Sustainability is one of Singlife's core strategic pillars. With its sustainability strategy focused on five key pillars – responsible investor, accelerator of net zero, innovator for green and good, sustainability-embedded culture, and effective governance and risk management, Singlife believes that meaningful action in all areas will allow the organisation to address environmental and social challenges more effectively, whilst supporting the creation of business value. Committed to net zero by 2050, Singlife engaged South Pole for external support in greenhouse gag (GHG) emissions measurement and to develop a net zero roadmap with credible and accountable targets.
"Working with South Pole has been a significant step forward in our efforts to advance our climate journey. Their team has provided us with key insights on our environmental impact and recommended clear actions to minimise our emissions as we strive towards net zero."
Ko Wen Chia, Head of Sustainability, Singlife
Having made a commitment to achieve net zero emissions by 2050, Singlife needed to establish a robust GHG emissions baseline in order to develop a credible net zero roadmap. South Pole climate experts conducted a complete GHG emissions accounting, aligned with the GHG Protocol and Partnership for Carbon Accounting Financials (PCAF) standards to evaluate the operational and financed emissions across scopes 1, 2, and 3.
Putting the financed emissions results into context, South Pole's experts then analysed Singlife's positioning for a net zero strategy and the available tools to decarbonise its portfolio. Our team tested different target-setting approaches which included the Science Based Target Initiatives Sectoral Decarbonisation Pathway for the power, cement and steel sectors as well as the Transition Pathway Initiative for the oil and gas sector. The interventions modelling conducted by our experts facilitated Singlife's understanding of the impact of different interventions, such as engagement on temperature score, transition-based exclusions and strategic reallocation of funds based on relative performance within sectors.
This work conducted by the South Pole team provided insights and actions for Singlife to confidently address internal discussions and strategic planning on decarbonisation targets and net zero commitments.
