Setting climate ambition together
Under the Paris Agreement, 2020 was to be the year when countries stepped up their ambition. For the corporate sector, science-based targets (SBTs) provide companies with a clearly-defined decarbonisation path in line with the Paris Agreement goals.
The electric utilities sector faces several challenges in setting SBTs. The challenges range from technical ones such as reporting emissions from their value chains, defining appropriate scopes and boundaries, to strategic ones such as ensuring a just transition away from fossil fuel-based power generation, or abating certain sources of value chain emissions.
Together with four other peer companies from the sector, CLP participated in a World Business Council for Sustainable Development (WBCSD) working group to share its experience and develop solutions to these challenges. The working group's findings were summarised in the report Setting science-based targets: A guide for electric utilities, published in June 2020.
In Hong Kong, CLP is a signatory to the Business Environment Council's Low Carbon Charter which was first launched in 2019. Initially focused on the property and construction sector, the Charter was expanded in 2020 to companies from all sectors. Signatory companies collectively contribute towards Hong Kong’s long-term decarbonisation by pledging to set and achieve carbon reduction targets, and report their progress on an annual basis.