CLP Pushes Low Carbon Technology Use in a New Global Business Drive
The CLP Group has joined a new business drive in scaling up climate action and impact to help keep the climate innovation and collaboration momentum going beyond the recent United Nations climate change summit concluded in Poland.
In last month’s conference, nearly 200 governments agreed a set of rules to put the landmark Paris Agreement into action, which was to help the countries implement their commitments and track their progress towards the common goal of keeping global warming well below 2°C above pre-industrial levels.
Riding on COP24, the World Business Council for Sustainable Development (WBCSD) launched the New Energy Solutions project, which aims to scale up pre-commercial and/or proven low carbon technologies to accelerate deployment across the power, transport, industry and buildings sectors by facilitating cross-sectoral collaboration.
The project brings together energy providers including CLP, energy users from business sectors as well as engineering, business and financial knowledge providers to identify and implement solutions that help companies transition to low carbon energy sources in line with the Paris Agreement.
The latest work of the project is “New Energy Solutions for 1.5°C - Pathways and technologies to achieve the Paris Agreement”, which presents collective viewpoints on the energy transition across four key sectors: power, transport, industry and buildings.
Furthermore, the project members are analysing business cases for existing low carbon energy solutions with the aim of helping energy users conduct rapid assessments of technology options and understand the cross-sectoral partnerships that can facilitate their work.
The New Energy Solutions project is a key part of the WBCSD’s Low Carbon Technology Partnerships initiative (LCTPi), which has been bringing businesses together since 2015 to accelerate the development and deployment of low carbon solutions.
In an effort to catalyse the transformation, CLP has also been participating in REscale and Emobility projects under LCTPi. As highlighted in the latest progress report, “Going further, faster”, REscale has succeeded in establishing regional forums to promote corporate power purchase agreements (PPAs) for renewables while the global Emobility project has set up a national REmobility platform in India to promote corporate uptake of electric vehicles.
On the knowledge-sharing front, last year’s REscale publications on financial accounting of PPAs and innovative structures for PPAs have been downloaded over 20,000 times across 90 countries.