Hongkong Electric Holdings Sustainability Profile
Hongkong Electric Holdings Limited, commonly referred to as HK Electric, is a leading energy provider headquartered in Hong Kong. Established in 1890, the company has played a pivotal role in the region's electricity supply, primarily serving Hong Kong Island and Lamma Island. Operating within the utilities industry, HK Electric focuses on the generation, transmission, and distribution of electricity, with a commitment to sustainability and innovation. The company is renowned for its advanced power generation technologies and a diverse energy mix, including renewable sources. With a strong market position, HK Electric has achieved significant milestones, including the implementation of smart grid technologies and a robust infrastructure that supports the growing energy demands of the region. Its dedication to reliability and environmental stewardship sets it apart in the competitive energy landscape.
DitchCarbon Score
How does Hongkong Electric Holdings's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Electricity from Other Sources industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Hongkong Electric Holdings's score of 52 is higher than 74% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Hongkong Electric Holdings's reported carbon emissions
In 2024, Hongkong Electric Holdings reported total carbon emissions of approximately 7,898,833,000 kg CO2e. This figure includes 6,620,000,000 kg CO2e from Scope 1 emissions, 370,344,000 kg CO2e from Scope 2 emissions, and 2,487,870,000 kg CO2e from Scope 3 emissions. The company's emissions for 2023 were slightly higher at about 8,317,119,000 kg CO2e, with Scope 1 emissions at 6,630,000,000 kg CO2e and Scope 2 emissions at 348,851,000 kg CO2e. Hongkong Electric has set ambitious climate commitments, aiming for a 31% reduction in Scope 1 and 2 greenhouse gas emissions by 2026, compared to 2018 levels. Furthermore, the company targets a significant 67% reduction in these emissions by 2035, using 2020 as the baseline year, and is committed to achieving net zero emissions by 2050. Additionally, they plan to phase out coal-fired generation and have set a Science-Based Target Initiative (SBTi) goal of reducing Scope 1 emissions by 68.4% by 2035, relative to 2019 levels. The company has demonstrated progress, recording an approximate 8% reduction in absolute carbon emissions from 2021 to 2022. These initiatives reflect Hongkong Electric's commitment to sustainability and its proactive approach to addressing climate change.
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| 2017 | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | 10,642,009,000 | 00,000,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 | 0,000,000,000 |
| Scope 2 | 1,553,072,000 | 0,000,000,000 | - | - | 000,000,000 | 000,000,000 | 000,000,000 |
| Scope 3 | - | - | - | - | 000,000,000 | 000,000,000 | 0,000,000,000 |
How Carbon Intensive is Hongkong Electric Holdings's Industry?
How Carbon Intensive is Hongkong Electric Holdings's Location?
Hongkong Electric Holdings's Scope 3 Categories Breakdown
Hongkong Electric Holdings's Scope 3 emissions, which increased by 263% last year and increased by approximately 315% since 2022, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 26% of total emissions under the GHG Protocol, with "Fuel and Energy Related Activities" being the largest emissions source at 21% of Scope 3 emissions.
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Hongkong Electric Holdings's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Hongkong Electric Holdings has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
