As a leading renewables player in Asia, we are committed to transforming our portfolio from brown to green and driving energy transition.
We are well-positioned to address Asia’s biggest energy challenges amidst the region's thriving growth, which is marked by robust momentum for decarbonisation and electrification.
Our Transformation Journey
In 2021, we unveiled our strategic plan to support the global energy transition and sustainable development. Since then, we have made significant progress, demonstrating robust execution capabilities and delivering strong results.
Our 2023 - 2028 Strategic Plan
Building on our strong momentum, we are reaffirming our commitment with the following targets for the next phase of growth:
Accelerate renewables growth
As a leading renewables player in Asia, we are on track to achieve our target of 10GW gross installed renewables capacity by 2025, and now aim to grow our gross installed renewables capacity to 25GW by 2028.
Strengthen commitment to decarbonisation
We have achieved our 2025 emissions intensity target of 0.40tCO₂e/MWh. By 2028, we aim to halve our emissions intensity to 0.15tCO₂e/MWh from 2023 forecasted levels of 0.30 tCO2e/MWh. We remain committed to and are on track to reducing our absolute emissions to 2.7 million tCO₂e by 2030 and reaching net-zero emissions by 2050.
1 Emissions intensity and absolute emission target covers Scope 1 (direct emissions) from energy generation, and Scope 2 (indirect emissions) from energy consumption
2 Based on forecasted emissions data
Continue to leverage gas as a transition fuel to fund renewables growth
Our existing gas assets support Asia’s need for energy. Our contracted gas energy portfolio provides cash flow visibility and will continue to contribute meaningfully through 2028. This cash flow will be used to fund the growth of our Renewables segment.
We will continue to actively manage our gas portfolio to support Asia’s shift to a clean and responsible energy future and to meet our carbon commitments. This includes investing in capabilities to position us in low-carbon energy, low-carbon feedstock and carbon management. These include the production and consumption of hydrogen and its derivatives, in anticipation of its future commercial viability and technological maturity. By doing so, we aim to fulfil the needs of our customers, while addressing critical concerns of energy security, accessibility and affordability.
Capital allocation – increasing renewables investments
In line with our strategic targets, a significant share of capital will be deployed to support renewables growth. We will invest approximately S$10.5 billion, equivalent to 75% of 2024 - 2028 total investments, in renewables. 10% of capital will be deployed into investments including hydrogen-ready assets and a further 10% into decarbonisation solutions. The remaining 5% will be allocated to the Integrated Urban Solutions segment.
Learn more about Sembcorp’s refreshed strategic plan to drive the energy transition.
“ Our vision is to be a leading renewable energy player in Asia, to drive energy transition and sustainable development. The 2023 – 2028 strategy provides a clear direction for Sembcorp for the next five years and we are well-positioned to capture tremendous opportunities in the key markets and create value for our stakeholders. ”
Group President & CEO