Sembcorp Announces 2023-2028 Strategic Plan to Drive Energy Transition

Jan 2024

Sembcorp Industries (Sembcorp), a key player in Singapore’s energy sector, has announced its 2023-2028 strategic plan, reaffirming its commitment to transform its portfolio from brown to green and drive energy transition.

In line with Sembcorp’s strategic targets, a significant share of capital will be deployed to support renewables growth. Sembcorp will invest approximately USD 10.5 billion, equivalent to 75% of 2024-2028 total investments, in renewables. 10% of capital will be deployed into investments, including hydrogen-ready assets, and a further 10% into decarbonization solutions. The remaining 5% will be allocated to the Integrated Urban Solutions segment.

Sembcorp is on track to achieve its target of 10GW of gross installed renewables capacity by 2025, and aims to grow its gross installed renewables capacity to 25GW by 2028. This ambitious expansion is part of Sembcorp’s broader environmental goals, which include reducing absolute emissions to 2.7 million tCO2e (Scope 1 and 2) by 2030, and net-zero emissions by 2050.

(Source: Sembcorp)

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