CLP Demonstrates Resilience in Energy Transition Amid COVID-19 Challenges
March 15, 2021 at 04:00 AM EDT
CLP maps out latest efforts to transform into a Utility of the Future amid COVID-19 challenges in 2020, building on 120 years of shared vision
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The CLP Group has launched its new Sustainability Report and Annual Report, documenting the resilient performance of the business amid the unprecedented challenges of the COVID-19 pandemic, and the Group’s unwavering focus to continue its energy transition to build a more sustainable future.
Despite the uncertainties of 2020, CLP made further progress in decarbonising and digitalising its business, and continued its workforce transformation in the Group’s ongoing transition to a Utility of the Future. The highlights include:
“Change remains a constant in the energy sector, and even more so during a global health crisis. As the world around us changes, we continue our transition towards a Utility of the Future with diversified, strategic investments in new business models and technologies,” CLP Holdings Chairman The Hon Sir Michael Kadoorie and Chief Executive Officer Richard Lancaster said in the 2020 Sustainability Report.
With a foundation built over the past 120 years, sound governance has always been fundamental to CLP’s success. Complemented with regular risk assessments, it has helped CLP establish robust crisis-preparedness. To support sustainable growth, CLP also reviewed its strategic priorities of decarbonisation, digitalisation and workforce transformation to ensure that they remain valid and relevant for a future driven to “build back better”.
As the pandemic focused attention on the importance of sustainability, calls for climate action are accelerating, particularly as world leaders are expected to meet at the 26th United Nations Climate Change Conference later in 2021. For CLP, it has achieved its 2020 carbon intensity target laid out in the Climate Vision 2050. As demonstrated by its current review, the Group remains committed to its pledge of strengthening its targets at least every five years.
Furthermore, CLP continued enhancing its disclosures according to the recommendations of the Task Force on Climate-related Financial Disclosures. It also further considered the resilience of its Climate Vision against relevant climate scenarios to better understand the impacts of associated climate risks and opportunities.
During the year, CLP made significant progress on its offshore liquefied natural gas terminal project in Hong Kong, while breaking ground for the second additional generation unit at Black Point Power Station.
As digital workplaces gain prominence, CLP’s growing capabilities in digitalisation and innovation will continue to be put to the test. Amid national lockdowns and social distancing measures, CLP rapidly enabled flexible work arrangements to help safeguard its people, while upholding operational resilience and customer service excellence.
While investments into building its workforce-of-tomorrow are ongoing, CLP recognised the immediate hardships faced by communities during COVID-19 and launched a range of relief measures and community support programmes across its operating regions. In Hong Kong, over HK$200 million was invested in 2020, with another HK$160 million set aside for 2021. In Australia, CLP supported customers with initiatives ranging from freezing debt collection to dedicated payment plans.
CLP is committed to addressing the environmental, social and governance topics considered most significant to its business and stakeholders. Readers who send feedback to CLP regarding its Sustainability Report, Annual Report or A Snapshot of Annual Report through an online survey or via email on or before 30 June 2021 will receive four CLP Carbon Credits, which can be used to offset their carbon footprint.
Learn more about CLP's performance and outlook:
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