(Second row, from left) CLP Power Managing Director Mr Joseph Law, Gaw Capital Managing Principal, Global Head of Capital Markets and Co-Chair of Alternative Investments Ms Christina Gaw, and CLPe Managing Director Mr Ringo Ng join as witnesses on the signing ceremony.
CLP Power has in recent years conducted a series of energy audits on more than 20 community malls operated by People’s Place under the management of Gaw Capital and made suggestions for energy efficiency improvements. Those suggestions were used as sustainability performance targets for Gaw Capital’s application for a sustainability-linked loan (SLL). Energy-saving improvement projects have been carried out and solar power generation systems were installed in the malls to conserve energy and reduce emissions with the support of CLP Power’s Eco-Building Fund and Feed-in Tariff Scheme.
Under the MoU, CLP Power will further explore energy management solutions tailored for Gaw Capital’s properties, which include promoting low-carbon electrification projects and providing employees with training to enhance their awareness and knowledge of retro-commissioning, thereby assisting Gaw Capital in improving the energy efficiency of buildings in a cost-effective manner. Additionally, CLP Power will support Gaw Capital in meeting the requirements of the SLL, such as reducing energy consumption and carbon emissions. This will facilitate Gaw Capital in realising its sustainability goals and improving its environmental, social and governance (ESG) performance.
Ms Christina Gaw, Managing Principal, Global Head of Capital Markets and Co-Chair of Alternative Investments of Gaw Capital Partners, stated, “The signing of this memorandum of understanding is a milestone in the deepening partnership among Gaw Capital, CLP Power and CLPe. It represents a firm commitment of the three companies to continue promoting sustainable development in Hong Kong and other Greater Bay Area cities, striving to create long-term value and returns for all stakeholders, including investors, shareholders and tenants, etc.”
Electricity consumption in buildings accounts for 90% of the total electricity consumption in Hong Kong and more than 50% of total carbon emissions. Promoting energy saving and emissions reduction in properties is crucial for Hong Kong to achieve its target of net-zero emissions. CLP Power Managing Director Mr Joseph Law said, “As increasing number of companies incorporate ESG principles into their business strategies and operations to enhance their competitive edge, we look forward to joining hands with more companies like Gaw Capital to strive for energy conservation and carbon reduction, elevate economic and environmental benefits, and help Hong Kong achieve carbon neutrality.”
CLPe, which provides one-stop energy solutions for industrial and commercial sectors in Hong Kong and Mainland China, will help upgrade the existing cooling systems in Gaw Capital’s properties to more energy efficient ones under the framework of the MoU. It will also provide advisory services for a series of energy conservation projects to support Gaw Capital to achieve its low-carbon business goals.
CLPe Managing Director Mr Ringo Ng said, “CLPe spares no effort in helping businesses address climate change and this MoU further strengthens the partnership between CLPe and Gaw Capital. Through a range of energy management projects, we are committed to identifying more opportunities for Gaw Capital to conserve energy, implement more effective carbon reduction measures, and further improve the energy efficiency of its properties.”
