GlobalData offers a comprehensive analysis of Power Assets, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Power Assets‘s ESG performance. GlobalData’s company profile on Power Assets offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Power Assets, a company focused on energy generation and distribution, has committed to achieving net-zero emissions by 2050. The Group is undertaking various initiatives to address climate change and progress towards net-zero operations. This includes decarbonizing the generation portfolio through coal-fired unit replacement, expanding renewable energy, and implementing carbon capture. The company's Sustainability Report 2022 reveals its plan and targets to achieve net-zero, in detail.
The company aims to phase out coal-fired generation and reduce its Scope 1 and Scope 2 emissions. Power Assets reported a total GHG emissions of 8,040,826 tonnes CO2e in 2022, with Scope 1 emissions accounting for 7,252,903 tonnes CO2e and Scope 2 emissions accounting for 787,922 tonnes CO2e. The scope 3 emissions were reported at 548,308 tonnes of CO2e. The company is currently targeting a 67% reduction in its Scope 1 and 2 emissions by 2035, aiming to achieve this reduction compared to the emission levels recorded in 2020. Its total carbon intensity decreased from 0.311 tonnes CO2e/HKD $'000 revenue in 2020 to 0.299 tonnes CO2e/HKD $'000 revenue in 2022. Scope 1 emissions include emissions from fuels processed and fugitive emissions, while Scope 2 emissions are associated with purchased electricity and energy losses. In 2022, the company expanded its scope to cover additional fugitive emissions sources.
To achieve its net-zero targets, Power Assets has taken several steps. The company has refined its calculation methodologies, emissions factors, and conversion factors in accordance with international and local guidelines. It has also invested in renewable energy sources, including wind, solar, hydro, biomass, and other renewables. Additionally, the company has implemented energy efficiency measures and offers concessionary tariff schemes to encourage energy savings among customers.
Power Assets is actively involved in community development programs and initiatives. It runs the "Happy Green Campaign" to promote energy efficiency, renewable energy, and a low-carbon lifestyle among the public, particularly the younger generations. The company has also implemented subsidy programs to support underprivileged families, NGOs, schools, and small and medium enterprises in adopting smart, low-carbon lifestyles.
In conclusion, Power Assets is committed to achieving net-zero emissions by 2050 and has made progress in reducing its carbon emissions. The company has implemented various measures, including phasing out coal-fired generation, investing in renewable energy, and promoting energy efficiency. It is actively engaged in community development programs to promote sustainability and support adoption of low-carbon lifestyles in underprivileged communities.
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