Keppel Corporation is aiming to cut its carbon emissions intensity by 28.8 per cent from 2010 levels by 2030.
The target, which was outlined in its 2017 Sustainability Report out today, is in line with Singapore's Intended Nationally Determined Contribution of a 36 per cent reduction from 2005 levels by 2030.
Keppel Corp also said yesterday that it was on track to achieve its earlier target of a 16 per cent reduction in carbon emissions from 2020 business-as-usual levels.
Chief executive Loh Chin Hua said: "Sustainability is at the heart of our business and we carefully consider environmental, social and governance issues in the determination of our strategy and policies.
"Our approach to sustainability starts with our goal to run a profitable, safe and responsible business providing the best value proposition to customers, while guided by our core values and operating principles."
The sustainability report noted that energy efficiency initiatives implemented across the group last year saved the equivalent of 7.1 per cent of its total energy consumption in the year. This translated to an estimated $37 million in cost savings and an avoidance of approximately 77,000 tonnes of carbon dioxide emissions.
This was achieved by measures such as optimising operations and processes, technological improvements, including adopting more sustainable building designs and materials, and using energy-efficient equipment and devices.
Keppel has saved around 2.3 million gigajoules of energy over the past five years, translating to about $140 million in cost savings and an avoidance of over 280,000 tonnes of carbon dioxide emissions.
The report also noted how Keppel Offshore & Marine (Keppel O&M) and Keppel Infrastructure are collaborating on a solar leasing project at Keppel O&M's yards, where renewable energy generated will help offset its energy requirements.
Some of the renewable energy certificates generated by the initiative will be transferred to Keppel Corp, allowing its corporate office to be fully powered by clean energy from the year end.
Also, to integrate Keppel's sustainability principles across its supply chain, the group established the Keppel Group's Supplier Code of Conduct at the end of 2016.
Suppliers of Keppel Group companies are expected to abide by the code, which covers areas pertaining to business conduct, environmental management, labour practices, and safety and health. Close to 74 per cent of the group's qualified suppliers signed the code last year.
Note: This story has been edited for clarity.