Global warming will be firmly in the spotlight as government officials from around the world gather in Glasgow for the United Nations Climate Change Conference of the Parties (COP26) between 31 October to 12 November.
A report from the UN’s Intergovernmental Panel on Climate Change (IPCC) in August suggested that unless greenhouse gas emissions are significantly reduced in the coming decades, limiting warming to close to 1.5°C, or even 2°C above pre-industrial levels would be beyond reach.
UN Secretary General António Guterres describes the report as a “code red for humanity” and says the Paris promises will turn to dust unless urgent action is taken soon.
Those dire warnings place a responsibility on both governments and businesses to take bold steps and formulate clear strategies to speed up the transition to a net-zero emissions future and raise questions over whether they are acting quickly enough.
Accelerating energy transition
Power generation is one of the largest sources of greenhouse gas emissions, which means that a particular responsibility for addressing climate change falls upon electricity companies.
As a major investor in power assets across the Asia-Pacific region, CLP Holdings Limited (CLP) took an early lead to set carbon intensity reduction targets with its Climate Vision 2050 in 2007.
The Group regularly reviews and strengthens its Climate Vision 2050 targets based on factors including the latest climate science, technology trends, and regulatory changes, as well as the risks and opportunities for the energy business.