Keppel, HSBC Sign MoU to Pursue Energy Transition Opportunities

Singapore-based infrastructure developer Keppel [KEP:SP] has signed a Memorandum of Understanding (MoU) with HSBC [HSBC:US] to explore energy transition opportunities in Greater Bay Area (GBA) and across Asia, as reported by Reuters on July 25. The collaboration aims to meet the increasing demand for decarbonization and sustainability solutions in densely populated regions within the GBA, such as Guangzhou, Shenzhen, and Hong Kong. By leveraging Keppel’s expertise in developing and operating sustainable energy and environmental infrastructure and HSBC’s capabilities in offering green financing, the partnership seeks to raise energy efficiency, reduce costs for consumers and decrease their carbon footprint.

Keppel is known for providing technology-based sustainability solutions, including waste-to-energy (WTE), district cooling, net-zero energy generation, and electric vehicle (EV) charging infrastructure. The company has already invested around USD2.8bn in energy and environment-related initiatives as well as sustainable urban renewal projects. In its 2022 annual sustainability report, Keppel reported achieving approximately SGD94m (USD79m) in cost savings and avoiding 126,000 tons of carbon dioxide (CO2) emissions through its energy-saving initiatives within the year. The recent collaboration with HSBC opens up new opportunity for Keppel to expand its sustainability-focused initiatives in the GBA. In 2017, Keppel and Zhen Hua Engineering won a contract from the Hong Kong government to design, build, and operate an Integrated Waste Management Facility (IWMF) in the city. The project has been effective in reducing waste sent to landfills in Hong Kong while also exporting about 480 million kilowatt-hours (kWh) of electricity annually.

Sources:
https://www.reuters.com/sustainability/climate-energy/singapores-keppel-hsbc-sign-agreement-decarbonisation-solutions-2023-07-25/
https://www.kepcorp.com/en/media/media-releases-sgx-filings/keppel-and-hsbc-sign-mou-to-pursue-energy-transition-opportunities/
https://www.straitstimes.com/business/keppel-saved-94m-in-2022-from-energy-efficient-initiatives-invested-28b-in-green-solutions
https://www.kepcorp.com/en/what-we-do/solutions-for-sustainable-urbanisation/environment/featured-solutions/#acc-case-study1