Hong Kong's CLP Holdings to end investing in new coal-fired power
17/12/2019 07:53
* Plans to progressively phase out remaining coal assets by
2050
* CLP Group had 11,997 MW of coal-fired capacity in late
2018
* Building Hong Kong's first LNG receiving terminal
By Jessica Jaganathan
SINGAPORE, Dec 17 (Reuters) - Hong Kong-based power company
CLP Holdings 0002.HK said on Tuesday it does not plan to
invest in any additional coal-fired generation capacity and will
instead aim to progressively phase out remaining coal assets by
2050.
The switch will be part of the company's efforts to
'decarbonise' in line with Paris Agreement climate commitments,
CLP said in a statement. In a separate report, it said 20% of
its revenue currently comes from coal-based power generation.
"We are evolving our business model to further explore
low-carbon investment opportunities in transmission and
distribution, electric vehicle charging, decentralised
generation and smart energy services," chief executive Richard
Lancaster said in the statement.
As of December, last year, CLP Group had 11,997 megawatts of
coal-fired equity generation capacity, a spokesman from the
company told Reuters. CLP Holdings is the holding company for
CLP Group.
The spokesman added that for CLP, phasing out coal-fired
generation capacity will mean retirement and closure of
coal-fired power assets, moving away from build-operate-transfer
coal-fired projects before the end of the contract term, or
divestment from a coal-fired asset.
Following the ratification of the Paris Agreement, CLP in
2017 undertook a comprehensive review of its Climate Vision 2050
targets, committing to an 80% reduction in carbon by 2050,
compared with 2007 levels.
It currently operates in various Asian regions including
India, Southeast Asia, Hong Kong and China, as well as
Australia.
CLP is building Hong Kong's first offshore liquefied natural
gas (LNG) receiving terminal as Hong Kong undertakes a massive
shift to use more natural gas to fuel its electric power
generation rather than coal. urn:newsml:reuters.com:*:nL4N23S27Z
(Reporting by Jessica Jaganathan
Editing by Kenneth Maxwell)
((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters
Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net;
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