February 21, 2024 -- The Hong Kong and China Gas Company Limited (“Towngas”; stock code: 0003.HK) and Towngas Smart Energy Company Limited (“Towngas Smart Energy”; stock code: 1083.HK) both received an upgrade in the CDP 2023 Climate Change score from “B” to “A-”, recognising their leadership in environmental transparency and best practice in strategy and action on climate change.
Towngas is committed to achieving carbon neutrality by 2050 through energy transition and innovation, including the development of renewable energy, waste-to-energy, green hydrogen, energy efficiency improvement, methane reduction, and other collaborative projects with universities and research institutes.
Towngas also engages suppliers to quantify and reduce carbon emissions. This helps us enhance Scope 3 carbon emissions quantification and raise supplier awareness on climate issues.
The upgrade in CDP Climate Change concluded our 2023 ESG ratings achievements to be recognised at both the international and local levels. Apart from CDP, Towngas is listed in the Dow Jones Sustainability Asia Pacific Index for the second consecutive year, and the Hang Seng Corporate Sustainability Index has been upgraded from “AA” to “AA+”.
CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. In 2023, investors and banks with assets of over US$136 trillion requested companies to disclose to them through CDP, and over 23,000 companies with US$67 trillion global capitalisation disclosed on climate change, water and forests. The CDP Climate Change 2023 Questionnaire requested disclosures on carbon emission data, climate-related risks and opportunities, carbon pricing, value chain and biodiversity, etc.
Questions around this news
What did Towngas and Towngas Smart Energy achieve in the 2023 CDP Climate Change score?
Both companies moved from a “B” score to “A-” in the CDP 2023 Climate Change assessment. The release says the upgrade recognised their environmental transparency and their strategy and action on climate change. It also describes this result as part of Towngas’s 2023 environmental, social and governance ratings achievements.
What climate actions does Towngas say it is pursuing?
The release says Towngas is working toward carbon neutrality by 2050 through energy transition and innovation. Its activities include developing renewable energy, waste-to-energy and green hydrogen, improving energy efficiency, reducing methane emissions, and undertaking collaborative projects with universities and research institutes. It also says the company engages suppliers to quantify and reduce emissions.
What are Scope 3 emissions?
Scope 3 emissions are indirect greenhouse gas emissions associated with an organization’s activities but produced by sources it does not own or directly control. They can occur across a value chain, including through suppliers, business travel, product use or disposal. Which sources are relevant depends on the organization’s operations and the accounting standard it applies.
What does a CDP climate questionnaire ask organizations to disclose?
Climate disclosure questionnaires commonly ask organizations to report emissions data and explain how they identify and manage climate-related risks and opportunities. They may also cover governance, targets, transition plans, carbon pricing and effects across a value chain. A disclosure system allows organizations to provide environmental information in a structured way to stakeholders requesting it.
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Press photos:
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Towngas and Towngas Smart Energy have both received an upgrade in the CDP 2023 Climate Change score from “B” to “A-”.
For media enquiries, please contact:
The Hong Kong and China Gas Company Limited
Mr Addie Lam
Assistant General Manager –
Corporate Affairs
Tel: 2963 2578 / 6702 6449
Email: [email protected]
Ms Kara Kwong
Senior Corporate Affairs Officer
Tel: 2963 3497 / 6698 3357
Email: [email protected]
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At a glance
- Company
- The Hong Kong and China Gas Company Limited (Towngas) and Towngas Smart Energy Company Limited
- Ticker
- 0003.HK, 1083.HK
- Announcement
- Award
Key figures
- CDP Climate Change score upgrade
- “B” to “A-”
- Towngas carbon-neutrality target
- 2050
- Assets of investors and banks requesting disclosure through CDP
- over US$136 trillion
- Companies disclosing through CDP
- over 23,000
- Global capitalisation of disclosing companies
- US$67 trillion
- Hang Seng Corporate Sustainability Index upgrade
- “AA” to “AA+”
