Keppel makes big strides in sustainability after exiting oil-rig business

Green moves deliver cost savings of about 95m in 2023 for asset owners and operators

- Sue-Ann Tan

Keppel has further ramped up its moves into sustainability after making waves in 2021 when it announced it would exit the oil-rig building business and shift its focus to infrastructure projects, including renewable energy.

Its chief executive Loh Chin Hua told The Straits Times: "Keppel has made good progress in our Vision 2030 transformation... to be a global asset manager and operator, and sustainability is a key part of our strategy.

"We are committed to making a positive impact through running our business sustainably, investing in and creating solutions for a sustainable future, and contributing to the community through philanthropic efforts and staff volunteerism." His remarks came as Keppel released its latest sustainability report on May 26, which noted that the firm's energy-efficiency measures and green initiatives delivered cost savings of about $95 million in 2023 for its asset owners and operators.

Keppel is also well on its way to hitting its sustainability targets, the report showed. In 2021, it set a target of halving its Scope 1 and Scope 2 carbon emissions by 2030 from 2020 levels, and achieving net zero by 2050.