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Sembcorp Launches New Climate Change Strategy

March 29, 2018

Sembcorp Industries (Sembcorp) is pleased to announce the launch of its new Climate Change Strategy.

The Climate Change Strategy outlines what Sembcorp sees as key drivers of the energy transition and why climate change matters to Sembcorp. It then explains how the company evaluates and responds to the various risks and opportunities posed by climate change and the emergence of the low-carbon economy, and its key climate change metrics and targets. It provides details on Sembcorp’s plans to reduce the negative impact of its operations through reducing its emissions and investing in the latest technologies to improving energy efficiency; as well as its plan to enhance its positive impact as a company by focusing on growing its gas and renewables portfolio and green business lines, and exploring new business models, products and services. In addition, the company has also articulated its policy stance going forward on certain issues which includes its decision to restrict investments in coal-fired power plants.

Neil McGregor, Group President & CEO, Sembcorp, said, “Sembcorp has a long-standing commitment to sustainability and we are pleased to step up our game with a newly formed strategy. As an international power producer and energy player, we recognise our responsibility to reduce emissions. We also recognise the opportunity to support economies in which we operate as they transition towards low-carbon energy systems.”

Minister for the Environment and Water Resources, Masagos Zulkifli, said, “With 2018 designated as Singapore’s Year of Climate Action, we are encouraged that Sembcorp Industries, a home-grown energy company, will be reducing its emissions intensity and seizing the opportunity to grow its renewables business in the global shift towards a low-carbon economy.”

The launch of Sembcorp’s Climate Change Strategy is timely given the world is rapidly moving towards a low-carbon economy, creating significant disruption, risks and opportunities in energy and water markets.

Sembcorp’s climate change public disclosures are guided by the recommendations of the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures (TCFD).

For further information, Sembcorp’s Climate Change Strategy is available online here.