The launch of Hong Kong’s Climate Action Plan 2050 last year raised the bar for green ambition, challenging government, businesses, and the community to work together to find progressive and ingenious ways to achieve carbon neutrality.

As the city’s largest energy provider, CLP has already reduced its carbon intensity from electricity generation by around 25% between 2007 and 2020, with concrete plans in place to reach net-zero carbon emissions by 2050.

But the company has a broader role to play in Hong Kong’s journey to carbon neutrality, and provides a range of decarbonisation solutions to help businesses become more sustainable, including energy management tools and renewable energy programmes.

The solutions offered to businesses by CLP fall into three categories:

In one recent high-profile case, CLP has helped Hang Seng Bank on its way towards an ambitious target of carbon neutrality by 2030 by providing a series of smart and low-carbon solutions for the bank to implement.

Investing in futures

Hang Seng Bank is committed to becoming 100% reliant on renewable energy by 2030 through a combination of its own renewable energy sources and the purchase of around 154 gigawatt hours (GWh) of CLP Renewable Energy Certificates (RECs) between 2021 and 2030. 

The arrangement represents the biggest and longest-term purchase of CLP’s RECs since its launch in 2019, with the purchased amount equivalent to a reduction of over 60,000 tonnes in carbon emissions associated with electricity over a period of 10 years.

Each unit of RECs represents the environmental attributes of electricity produced by renewable energy generated or purchased by CLP in Hong Kong, including solar power, wind power, and landfill gas projects.

CLP’s RECs meet the requirements of RE100, a global collaborative initiative of influential businesses committed to 100% renewable energy, and CDP, an international non-profit organisation that runs a global disclosure system for companies and cities to manage their environmental impact.

"As a bank with deep roots in Hong Kong, we have set a target to reduce our own 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 own renewable energy sources and renewable energy certificates. Our commitment reflects the bank’s approach to achieving long-term operational sustainability," says Hang Seng Bank Chief Operation Officer Vivien Chiu.

Searching for sustainable solutions

In another step to better manage its energy consumption, Hang Seng Bank has also joined CLP’s Peak Demand Management programme, reducing electricity use during peak hour periods.

A shining example

As well as reducing consumption, Hang Seng Bank has installed more than 130 solar panels on the rooftop of its office building in Mongkok and signed up for CLP’s Renewable Energy Feed-in Tariff scheme.

The panels are expected to generate around 63,000 kWh of renewable energy a year. CLP purchases every unit of renewable energy generated by the system, shortening the investment payback period.

The innovative scheme encourages business and residential customers to install renewable energy systems in their homes and on their premises, supporting the long-term development of renewable energy sources.  

"Our partnership with Hang Seng Bank has set another example to the business sector on how they can make cost-effective contributions to decarbonisation,” explains CLP Power Senior Director of Customer Success and Experience Lena Low.

The escalating impact of global warming sends the message that decarbonisation is not just a goal but a responsibility of every government, business, and individual. The successful alliance of CLP and Hang Seng Bank demonstrates the outstanding results that can be achieved when businesses and power providers join forces to work towards a goal of sustainability.