Singtel Sets Asia's Toughest Climate Targets

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by KnowESG
KnowESG_Singtel Sets Asia's Toughest Climate Targets
Free Stock photos by Vecteezy

Singtel is stepping up its efforts to be environmentally friendly by setting more ambitious goals to reduce its greenhouse gas emissions.

These goals, approved by the Science Based Targets initiative (SBTi), align with the Paris Climate Agreement's aim to limit global warming to 1.5°C. Singtel is the first Asian telecom company to get the green light from SBTi for these targets.

As part of its new commitments, Singtel aims to cut 55% of its direct and indirect greenhouse gas emissions (Scope 1 and 2) and 40% of third-party emissions (Scope 3) by 2030, using 2023 as the starting point.

The SBTi has also confirmed that Singtel's net-zero target for 2045 is in line with the strictest SBTi criteria, making Singtel the only Asian telco with a net-zero goal before 2050.

Singtel had already set SBTi-validated targets in 2017, making it the first non-Japanese company in Asia to do so. These commitments included a 42% reduction in emissions across its Singapore and Australian operations by 2030, based on the 2015 baseline. As of the end of 2023, Singtel has already cut these emissions by over 20%.

Yuen Kuan Moon, Singtel Group CEO, believes that business growth and environmental responsibility can go hand in hand. While making good progress on the initial targets, Singtel recognises the urgency of addressing climate change, leading to the approval of a second set of ambitious goals by SBTi. The company is currently working on comprehensive plans to achieve these new targets.

Luiz Amaral, CEO of the Science Based Targets initiative, stresses the need for quick emissions cuts and applauds Singtel's net-zero targets as an example for others to follow.

Singtel's approach involves a straightforward strategy of reducing energy use, improving efficiency, and transitioning to renewable sources. Since 2015, the company has invested nearly S$150 million in various climate-friendly measures, including using AI to optimise energy usage, adopting renewable energy, recycling e-waste, deploying solar panels, and transitioning its vehicles to electric.

Singtel is also turning its Comcentre headquarters into Singapore's first carbon-neutral development and building green data centres. In addition to internal efforts, Singtel engages with supply chain partners, encourages climate action, and supports associates in their efforts to reduce emissions.

Singtel's renewed science-based targets align with its commitment to the Business Ambition for 1.5°C, where it was the only Southeast Asian firm among the first signatories in July 2019.

The company's environmental efforts have been recognised with awards, including a top score for Climate Change 2022 from CDP, a high ranking in the Corporate Knights and As You Sow Clean200 in 2022, and recognition as ASEAN's second most sustainable telecoms brand in Brand Finance's ASEAN 300.

For more information on Singtel's sustainability initiatives, check out: Singtel Sustainability.

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Source: Singtel

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