Eastspring Investments: Responsible Investment Report 2022
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In 2022, Eastspring Singapore engaged with a telecommunications company on climate change disclosures. Following the publication of the company’s Sustainability-linked bond framework and its TCFD report in 2022, Eastspring Singapore embarked on regular engagements with the company to continually establish a better profile of the material climate change related issues the company faced through discussions of the strategic approach to decarbonisation and the steps taken to reach the targets it has communicated. During this engagement, we noted new milestones on the company’s journey that are aligned with its climate change goals. In line with its SBTi targets, the company reported a 7.5% year-on-year decline in its total Scope 1, 2, and 3 emissions in FY2022. In addition, it reported a 22% year-on-year decrease in carbon emissions intensity. The company is also increasing internal alignment towards meeting its SBTi targets through several measures. This includes completing Scope 3 indirect carbon emissions for its operations in Singapore and abroad for FY2021 and FY2022 and instituting an internal carbon price which it plans to fully incorporate into its business processes. We also attained a better understanding of the company’s strategic approach to tackling climate change through its TCFD report, with the company disclosing its climate-related governance structure, core competencies, and decarbonisation plans at the operations, financing, and process levels. We noted that the company has taken a holistic view towards tackling climate change across all its operations, from implementing decarbonisation testbeds for energy efficiency, increasing renewable energy sourcing, and clearly incorporating climate physical risk into its group risk management process. With a better understanding of the company’s plans to manage climate change targets and disclosures, the investment team remains invested in the company and will continue to monitor progress moving forward.
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