It expects 70% of profits to come from sustainable solutions.
Energy and urban development company Sembcorp Industries unveiled plans to turn its portfolio from ‘brown to green’ with commitment to cut greenhouse gas emissions by half by 2030 and go net zero by 2050.
Sembcorp also aims to grow profit contribution from its sustainable solutions portfolio from a current 40% to 70% by 2025. By 2025, its renewable energy portfolio is targeted to achieve a compounded annual growth rate (CAGR) of 30% and its integrated urban solutions portfolio a CAGR of 10%.
“The transformation plan we unveiled today is driven by a clear purpose to play our part in building a sustainable future. With our proven track record across Asia and capabilities across various segments of the renewables and urban solutions sectors, Sembcorp is well positioned to be a leading pan-Asian provider of sustainable solutions,” said the group’s president and chief executive officer Wong Kim Yin.
By 2025, Sembcorp aims to quadruple its gross installed renewable energy capacity to 10 GW. In 2020, its gross installed renewable energy capacity, comprising wind, solar and energy storage, was 2.6 GW.
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