Singtel renews SBTi-validated targets to “limit global warming to 1.5 degrees Celsius”

SINGAPORE: Pioneering in Asia, Singtel renews SBTi-validated targets for aggressive greenhouse gas reductions to “limit global warming to 1.5 degrees Celsius,” as reported by The Edge Singapore.

Singtel is the only Asian telco with a net-zero target ahead of 2050. Singtel’s net-zero goal of 2045, brought forward from 2050 in July 2023, has received confirmation from the SBTi (Science Based Targets initiative) Target Validation Team, aligning closely with SBTi’s strict criteria.

Singapore Telecommunications (Singtel) has announced more robust measures to reduce greenhouse gas emissions in line with the Paris Climate Agreement.

The company aims to cut its Scope 1 and 2 direct and indirect greenhouse gas emissions by 55% and reduce its Scope 3 third-party emissions by 40% by 2030, using 2023 as the base year.

Singtel initially set SBTi-validated targets in 2017, committing to a 42% reduction in absolute Scope 1 and 2 emissions across its Singapore and Australian operations by 2030, starting from 2015 as its base year. As of the end of 2023, Singtel has already achieved over a 20% reduction in its Scope 1 and 2 emissions.

Singtel’s Group CEO, Yuen Kuan Moon, emphasised the company’s commitment to environmental responsibility, stating:

“We firmly believe that we can pursue business growth while safeguarding our planet for future generations. This conviction propelled us to engage SBTi to approve our first set of SBTi targets in 2017.

While we are on track to meet those targets, we know that we must do even more with the urgency of climate change. We are stepping up on our environmental leadership with a second set of targets that SBTi has again approved.

These are aggressive goals and our teams are developing comprehensive plans to achieve them.”

Luiz Amaral, CEO of the SBTi, added:

“Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change. Singtel’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow”

As of 05:14 pm, SGT, Singtel shares closed at S$2.38./TISG