CLP Power partners with Hang Seng to drive clean energy future

[Sponsored Article]

Leading businesses in Hong Kong are strengthening their sustainable agendas by setting short-term goals to reduce their environmental impacts while investing in renewable energy to help them achieve long-term decarbonisation goals. 

CLP Power offers an easy-to-adopt programme that provides businesses a hassle-free way to participate in renewable energy development and contribute to making Hong Kong a smarter and greener place to live as an alternative to installing renewables in their premises.

RECs connect businesses to local clean energy sources      

Hang Seng Bank aims to lead by example in facilitating the transition to a low-carbon future. In addition to the goal of becoming carbon neutral in its operations by 2030, Hang Seng is also the first local bank in Hong Kong to commit to 100% renewable energy use by 2030 via its own renewable energy sources and purchases of renewable energy certificates (‘RECs’). CLP Power has confirmed to Hang Seng Bank that it will provide the bank with close to 154 gigawatt hours of RECs over the next ten years, a record number of RECs ever allocated to a business customer since the launch of the programme in 2019. The RECs are equivalent to a reduction of over 60,000 tonnes in carbon emissions associated with electricity based on 2021 carbon intensity (0.39 kgCO2e/kWh).

"We are delighted to be working with Hang Seng Bank to help accelerate Hong Kong's shift to a low-carbon economy. This partnership has set another example for the business sector on how they can cost-effectively make contributions to decarbonisation," says Lena Low, Senior Director of Customer and Business Development at CLP Power.

Each REC represents the environmental attributes of electricity generated from a local renewable energy generation source like solar power, wind power and landfill gas generated or purchased by CLP Power. Business customers can participate in the development of renewable energy by purchasing RECs. CLP RECs are recognised by RE100 and Carbon Disclosure Project (CDP requirements based on the Greenhouse Gas Protocol Scope 2 Guidance). Published in 2015, the guidance provides sound advice on accounting for renewable energy. 

"As a bank with deep roots in Hong Kong, we have set a target to reduce our carbon emissions and achieve carbon neutrality in our operations by 2030. We are also the first local bank to commit to 100% renewable energy use by 2030 via our renewable energy sources and renewable energy certificates. Our commitment reflects the bank's approach to achieving long-term operational sustainability," says Vivien Chiu, Chief Operating Officer at Hang Seng Bank. 

CLP Power and Hang Seng strengthen partnership to promote sustainability

CLP Power works closely with Hang Seng Bank to support energy conservation and decarbonisation and contribute positively to the government's 2050 carbon neutrality goal. The bank has also set a target to reduce total electricity consumption by 30%, using 2018 as the base year.

To achieve this target, CLP Power has been collaborating with Hang Seng Bank on other initiatives, including energy audit services for the bank's premises and advisory on energy management solutions. The natural light and LED lighting system of the bank’s new Central branch will reduce electricity consumption by 50% compared to traditional lighting designs. Hang Seng Bank is one of the first banks to participate in CLP Power's Peak Demand Management programme to cut electricity use during peak periods. 

The bank is also a participant in CLP Power's Feed-in-Tariff scheme. Through this scheme, participants get paid by CLP Power for every unit of renewable electricity they generate. The bank has installed a solar system on the rooftop of the office building at Mong Kok to generate solar power. The solar system is expected to generate around 63,000 kilowatt-hours (kWh) of renewable energy per year. 

Pathway to a cleaner energy future

The business community can reduce emissions by supporting the CLP REC scheme, allowing purchasers to scale up or expand their renewable energy initiatives flexibly and cost-effectively.  

CLP Power also has a series of smart energy services for business customers to enhance energy efficiency and save energy. Learn more here.