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.