Keppel stays committed to green push despite the backsliding in some markets

Sustainability an integral part of how the company creates value, says CEO in report

- Sue-Ann Tan

Keppel cut its Scope 1 and 2 carbon emissions by over 80 per cent in 2024 compared with 2020, and remains committed to its green push despite the backsliding in sustainability in some markets, it said.

"We see sustainability, especially environmental sustainability, not just through the lens of compliance or disclosure, but as an integral part of how we create value," said chief executive Loh Chin Hua in the company's sustainability report released on May 28.

"Despite the backsliding seen in some markets, Keppel remains committed to sustainability," he added. "We are committed to running our business responsibly, and investing in and creating solutions that contribute to a sustainable future."

These solutions include the development of Keppel Sakra Cogen Plant, Singapore's first hydrogen-compatible power plant, which is set to start operations in the first half of 2026, and the greening of data centres.

Earlier in 2025, the US withdrew from the Paris Agreement, after President Donald Trump took office. Major banks and asset managers such as JPMorgan, Goldman Sachs and Morgan Stanley have also pulled out of various net-zero initiatives, such as the Net-Zero Banking Alliance.

Keppel aims to achieve net-zero Scope 1 and 2 emissions by 2050, and have renewable energy supply all its electricity needs by 2030.

Scope 1 emissions refers to direct emissions incurred by a company, say, from its facilities or transport vehicles, while Scope 2 emissions refers to indirect emissions, such as the electricity or heating it buys from power-generation companies.