WHAT'S THE ISSUE?
To meet sustainability targets, it's becoming increasingly clear that all private companies need to take a greener approach. Sustainability needs to be part of a company's values, strategy, vision and commitment to its stakeholders.
But what does that look like in practice? To find out, Stephen spoke to Richard Lancaster, CEO of Hong Kong based power company CLP Holdings.
MEET THE EXPERT
Richard Lancaster is Chief Executive Officer of CLP Holdings, the parent company of the CLP Group which is one of the largest investor operators in the electricity industry throughout the Asia-Pacific region.
Mr Lancaster has more than 35 years of experience in the power industry and in other industrial operations in Asia, Australia and the United Kingdom.
WHAT DOES LANCASTER SAY?
"We've been focused on sustainability going back to the early 2000s when we saw that our business at the time was heavily dependent on coal fired electricity generation. And frankly, that is not sustainable in a zero carbon world. So we needed to take steps at that time to make investments in renewable energy and to transition our business to make it a sustainable business." Lancaster tells us.
But that hasn't been without its problems: "This was coming at a time when, for our investors, renewable energy was seen as being a very high risk investment…So we had to do a lot to educate our investors to take them on that journey."
And it's something he wants to see in more companies around the world: "You really have to integrate sustainability and make it part of your business. It's not something which is just there for external reporting and just there for show, it really has to be core to your strategy. You have to build your governance around sustainability."
ALSO ON THE AGENDA:
- Justin Adams, Director of Nature Based Solutions at the WEF joins Stephen to talk through the report – and the worrying statistic that, currently, just 14 percent of investment in nature-based solutions comes from private companies.
- Armen Dallakyan, Director of sustainable finance consulting at KEN Associates, joins Stephen to explain exactly how he helps companies and investors find the right approach to sustainability, and the growing demand for his services.