Keppel is committed to running its
business sustainably. We also provide
solutions which help our communities
and customers reduce carbon emissions
and contribute to climate action.
We are refocusing the Group’s portfolio
on sustainable urbanisation solutions,
including through evaluating their fit with
Keppel’s Vision, Mission and ESG goals,
and the risks and opportunities associated
with climate change, as well as internal
shadow carbon pricing.
Keppel will also contribute to climate action
through its corporate social responsibility
and public engagement efforts.
Keppel has committed to halve its Scope 1 and 2 carbon emissions by 2030, compared to 2020 levels,
and achieve net zero by 2050.
Since 2020, Keppel has adopted an evolutionary shadow carbon pricing policy to evaluate major
investment decisions, in order to contribute to climate action, mitigate climate-related risks, prepare for
tougher climate legislation and higher carbon prices, and avoid stranded assets. We will continue to
review and refine our shadow carbon price in response to changes in international carbon tax regimes.
Keppel has set a target to grow its renewable energy portfolio to 7.0GW by 2030, and has since 2020
announced renewables projects with a total capacity of 1.1GW.
Many of the Group’s new business pursuits and research and development efforts in the past year were
in renewables, clean energy, decarbonisation and environmental solutions. These include the acquisition by
Keppel Corporation together with a Keppel Capital consortium, of a majority joint venture stake in Cleantech
Renewable Assets, a leading solar energy platform, exploring the import of renewable energy to Singapore,
developing electric vehicle charging infrastructure, securing Singapore’s first Energy-as-a-Service
contract, and studying the feasibility of developing an Asia-Pacific green ammonia supply chain.
The iconic Keppel Marina East Desalination Plant (KMEDP), Singapore’s first large-scale, dual-mode
desalination plant, was officially opened in February 2021, contributing to Singapore’s water security
amidst increasing rainfall uncertainty caused by climate change. In June, KMEDP was named
‘Desalination Plant of the Year’ at the Global Water Awards 2021.
Keppel Offshore & Marine (Keppel O&M) continued to seize opportunities in renewables and gas
solutions, which made up 39% of its orderbook as at end-2021.
The built environment is a significant contributor to carbon emissions. Keppel Land is contributing
to climate action through developing smart and sustainable offices of the future, including Keppel
Towers, which garnered the BCA Green Mark Platinum Super Low Energy Award for its innovative and
green features in 2021.
Keppel Data Centres is also looking into reducing the carbon footprint of its data centres, including
through exploring the development of energy-efficient floating data centres.
Keppel is also contributing to nature-based solutions to climate change by supporting environmental
initiatives such as the National Parks Board’s OneMillionTrees movement. Keppel committed $3 million
to support the planting of 10,000 trees over five years in parks and nature reserves in Singapore. In May
2021, a tree planting event was held to commemorate the start of this pledge.
In November 2021, Keppel further pledged to donate $1 million to support the development of the
Keppel Coastal Trail at Labrador Nature Reserve. The Trail will help safeguard core habitats and critically
endangered native species in the nature reserve, as well as enhance public awareness of the role of
coastal forests in mitigating the impact of climate change and rising sea levels.