Page 13 - AsiaElec Week 39 2021
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AsiaElec COAL AsiaElec
CLP Group to close coal
plants by 2040
CHINA HONG Kong’s CLP Group is to close its fleet of emissions by 2030 and achieve carbon neutrality
coal-fired power plants across the world grad- by 2060.
ually by 2040, 10 years earlier than previously State-affiliated news agency Xinhua reported
planned. on Thursday, the first anniversary of Xi’s carbon
The company also said in its updated Climate neutrality plan, that coal’s contribution to Bei-
Vision 2050 plan that it aimed to increase the jing’s energy-consumption mix dropped from to
adoption of rooftop solar power generation and 1.5% in 2020 from 13.1% in 2015.
invest in offshore wind projects in China. The plants affected include those run by
“Recent natural disasters and scientific evi- CLP’s Australian subsidiary, EnergyAustralia,
dence all point to the urgent need for accelerated which include the 1,430-MW Mt Piper power
climate actions. CLP’s goal is to provide sustain- station in New South Wales and the 1,480-MW
able energy solutions from one generation to the Yallourn plant and associated brown coal mine
next. That requires us to shoulder our respon- in Victoria.
sibility in fighting against climate change while CLP subsidiaries also have stakes in a fleet
ensuring a reliable and affordable energy supply,” of nine coal plants in China, with 9,966 MW of
said Richard Lancaster, Chief Executive Officer equity capacity, one in India (1,890 MW) and
of CLP Holdings Limited. another in Taiwan (285 MW). In Hong Kong, it
As well as the 2040 target, CLP aims to meet has 8,243 MW of equity capacity.
emissions intensity targets of 0.36 kg of CO2 In its report for the first half of 2021 the com-
per kWh by 2030, 50% lower than in 2019, for pany said high coal prices had resulted in its
electricity generated, so-called Scope 1 and2 Chinese coal plants reporting a loss while it has
emissions. also made a $65mn (US$47mn) provision for
By 2050, it aims to reach net zero emissions studies and potential remediation works after
across CLP’s value chain, flood damage to a river diversion embankment
The power plant operator’s latest climate at its Yallourn plant threatened the operation of
pledge comes in line with President Xi Jin- the mine.
ping’s agenda for China to peak carbon dioxide
Tokio Marine stops insuring coal
JAPAN JAPAN’S Tokio Marine Holdings has become In a similar move, Japanese financial institu-
the first Japanese insurer it to halt its support for tions such as Mizuho Financial Group Inc. and
new coal projects. Sumitomo Mitsui Financial Group Inc. have also
The company said it would stop underwriting announced their policy of divesting from coal-
new insurance policies and extending fresh loans fired power plant projects.
for coal mine development projects from Octo- The decision comes as a total of 1,175 GW
ber. The move will target coal that is mainly used of planned coal-fired power projects have been
for electricity generation, although it will not cancelled since 2015, while 44 governments –
apply to iron and steel, Kyodo News reported. 27 in the OECD and EU, 17 elsewhere – have
In Japan, there are already nonlife insurers already committed to no new coal.
that have stopped underwriting insurance pol- The global pipeline of proposed coal power
icies for new coal-fired power plants, but Tokio plants has collapsed by 76% since the Paris
Marine is the first to take another step forward Agreement in 2015, research by green think-
and halt investment in coal mining. tank E3G found.
Tokio Marine, however, said it will continue Any current keenness for coal is confined
with existing cases and it may still provide insur- to Asia, with the study naming China, India,
ance for coal mine development projects that Vietnam, Indonesia, Turkey and Bangladesh
produce coal for power plants capable of curbing as accounting for over 80% of the world’s coal
greenhouse gas emissions. pipeline.
The insurer said it has decided on the policy At home, Japan is to increase its 2030 target
in line with moves in Europe and the United for renewables’ share of power generation to
States to divest from coal mine development in 36-38%, up from the current 22-24%, as it looks
an effort to reduce carbon emissions. for ways to meet its Paris climate targets.
Week 39 29•September•2022 www. NEWSBASE .com P13
