Eastspring Investments: Responsible Investment Report 2022
38
Monitor progress
A utility company in Greater China.
The company actively discloses its Scope 1, 2, and 3 carbon emissions annually. It participated in CDP Climate survey since 2010, has set clear emissions reduction targets over the short, medium, and long term, and targets to reduce Group’s carbon emissions intensity by 80% from 2007 levels to 2050, ahead of China’s National Determined Contributions (“NDC”) in 2060. It has signalled that it plans to tighten long-term net zero target closer to 2050 and has outlined clear pathway to decarbonise from coal and liquid fuel. The company has taken the initiative to keep track of SBTi standards for utility companies. Its medium-term goal to reduce its 2030 carbon emissions intensity is also aligned with the Paris Agreement goal of limiting global warming to well below 2°C above pre-industrial levels. We wrote a complementary letter to inform the company that it is on the right track with its climate strategy, and we would monitor its progress on decarbonisation and tightening its 2050 target.
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