Hong Kong power firm CLP has said it will no longer invest in new coal-fired power plants and will progressively phase out all remaining coal assets by 2050.

The firm says the raft of new decarbonisation actions come as part of its updated Climate Vision 2050 – the strategy will guide the firm in managing climate-related opportunities and risks.

The firm claims it was the first Asian-based power company to set carbon intensity reduction targets for its generation portfolio in 2007 – it says this climate focus will continue into the future and notes decisions regarding acquisitions and divestments will be strongly influenced by sustainable factors.

Richard Lancaster, Chief Executive Officer of CLP, said: “In addition to decarbonising our generation portfolio, we are evolving our business model to further explore low carbon investment opportunities in transmission and distribution, electric vehicle charging, decentralised generation and smart energy services, making full use of advanced technologies and innovation.”

The firm says it will track its targets and progress towards them against the Science Based Targets initiative.