Singtel one of 28 global companies committed to new climate targets

• Will keep global temperature hikes within 1.5°C above pre-industrial levels
• Aim to reach net-zero emissions by no later than 2050

SINGTEL is the only Southeast Asian firm in a  pioneering group of 28 global companies to have committed to new and more aggressive climate targets.

The list of companies was announced today by the UN Global Compact, the Science Based Targets initiative (SBTi) and the We Mean Business coalition.

All 28 companies have committed to keeping global temperature increases within 1.5°C above pre-industrial levels and reach net-zero emissions by no later than 2050.

This is in response to a call-to-action, issued by a broad coalition of business, civil society and UN leaders ahead of the UN Climate Action Summit in September 2019.

The commitments of the 28 companies heed the most recent report by the Intergovernmental Panel on Climate Change (IPCC), which warned of catastrophic consequences should global warming exceed 1.5°C.

Singtel’s Group CEO Chua Sock Koong (pic) said, “Climate change is a global issue that requires urgent action from all of us, and governments and businesses must lead the charge. Singtel has proactively implemented initiatives to make the transition to a clean energy future and build resilience in our operations.

“We were the first company in Asia outside of Japan to have our absolute carbon reduction targets for 2030 approved by the Science Based Carbon Target initiative in October 2017.

“We have now deepened our commitment to meet the more aggressive 1.5°C target and net-zero by 2050. We believe these efforts will drive efficiency, innovation and use of renewable energy within the business, and rally our partners and vendors in the ecosystem to work together to achieve a positive outcome.”

The twenty-eight companies have a total market capitalisation of US$1.3 trillion (RM5.3 trillion).

First movers include Acciona, AstraZeneca, Banka BioLoo, BT, Dalmia Cement Ltd, Eco-Steel Africa Ltd, Enel, Hewlett Packard Enterprise, Iberdrola, KLP, Levi Strauss & Co, Mahindra Group, Natura &Co, Novozymes, Royal DSM, SAP, Signify, Singtel, Telefonica, Telia, Unilever, Vodafone Group PLC and Zurich Insurance, amongst others, collectively representing over one million employees from 17 sectors and more than 16 countries.

Of the 28 companies, BT, Hewlett Packard Enterprise, Levi Strauss & Co and SAP already have 1.5°C-aligned reduction targets covering greenhouse gas emissions from their operations.