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2024 Sustainability Report / Our Sustainability Agenda / Net-zero transition

Net-zero transition

CLP is transitioning to low-carbon energy by phasing out coal, investing in non-carbon energy infrastructure, managing climate-related risks and meeting environmental responsibilities. The transition creates opportunities in renewable energy, transmission, distribution and energy storage. In line with Climate Vision 2050, CLP is committed to reducing carbon emissions to meet business and government targets while ensuring energy reliability and affordability, and addressing potential risks including grid instability, stranded coal assets and geopolitical uncertainties.

68%

of operating earnings from non-carbon generation assets, transmissions, distribution and retail operations

agenda-net-zero-zero-carbon-a

0.53 kg CO2e/kWh
CLP's GHG emissions intensity

vs 0.54 kg CO2e/kWh in 2023

agenda-net-zero-zero-carbon-b

CLP Power’s Fuel Mix in 2024

52% Natural Gas
31% Nuclear
16% Coal
1% Others

agenda-net-zero-zero-carbon-c

CLP remains committed to ceasing investment in new coal-fired generation capacity and to phasing out coal before 2040. This strategy aims to balance the need for reliable, low-carbon electricity with the challenges of reducing emissions and air pollution from existing fossil fuel assets. The new D2 generation units at Black Point Power Station went into service in April 2024 to increase CLP Power's natural gas generation capacity. In addition, CLP is leveraging growing support for nuclear energy to increase its share of non-carbon power through regional cooperation.

CLP China is expanding its renewable energy portfolio, with 1,380MW of wind and solar projects under construction to add to the 2,400MW already operating. The business aims to double its renewable assets within the next three to four years. Meanwhile, EnergyAustralia has committed for 3GW of renewables by 2030, with both regions advancing developments in battery energy storage systems.

Since its first edition in 2007, CLP's Climate Vision 2050 has been guiding the Company’s investment decisions and setting a pathway for its decarbonisation actions. In March 2024, Climate Vision 2050 was updated to include a strengthened decarbonisation target for 2030. In December 2024, EnergyAustralia also released its second Climate Transition Action Plan, which provides an update on decarbonisation progress and outlines a pathway to achieving its ambition of Net-Zero Scope 3 emissions by 2050.

Why is this topic material to stakeholders?  

By investing in non-carbon energy infrastructure and phasing out coal, CLP can reduce emissions from its portfolio. This will enhance its air and water quality management, thereby protecting community health and ecosystems, especially in water-stressed regions. CLP’s expansion into sustainable energy solutions, including solar power installations, nuclear energy and electric vehicle charging, is delivering more zero-carbon power to consumers and supporting the long-term resilience of the wider economy. These efforts are collectively strengthening CLP’s reputation, building trust with stakeholders and contributing to social equity and economic progress in the regions served by CLP.

Respecting Nature
The materiality matrixEnergy growth opportunities

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