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HOCK LOCK SIEW

Sembcorp’s ease in curtailing emissions exposes a sustainable financing loophole

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Wong Pei Ting

Wong Pei Ting

Published Thu, Nov 23, 2023 · 05:00 AM
    • The improvement in Sembcorp’s emissions intensity comes mostly because the company sold off Sembcorp Energy India, a coal business, to a private consortium.
    • The improvement in Sembcorp’s emissions intensity comes mostly because the company sold off Sembcorp Energy India, a coal business, to a private consortium. PHOTO: SEMBCORP INDUSTRIES

    WHEN industrial and urban solutions group Sembcorp Industries ran its Investor Day earlier this month, it reported a drop in its emissions intensity so steep that it has surpassed key 2025 targets well ahead of schedule.

    A closer look reveals that most of the improvement did not come as a result of Sembcorp making its existing businesses greener, but from divesting a high-emissions asset.

    In other words, Sembcorp’s improved emissions profile has not led to a reduction in real-world emissions – it has merely moved a large amount of emissions out of sight.

    Hock Lock Siewsembcorp industriesSustainability-linked bondsGreenhouse gas emissions

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