Singapore Telecommunications (Singtel) has made more aggressive cuts to its greenhouse gas emissions through a set of more ambitious science-based targest aligned with the goals of the Paris Climate Agreement to limit global warming to 1.5 degrees Celsius.
Singtel, which is the first telco in Asia to have these targets validated by the Science Based Targets initiative (SBTi), is aiming to reduce its Scope 1 and 2 direct and indirect greenhouse gas emissions by 55% and to reduce its Scope 3 third-party emissions by 2030 by 40% with 2023 as the base year.
The SBTi Target Validation Team has also confirmed that the net-zero goal of 2045, which Singtel had brought forward from 2050 in July 2023, is closely aligned with SBTi’s most stringent criteria. Singtel is the only Asian telco with a net-zero target ahead of 2050.
Singtel first set its SBTi-validated targets in 2017 with a commitment to cut its absolute Scope 1 and 2 emissions across its Singapore and Australian operations by 42% by 2030 starting from 2015 as its base year. As at end-2023, the telco has already reduced its Scope 1 and 2 emissions by more than 20%.
“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,” says Singtel’s group CEO Yuen Kuan Moon.
“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,” adds Luiz Amaral, CEO of the SBTi.
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As at 11.36am, shares in Singtel are trading 2 cents higher or 0.84% up at $2.40.
