Keppel saves $94 million in 2022 through energy efficiency initiatives and invests $2.8 billion in green solutions

SINGAPORE – Keppel continues to reap the benefits of going green, enjoying cost savings from energy efficiency initiatives, while continuing to leverage sustainability to drive further growth.

The company’s annual sustainability report, released Monday, said those efforts had achieved an estimated $94 million in cost savings in 2022. About 126,000 tons of emissions equivalent to carbon dioxide were also avoided.

“Sustainability is an integral part of our company’s value creation,” CEO Lo Ching-hua told officials.

He added: “With so many countries and companies making net-zero commitments, there is a tremendous opportunity for the Group to leverage our capabilities to help our customers and communities in their decarbonization efforts. I think,” he added.

Keppel has invested approximately $2.8 billion in energy and environmental and sustainable urban regeneration initiatives, jointly with private funds and/or business trusts managed by the company and Keppel Capital.

Low noted that Keppel aims to reach 100% by 2030 and has set a new target for 50% of the group’s electricity use to come from renewable sources by 2025.

“We have also taken an important step to strengthen sustainability governance and management by establishing a Board Sustainability and Safety Committee,” he added.

Keppel launched a number of climate-related initiatives last year, including its first renewable energy imports into Singapore. This will be done through the 2022 Laos-Thai-Malaysia-Singapore Power Integration Project, which will utilize existing interconnections to import up to 100 MW of hydropower from Laos via Thailand and Malaysia to Singapore.

Keppel is developing Singapore’s first hydrogen-enabled high efficiency combined gas turbine power plant, the Keppel Sakura Cogen Plant, on Jurong Island. It is expected to be operational by 2026. The company is looking for greener solutions to combat rising sea levels, such as energy-efficient floating data centers and climate-resilient coastal urban development, or “floating cities.”

significantly, Two waste-to-energy plants operated by Keppel here Qatar’s domestic solid waste management center also contributed to net avoided emissions of approximately 4.5 million tonnes of carbon dioxide equivalent.