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Power Assets tops list in Carbon Disclosure Project

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Power Assets tops list in Carbon Disclosure Project

31 Oct 2011

Power Assets Holdings Ltd. (Power Assets) topped the list of 15 local companies in the Carbon Disclosure Project (CDP) for its carbon reduction and public disclosure performance in 2010.

The recently released CDP Asia ex-Japan Report 2011 named Power Assets as one of the two Carbon Performance Leaders out of 109 responded companies in the region and the only Hong Kong company that qualified for the Highest Performance Band ('A').

Power Assets' subsidiary, HK Electric, has integrated climate change strategy into its daily business operations and put in place measures to reduce carbon emissions at its Lamma Power Station.

"Power Assets is firmly committed to sustainable development and the company's ranking in the CDP has reaffirmed its continuing commitment to conducting business with a sustainable focus while also striving for continuously improving on our environmental performance", said General Manager (Corporate Development) of HK Electric, Mr. Yee Tak-chow.

To help tackle climate change, HK Electric increased the use of natural gas for power generation to 33 per cent of its total output in 2010, enabling a reduction in carbon dioxide emissions of 13 per cent over 2005 discharges when coal was the main energy source.

In determining the disclosure score for each company, CDP assesses the level of understanding and disclosure of company-specific exposure to climate-related risks and opportunities, the frequency and relevance of disclosure to key stakeholders and whether external verification of emissions data is conducted.

"It is also encouraging to note that Power Assets ranked first in the disclosure score among respondents in Hong Kong," Mr. Yee said, adding that the company is keen to communicate its sustainability performance to stakeholders with greater transparency and more disclosures that will benefit our business, customers and the community.

Since adopting independent reporting on social and environmental performances separated from the Annual Report from 2004, Power Assets launched earlier this year its first annual Sustainability Report for 2010 fulfilling the requirements of Global Reporting Initiative (GRI) A+ disclosure application level with external assurance.