. She was also a protagonist in the Bank’s initial response to prudential regulation of climate risk and associated disclosures. This was followed by legal and sustainability leadership roles at Amazon based in Luxembourg from 2020-2023 where she led on EU Green Deal and global ESG reporting initiatives.
Having started her career in advisory at PWC in New York in 1999, she was an Associate at Davis Polk & Wardell LLP in New York and London from 2007 to 2011. Fiona holds a LLM in International Trade and Business Law (cum laude) from Fordham University and LLB (Hons) in Law with German Law from University College London. Prior to UCL, she spent a year in Indonesia teaching in an Islamic University.
Francis Cheng
Managing Director
The Hongkong Electric Company Limited
The Hongkong Electric Company Limited
Managing Director
Mr. Francis C.Y. Cheng is an engineer with over 45 years of working experience in the power industry. He joined The Hongkong Electric Company, Limited (HK Electric) in 1979. He was the Station Manager of Lamma Power Station before promoting to Operations Director in 2017 overseeing the electricity generation, transmission and distribution, as well as system operation and information technology functions of HK Electric. Mr. Cheng was further promoted to his present position of Managing Director of HK Electric in July 2023, and continues leading the Group to drive innovation and achieve zero-carbon energy while maintaining world-class electricity-supply service with reliability over 99.9999%. He is also the Chief Executive Officer of HK Electric Investments Limited and an executive director of Power Assets Holdings Limited. Mr. Cheng holds a Bachelor’s degree in Chemistry and is a Fellow of the Royal Society of Chemistry in the United Kingdom, and a Fellow of The Hong Kong Institution of Engineers.
My Sustainability Goals for 2025:
As the global energy sector continues to face the dual challenges of extreme weather and increasing sustainability demands, HK Electric is committed to delivering a safe, reliable, clean, and affordable electricity supply to our customers under the Scheme of Control Agreement entered into between the Government and HK Electric.
Our proactive network maintenance and floodproofing programme yielded a reliability rating of over 99.9999%. On average, our customers experienced less than 0.5 minutes of unplanned power interruption during 2024. Leveraging increased use of natural gas, we also achieved our goal of reducing carbon emissions in support of the Government’s carbon reduction targets. Compared to 2005, we have already reduced carbon emissions by approximately 40%.
Moving forward, HK Electric’s sustainability strategy will continue to evolve with a strong focus on decarbonisation, innovation, and community engagement—underscoring our commitment to inclusive and sustainable development. To support this vision, HK Electric has set sustainability targets for 2025, focusing on the following key areas:
1. HK Electric is committed to advancing our sustainability agenda in alignment with the 17 United Nations Sustainable Development Goals (SDGs). In 2025, we will continue to contribute to six key focused SDGs—Goals 7, 8, 9, 11, 12, and 13—which closely align with our corporate strategies and business priorities. For example, we will complete full-scale smart meter deployment in 2025, empowering residential and corporate customers to monitor and manage their electricity consumption anytime, anywhere via the HK Electric App. Additionally, we aim to maintain a safe and reliable electricity supply with a yearly reliability rating exceeding 99.999%.
2. A core decarbonisation initiative of HK Electric is driving the energy transition, with a firm commitment to achieving net-zero electricity generation by 2050. The implementation of our 2024–2028 Development Plan, approved by the Government, facilitates this transition. Construction of the new gas-fired unit L13, designed to further increase gas generation, is progressing as planned toward its scheduled commissioning in 2029—marking a major milestone in our energy transition journey.
3. To ensure long-term reliability, we are strengthening our power supply infrastructure through innovation and proactive risk management. Coastal substations vulnerable to storm surges are being retrofitted with flood-prevention facilities in two phases: Phase I (within 100 meters of the coastline) is set for completion in 2025; Phase II (beyond 100 meters) will follow in 2026.
4. In 2025, HK Electric will continue to go beyond environmental stewardship by enhancing social value creation through key community initiatives. The Happy Green Campaign will inspire our younger generations to embrace energy efficiency, renewable energy, and low-carbon lifestyles. Meanwhile, the U3A Programme will expand its reach to support lifelong learning and foster stronger community engagement among older adults in Hong Kong.
Joseph Law
Managing Director
CLP Power Hong Kong Limited
CLP Power Hong Kong Limited
Managing Director
Mr Law is the Managing Director of CLP Power Hong Kong and holds overall responsibility for the operations of CLP’s Hong Kong regulated business, which includes a vertically integrated electricity utility serving customers in Kowloon, the New Territories and most of the outlying islands.
Mr Law was in the banking industry before joining CLP in 2001. His experience in the energy business spans from finance, renewable energy development, fuel procurement, strategic planning, commercial development and operations. He was the Chief Operating Officer of CLP Power from 2021 and the Managing Director – China from 2022 to June 2023.
Mr Law is currently the Vice Chairman of the Real Estate and Infrastructure Committee at the Hong Kong General Chamber of Commerce. He is a member of The Air Quality Objectives Review Working Group under the Environment and Ecology Bureau of the HKSAR Government, the Hong Kong Professionals and Senior Executives Association and the Canadian Chamber of Commerce. He is also the Chairman of the Finance Committee and a School Council member for the Beacon Hill School, a member of the Local Advisory Committee of the Division of Environment and Sustainability for Hong Kong University of Science and Technology.
Mr Law holds an MBA degree in Finance and a Bachelor of Commerce degree in Accounting from the University of British Columbia as well as the Fellowship of the Energy Institute. He is a Certified Public Accountant and a Chartered Financial Analyst.
Founded in 1862, The Hong Kong and China Gas Company Limited (Towngas) is Hong Kong’s first public utility. Today, we are one of the largest energy suppliers in Hong Kong, supplying city gas to over 2 million customers through more than 3,700 km of gas pipelines. Besides, we are now serving more than 40 million customers in Chinese mainland. For the past years, Towngas has grown with Hong Kong, evolving from the simple gas company supplying fuel for street lamps to our current leading position in the energy industry of Chinese mainland and beyond. Expanding our business horizons in recent years, we have diversified our business into solar energy, smart energy systems, urban waste utilisation projects, and production of different green fuels.
In 2024, Towngas set up an ESG consultancy company, Climate-Tech Energy Global Consultancy Limited, to tap into the growing demand for ESG consultancy services. It offers one-stop ESG solutions, including climate strategy development, reporting and disclosure support, technical training, among others.
UN SDG goals that we align with:
Legal Name:The Hong Kong & China Gas Company Limited
Lighting up homes and businesses of Hong Kong since 1890, HK Electric has a proven track record of providing safe, highly reliable and reasonably priced electricity supply to customers on Hong Kong and Lamma islands. The Company’s operations cover power generation, transmission and distribution, supply and customer service, and has maintained a world-class power supply reliability rating – over 99.999% – since 1997. Thanks to prudent investment, use of optimal technologies underpinned by an innovation culture, HK Electric has been instrumental in sustaining the city’s economic development and enabling a good quality of life for its citizens. It has been increasing the use of natural gas and renewables for power generation as part of its ongoing efforts to reduce emissions, as well as encouraging the community to decarbonise through its Smart Power Services, thereby supporting Hong Kong to achieve carbon neutrality by 2050.
Solutions Showcase:
Legal Name: The Hongkong Electric Company Limited
General Enquiry Email Address: mail@hkelectric.com
General Enquiry Phone Number: 2843 3111
General Business Address: Hongkong Electric Centre, 44 Kennedy Road, Hong Kong