CLP Power [0002:HK], one of Hong Kong’s two major energy producers, will spend HKD32m (USD4.1m) in 2022 to help local enterprises improve power efficiency with facility upgrade and training, as reported by SCMP on December 28. In addition, CLP will also provide HKD100m (USD12.82m) of subsidies to around 400 commercial, industrial and residential buildings next year to support them with energy conservation improvement works. CLP stated that it is committed to helping customers achieve sustainable development by introducing as many green solutions as possible.

The Hong Kong government has funded CLP’s energy-saving initiative under an agreement reached in 2018 to help the city tackle climate change and improve air quality. In 2021, the energy producer has subsidized over 4,000 commercial and industrial customers for upgrading their electrical appliances, which saved more than 28 gigawatts hours (GWh) of electricity. Statistically, non-residential customers account for 70% of CLP’s total power supply during the first nine months of 2021. Therefore, energy-saving improvement works on local businesses are crucial to reach the 2050 carbon neutrality goal of Hong Kong. Notably, CLP Power and Hong Kong Electric [2638:HK], the city’s two major power generators, are also planning to raise the electricity rates next year to further control power consumption.

Sources:

https://www.scmp.com/business/companies/article/3161140/climate-change-clp-power-hong-kong-businesses-find-common-goal

https://www.scmp.com/news/hong-kong/health-environment/article/3154849/hong-kong-power-company-clp-bid-boost-local

https://www.scmp.com/comment/opinion/article/3159057/hong-kong-achieve-carbon-neutrality-2050-commercial-buildings-must