Powering a Greener Future: Navigating Policy, Technology, and Investment

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.

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.

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.