In March this year, CLP Holdings Limited (CLP) published its updated Climate Vision 2050, which sets out the Group’s blueprint for powering an orderly transition along its pathway to achieving net-zero greenhouse gas emissions across the value chain by mid-century.
Following an extensive review of CLP’s decarbonisation targets and commitments between 2023 and early 2024, the latest edition includes updates on the Group’s strengthened greenhouse gas emissions intensity target for 2030, bringing it closer to the goal of limiting global warming to 1.5⁰C.
The publication also details CLP’s supporting action plans on decarbonising power supply. This includes maintaining the existing commitment to phase out coal before 2040, growing investments in non-carbon energy and supporting infrastructure, as well as accelerating the energy transition across sectors.
“The power sector is at the forefront of global decarbonisation as it is instrumental to enable emission reduction for a broad spectrum of the economy,” says Chief Executive Officer T.K. Chiang.
Integral to CLP’s broader climate strategy, CLP’s Climate Vision 2050 also covers the Group’s approach to climate scenario analysis and climate-related risks and opportunities assessments and was prepared by mainly referencing guidance from the International Sustainability Standard Board’s (ISSB) International Financial Reporting Standards (IFRS) S2 – Climate-related Disclosures.
CLP is committed to reviewing its climate transition plans and targets at least every three years. Drivers for acceleration will include step changes in climate and energy policy, technology advancements, as well as support from governments in the markets where CLP invests.