(Reuters) – Singapore’s Sembcorp Industries said on Monday it would invest about S$10.5 billion ($7.76 billion), about 75% of its total investments in 2024-2028, to support renewables growth as it aimed to halve its carbon emissions intensity by 2028.
“Sembcorp will invest in capabilities to position itself in low-carbon energy, low-carbon feedstock and carbon management. These include the production and consumption of hydrogen and its derivatives,” the energy and urban solutions provider said in a statement.
Sembcorp said it aimed to grow its gross installed renewables capacity to 25 gigawatt by 2028 to support energy transition and sustainable development.
Since announcing its strategic plan in 2021, Sembcorp’s gross renewables capacity has increased four-fold and now comprises 61% of its energy portfolio, it said.
The company added that it has achieved its 2025 greenhouse gas emissions intensity target ahead of time and is on track for net-zero emissions by 2050.
($1 = 1.3530 Singapore dollars)
(Reporting by Himanshi Akhand in Bengaluru; Editing by Rashmi Aich)