Singapore’s Sembcorp Industries [SCI:SP] unveiled its ambitious 2023-2028 strategic plan, emphasizing a significant shift towards renewable energy and decarbonization, as reported by Reuters on November 6. The company announced its intent to invest approximately SGD10.5bn (USD7.76bn), constituting 75% of its total investments between 2024-2028, to support renewable energy growth. Sembcorp aims to expand its gross installed renewables capacity to 25 gigawatts by 2028, marking a substantial increase from the current 12 gigawatts. The company has already made significant progress, quadrupling its renewables capacity since 2021, with renewables now constituting 61% of its energy portfolio.

Additionally, Sembcorp is dedicated to reducing its carbon emissions intensity, with a target of halving it to 0.15 tCO2e/MWh by 2028 from the 2023 forecasted levels of 0.30 tCO2e/MWh. The company has achieved its 2025 greenhouse gas emissions intensity target of 0.40 tCO2e/MWh ahead of schedule and remains committed to further reducing its absolute emissions to 2.7 million tCO2e (Scope 1 and 2) by 2030 and achieving net-zero emissions by 2050. To achieve these goals, Sembcorp plans to invest in capabilities related to low-carbon energy, low-carbon feedstock, and carbon management, including hydrogen production and consumption.

Sources:

https://www.reuters.com/sustainability/sustainable-finance-reporting/singapores-sembcorp-industries-aims-halve-emissions-intensity-by-2028-2023-11-06/

https://www.sembcorp.com/media/1vdfjwvl/sci-strategic-plan-2023-press-release.pdf