4th Nov 2020

CLP and Wah Kwong Establish Carbon Credits Partnership to Empower Shipping Sector Decarbonisation

CLP and Wah Kwong Establish Carbon Credits Partnership to Empower Shipping Sector Decarbonisation

CLP Innovation Enterprises Limited, a wholly-owned subsidiary of CLP Holdings Limited (CLP), and Wah Kwong Maritime Transport Holdings Limited (Wah Kwong) have signed a memorandum of understanding (MoU) to promote carbon offsetting and help raise awareness of decarbonisation in the shipping industry.

As part of the agreement, Wah Kwong will purchase carbon credits from CLP to offset the carbon emissions of its business and the fuel it purchases for its fleet. In addition, the MoU will enable the two parties to develop new service offerings using CLP’s carbon credits to meet the potential needs of other shipping companies to offset emissions and lower their carbon footprint.

“CLP is excited to collaborate with Wah Kwong, one of the most prominent and forward-looking shipping companies in Hong Kong, to work towards a lower-carbon future for the maritime industry,” said Mrs Betty Yuen, Group Director and Vice Chairman of CLP Power Hong Kong Limited. “As an early mover on carbon intensity reductions in Asia’s power industry, CLP is continuing to explore creative ways to use our know-how and resources such as the CLP Carbon Credits platform to decarbonise not only the electricity sector but also the wider economy.” The CLP Carbon Credits platform allows users located anywhere in the world to calculate their carbon emissions and purchase carbon credits generated by CLP’s wind farms in India. It is part of Smart Energy Connect (SEC), a digital solutions platform launched by CLP in 2019 to offer businesses and organisations a diverse selection of digital energy technologies and solutions.

“Sustainability is something we very much take to heart,” said Mr Hing Chao, Executive Chairman of Wah Kwong. “I am very glad that CLP has been here to give us guidance on taking this step. For us, this is merely the beginning. By having our friends here from the shipping industry, we will send a strong signal to other stakeholders in the industry to also join onboard on this push towards a more sustainable future.”

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