Keppel Land sets net zero carbon goal

KEPPEL Land, the property arm of Keppel Corp BN4 , has set a net-zero carbon commitment, with an aim to reach this by 2030.

In a press statement on Tuesday (Dec 14), Keppel Land said that it will cut emissions that come directly from the company's operations (Scope 1) and emissions from power supplied to the company (Scope 2) by 100 per cent in 2030, with 2020 being the base year.

Emissions associated with the company's supply chain, or Scope 3 emissions, will be trimmed by 20 per cent per square metre by 2030.

This move is in line with Keppel's Vision 2030 to place sustainability at the core of its strategy, said Louis Lim, chief executive of Keppel Land.

"Keppel Land is doing its part to combat climate change through improving resource efficiency and reducing any negative impact on the environment," he added.

These greenhouse gas emissions reduction targets have been approved by the Science Based Targets initiative. The Scope 1 and 2 emission targets are consistent with the reductions required to limit global warming to 1.5 degrees Celsius.

This will make Keppel Land the first in Asia's real estate sector to set a near-term 100 per cent reduction science-based target for Scope 1 and 2 emissions in line with the 1.5 degrees Celsius trajectory, according to its press statement.

To meet these emissions reduction targets, the company will undertake various measures, including phasing out the use of diesel equipment, achieving high Green Mark standards or their equivalent, for all its new commercial developments.

It will also improve the energy efficiency of its portfolio of existing buildings through energy optimisation and digitalisation strategies; maximising on-site renewable energy; purchasing renewable energy certificates, and increasing the use of green-labelled and low-emission materials and products.

Keppel Land already has a wide range of initiatives in place.

It has, for instance, adopted 6 of the UN Sustainable Development Goals that are most aligned with its business and material issues.

Keppel Land has also voluntarily disclosed its approach in the 4 key areas of governance, strategy, risk management, as well as metrics and targets, as recommended by the Task Force on Climate-related Financial Disclosures.

In the evaluation of major new investment decisions, Keppel Land implemented a shadow carbon pricing policy to mitigate climate-related risks and support low-carbon investments.

Keppel Land has also strengthened its green funding sources. Earlier this year, it secured its maiden 5-year S$150 million sustainability-linked loan from DBS.