Climate change: Hong Kong utility CLP scales up zero-emissions goal, says ‘impact on electricity price won’t be as much as people fear’
- Goals upgrade at CLP comes after Xi tells UN China will not build more new coal power plants abroad
- A lot of investment is needed, which will impact the price of electricity, but these investments will be spread over 30 years, utility’s CEO says
04:56
Hong Kong could slash carbon emissions 70% with more ambitious goals, says former observatory head
CLP, which also has operations in mainland China, India, Australia and Southeast Asia, previously aimed to phase out coal power by 2050 as part of efforts to slash its carbon emissions to 0.15 kilograms per kilowatt-hour the same year, from 0.57kg last year across its entire portfolio. Now it aims to cut that to 0.3kg by 2030 and zero by 2050.
“The price of fossil fuel is incredibly volatile and makes up most of the power generation cost. As we shift to more renewable power and hydrogen, it will take away that volatility and the impact on electricity price won’t be as much as people fear.”
01:24
China to reduce carbon emissions by over 65 per cent, Xi Jinping says
As fossil fuels are replaced by low-carbon alternatives to meet zero emissions goals, energy prices globally – not just in Hong Kong – will rise, said William Yu Yuen-ping, CEO of non-profit World Green Organisation. “It will take time to ramp up production volumes of the new energy [sources] and reduce costs, as we need to build up supply chain economies of scale, ensure safety and deal with logistics issues,” he said.