Standard ESG disclosures | CLP Sustainability Report 2019 A megatrend is distinguished from other trends in that it cannot be stopped or significantly altered, even by powerful actors such as governments. Under construction (for generation and energy storage capacity only) or in operation during the reporting year. The previous CLP Sustainability and Annual Reports were published in March 2021. One of the responsibilities of the Board-level Audit & Risk Committee (ARC) is to review and monitor the Companys compliance with the Code of Conduct, as well as the Companys policies on compliance with applicable legal and regulatory requirements such as the HKEx Listing Rules, the Companies Ordinance (Hong Kong) and the Securities and Futures Ordinance (Hong Kong). Key scope 3 categories are independently assured, and the Group is working towards assuring the total Scope 3 emissions in the future. Suzlon Group is one of the world's leading renewable energy solution providers with a presence in 18 countries in Asia, Australia, Europe, Africa and the Americas. This makes it easier to identify and prioritise the ESG topics that CLP should be managing and reporting. The role of business is changing. Governments, cities, institutional investors and energy companies are leading players in the slow but inevitable transition to a lower-carbon global economy. [13] The company has been a constituent of the Dow Jones Sustainability Index, the Dow Jones Sustainability Asia Pacific Index (DJSI Asia Pacific), and/or the Dow Jones Sustainability Asia Pacific 40 Index (DJSI Asia Pacific 40). The Committee acknowledges the positive response to the updated decarbonisation targets under the Climate Vision 2050 and will remain committed in ensuring the Group will remain on course in delivering on the strengthened climate targets. Selected financial figures are extracted from the Annual Report and the consolidated financial statements of CLP Holdings Limited and its subsidiaries (the Group) which is in accordance with Hong Kong Financial Reporting Standards (HKFRS) issued by the Hong Kong Institute of Certified Public Accountants (HKICPA). It requires leaders of areas of responsibility to annually sign a GRL addressed to the Group Chief Executive Officer (CEO) and Chief Financial Officer (CFO) outlining their area's adherence, or otherwise, to the Code of Conduct, among others. The table below summarises the 12 most important megatrends that were considered. Megatrends and external environment analysis, Health, Safety, and Environment management, Download the independent assurance report, The International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements other than Audits or Reviews of Historical Financial Information, and. CLP has continued to enhance the disclosure of ESG metrics, and the highlights are as follows: Limited assurance is provided by PricewaterhouseCoopers (PwC) on a selected set of environmental, social and governance-related Key Performance Metrics for this report, in accordance with: Below is the definition of the Group's boundary for each of the main categories of data included in this report. Our Team - Closed Loop Partners In recognition of the need for increased ambition by companies on climate change, CLP has advanced its disclosure in accordance with the recommendations by the Task Force on Climate-related Financial Disclosure (TCFD). By continuing to visit this site, you agree to ourUse ofCookies. It does not include non-CLP employees of joint ventures, joint operations or associates. CLP may transfer your personal data to third parties such as employees, related companies, including subsidiaries and associated companies within CLP Group, joint venture partners, agents, independent contractors, business partners and service providers, as necessary for any of the purposes stated above. The CLP Code of Conduct provides the guiding principles for all employees to act with integrity and honesty, and serves as a tool to guard against corruption within the Group. Initiatives and progress In addition, it includes the direct emissions and upstream emissions from generation of purchased electricity that is sold to CLP's customers. CLP continually improves by managing, monitoring and reporting its performance. Between 2017 and 2021, CLP did not have any breaches related to seven Code of Conduct principles, namely Political Contributions, No Bribery, Gift & Entertainment, Laws & Regulations, Representation, Response to Incidents, and Compliance & Report. This report covers the CLP Groups sustainability performance for the calendar year ending 31 December 2019. CLP Group - Wikipedia We aim to manage investment projects efficiently and share technical and management expertise in addition to our experience in service excellence with our peers in Mainland China. Our team is comprised of former industry CEOs, CFOs, senior executives of government agencies and fund managers with an average of 20+ years of operational and investment experience. Welcome to the Accounting Mini-series. These meetings provide a platform for the executive team to initiate or develop strategic sustainability projects, shape and receive progress updates on current projects and engage in strategic discussions on emerging issues. Social inequality is creating significant uncertainty for business. Incorporated in 1901 as China Light & Power Company Syndicate,[3] its core business remains the generation, transmission, and retailing of electricity. Financial Reports In June 2018, the SAC accepted FTCs further appeal and, for the second time, returned the case to the THAC for re-examination. Personal Information Collection Statement | CLPe Potential violations of the Code of Conduct are reported to Group Internal Audit (GIA) by employees, vendors, contractors and GIA auditors. That are owned by CLP, where assets are included on an equity basis (i.e. In 2018, CLP established a new branch, CLP Innovation (previously named) and now CLP Digital. During these sessions, potential issues are raised and reviewed with management. Gasp! The number of breaches of the Code of Conduct reduced from 25 in 2020 to 18 in 2021. It operates through the following geographical segments: Hong Kong, Mainland China,. Leaders, including managers or above, Finance and Procurement staff, secretaries in the Group, or other key staff considered appropriate by management must sign a Code of Conduct Compliance Statement on an annual basis. Our diversified portfolio includes a fuel mix of nuclear, wind, solar, hydro and coal. This report covers the CLP Group's sustainability performance for the calendar year ending 31 December 2019. The process reinforces personal responsibility for good governance and facilitates self-assessment on the adequacy and effectiveness of controls at different levels within CLP. Renewable power capacity is expected to expand by 50% in the next five years. In 1985, we invested in the first . It operates through the following geographical segments: Hong Kong, Mainland China, India, Southeast Asia and Taiwan, and Australia. Different policies and guidelines for each operational area are in place to assist CLP in ensuring compliance with the differing jurisdictional laws and regulations relating to competition, personal data and privacy, intellectual property, health, safety, the environment, as well as employment and human resources amongst others. The following table is a summary of how the Committee spent its time during this period. CLPs risk management framework comprises four key elements: CLPs overall risk management process is overseen by the Board through the Audit & Risk Committee. Dec. 7, 2000CLP Holdings today announced that CLP Power International (CLP-PI), its wholly-owned subsidiary, has acquired controlling stakes in power generating assets in India and Australia . As of 2013, EnergyAustralia generates electricity from coal, gas and renewable energy sources, and retails electricity and gas, of 5,662MW to over 2.8 million residential and business users across Victoria, South Australia, New South Wales, the ACT and Queensland. In May 2017, the THAC ruled again in favour of Ho-Ping and rejected the FTCs decision. Rollups are a central part of the roadmap for scaling Ethereum, and theyre finally here. SASB reference: IF-EU-550a.1; GRI reference: Megatrends and external environment analysis, Health, Safety, and Environment management, Download the CLP Code on Corporate Governance, Find out more about Sustainability Governance, Read the Corporate Governance Report in the 2021 Annual Report, The Human Resources and Remuneration Committee Report, Download the Terms of Reference of the Sustainability Committee, Read the full Sustainability Committee Report, Download the Terms of Reference of the Audit & Risk Committee, Read the full Audit & Risk Committee Report, Full biographies of senior management team members are set out on the Groups website, Read how climate-related risks are managed in the Climate-related Disclosures Report. Disclosures from Shareholder Identification Exercise (under Section 329 of the SFO), Company Articles, Codes, Policies & Guidelines. The adverse impacts of climate change are growing in frequency and severity, taxing the resilience of built and natural environments. (formerly China Light and Power Co., Ltd.), zung1 waa4 din6 lik6 jau5 haan6 gong1 si1, For 2010 as first year so recognized, see, [ts w tn lk ju hn k s], https://www.clp.com.hk/content/dam/clphk/documents/tariff-adjustment-20221/TariffTable%20-%20English-(2023-01-01).pdf, https://www.clp.com.hk/zh/business/bills-payment-tariffs-business/bill-calculator, Mahatma Gandhi Super Thermal Power Project, "China Light & Power Co., Ltd.: 1901-1918". Privacy | CLPe Referencing recommendations by the WBCSD TCFD Electric Utilities Preparer Forum, CLPs climate-related disclosure in these areas has been enhanced in the Annual and Sustainability reports, as well as via CDP Climate Change. Section 352 of Part XV of the SFO disclosure CLPs register for the interests / short positions of the Directors (including the CEO) in the shares, underlying shares and debentures of CLP or any of its associated corporations as at 31 December 2022. Limited assurance is provided by PricewaterhouseCoopers (PwC) on a selected set of environmental, social and governance-related Key Performance Metrics for this report in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements other than Audits or Reviews of Historical Financial Information, and, in respect of greenhouse gas emissions, International Standard on Assurance Engagements 3410, Assurance Engagements on Greenhouse Gas Statements. Decentralisation is increasing consumer options for sourcing and managing energy. The CLP-wide reporting system for Code of Conduct violations applies to any alleged or potential breach. We use cookies for the purpose of enhancing your user experience and helping us betterunderstand how the site is used. . It is published at the same time as the Integrated Annual Report. Building on the materiality assessment results from last year, CLP engaged a broad range of stakeholders to seek their feedback on material topics. CLP Power Connect under the Community Energy Saving Fund (CESF) is a city-wide campaign which aims to encourage residential customers to earn rewards and helping disadvantage groups by saving energy. 2023 Forbes Media LLC. The company is owned by CLP Holdings Ltd.(HK.00002), currently listed on HKEX with a market capitalisation of HK$144 billion as at 31 December 2022. The world is entering the fourth industrial revolution; a computing revolution which has Artificial Intelligence (AI) and machine learning as its cornerstones. This demands a proactive approach to risk management. The Taiwan Fair Trade Commission (FTC) in 2013 ruled and fined nine IPPs for alleged cartel behaviour. About this report | CLP Sustainability Report 2019 The feud between Elon Musk and Mark Zuckerberg has been brewing for years, now escalating into fighting talk and playground insults. EnergyAustralia - Wikipedia Tata Group Closes In on Deal to Become First Indian iPhone Maker Compliance with the requirements in the jurisdictions in which it operates is a basic requirement for maintaining the social licence to operate. It is well aware of the Groups stakeholders increasing focus on sustainability and climate change issues. View our 2022 Interim Report Communications are received through means such as anonymous letters, emails or phone calls. A strong governance framework is key to ensuring that the sustainability issues CLP faces are incorporated into the corporate agenda. The CLP Code was last updated in 2019 to reflect the requirements under the Rules Governing the Listing of Securities issued by The Stock Exchange of Hong Kong Limited (HKEx). Application to Real CLP Cases. The direct emissions and upstream emissions from generation of purchased electricity that is sold to CLP's customers include: Generation assets whose capacity and energy are purchased by CLP to meet customer demand, where the purchase agreement duration is at least 5 years and where the capacity or energy purchased is no less than 10MW; and. CLP has been reporting with reference to the GRI reporting framework since 2007 and has adopted the GRI Standards for the fourth year since it was launched in 2016. . The Code of Conduct Principle breached and the confirmed cases of the past five years are shown below. Understanding Ethereum Rollups: The New Way To Scale The Ethereum Ecosystem, Mission: Impossible 7 On Track To Set Franchise Box Office RecordDespite Floundering Year For Other Films, The Worlds Largest Banks 2023: JPMorgan Chase Takes Top Spot Overall As Five Banks Crack Top Ten Of Forbes Global 2000, Forbes Global 2000: The Worlds Largest Insurance Companies In 2023, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. In preparing the 2019 report, CLP has taken on many of their suggestions, including discussing business purpose as an overarching topic and enhancing specific disclosure in each of the material topics. It includes emissions from the Scope 3 categories relevant to CLP. Based on Suzlon One Earth in Pune, India; the Group is made up of Suzlon Energy Limited (NSE & BSE: SUZLON) and its subsidiaries. A key responsibility of the Audit & Risk Committee (ARC) is to maintain oversight of CLPs financial control, risk management and internal control processes, by ensuring that adequate systems are in place and followed. With a presence in 13 countries, 54 global delivery centers and . In particular, it adopts a forward-looking view and considers the material trends that affect the ability to create value over time. But new business opportunities even whole industries are also presenting. CLP Group ( Chinese: ) and its holding company, CLP Holdings Ltd ( Chinese: ), also known as China Light and Power Company, Limited (now CLP Power Hong Kong Ltd., Chinese: ), is an electricity company in Hong Kong. [16][non-primary source needed], CLP was the equity investors of two power stations in Guangdong province, Daya Bay Nuclear Power Plant and Guangzhou Pumped Storage Power Station in Conghua, Guangzhou. To uphold the spirit of transparency and accountability, CLP reports cases of legal non-compliance annually in the Sustainability Report. [21], EnergyAustralia is a wholly owned subsidiary of CLP and is one of Australia's largest integrated energy businesses. The previous report was published in March 2019. Good corporate governance promotes and safeguards the interests of shareholders and other stakeholders. The company was founded in Hong Kong in 1901 as China Light & Power Company Syndicate[3] by Shewan Tomes and Company and others. Given the pace of changes resulting from the energy transition and digitalisation of the energy sector, the workforce must be agile. Posing material impact to the environment. Section 336 of Part XV of the SFO disclosures CLPs register for the interests / short positions of substantial Shareholders in the shares and underlying shares of CLP as at 31 December 2022. Robust risk management and crisis management processes also enabled the Company to use learnings from past experiences to perform at the level required during such challenging times. Each of them shapes one or more of the prioritised ESG topics and how CLP responds. As a result, traditional utilities may need to change their business models to respond to the competitive pressures associated with distributed solar PV systems, new storage technologies and microgrids. For a detailed description of the financial reporting scope, please refer to the Significant Accounting Policies Consolidation and Equity Accounting on pages 229-230 of the 2019 Annual Report. The Company has also considered the seventh mandatory gas added under the second Kyoto Protocol compliance period, namely nitrogen trifluoride (NF3), but has deemed it immaterial to operations. Risks are managed at both the strategic and operational levels to support the long-term sustainability of growth objectives, while at the same time supporting the operational needs of the current business. As an integral part of local society and economy, we are committed to working hand in hand with the general public to create sustainable growth in these markets. [14] And in 2002 CLP acquired an Indian company, Gujarat Paguthan Energy Corporation Private Limited. It is one of the two main electricity power generation companies in Hong Kong, the other being Hongkong Electric Company. In particular, the materiality assessment process as outlined under the mandatory disclosure requirements has been applied to prioritise CLP's response to the "comply or explain" provisions of the Environmental and Social Aspects. That are under construction or in operation during the reporting year. For instance, the Department hosts Group functions and business unit meetings across regions on a regular basis to facilitate the sharing of experiences and insights on how to move sustainability forward. CLP Group Definition | Law Insider Unless specified otherwise, references in this site to "CLP" and the "CLP Group" shall mean CLP Holdings Limited, its subsidiaries and affiliates. In 1985, we invested in the first commercial nuclear power plant in Mainland China, the Daya Bay Nuclear Power Station, and have since been participating in its operations. Megatrends are "large, transformative global forces that define the future by having a far-reaching impact on business, economies, industries, societies and individuals". The decision could allow House Democrats to pick up multiple House seats they lost in 2022, which could prove crucial given Republicans razor-tight House majority. [19] It has now signed up for its very first solar project - Veltoor at Telangana. Includes power generation assets, transmission and distribution infrastructure, coal mines, fuel storage facilities and offices: That are majority owned by CLP or under CLPs operational control, defined as full authority to implement CLPs operating policies; and. SASB reference: IF-EU-550a.1; GRI reference: 2-27, 205-3, 206-1, 306-3 (2016), 411-1, 413-2, 416-2, 417-2, 417-3, 418-1, EU22, EU25. These are disclosures that cover key aspects of sustainability performance which are meaningful and relevant to the Electric Utility sector. Labour standards (child and forced labour), Product and service information and labelling and marketing information. The three subsidiaries include Cleansolar . The number of breaches of the Code and any cases of corruption are reported annually to the Audit & Risk Committee (ARC), with the relevant data verified by a third party. Over the years, the Company has developed and put in place a Code on Corporate Governance, Corporate Governance Framework, and comprehensive set of procedures, systems, policies and guidelines that make up the unique CLP corporate governance structure. accounts for the data according to CLPs equity share in the asset); and, Owned or rented by CLP, where assets and offices are included on an equity basis (i.e. Sen. Tommy Tuberville (R-Ala.) has effectively blocked hundreds of military appointments in protest of a Pentagon abortion policy. accounts for the data according to CLPs equity share in the asset). It monitors sustainability issues and updates the Sustainability Committee and SEC on emerging risks and opportunities. GRI reference: 2-24, 2-26, 205-1, 205-2, 205-3, 416-2. Mahindra & Mahindra Limited announced that its subsidiary, Mahindra Renewables Private Limited (MRPL), has agreed to sell its entire stake in three subsidiaries to CLP India Private Limited (CLP) for ~3.40 billion ($47.35 million). The Group considers each instance separately in accordance with legal advice and will make provision and/or disclose information as appropriate. The upstream emissions of purchased fuels and electricity for CLPs power generation include assets: That are owned by CLP, where assets are included on an equity basis (i.e. CLP's Sustainability Report is published every year, covering CLP's non-financial disclosures. CLP Holdings Ltd. is an investment holding company, which engages in the generation and supply of electricity.