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KPMG moves to Asia Square, launches Asean Decarbonisation Hub

Jovi Ho
Jovi Ho11/14/2022 06:12 PM GMT+08  • 3 min read
KPMG moves to Asia Square, launches Asean Decarbonisation Hub
Minister in the Prime Minister's Office and Second Minister for Finance & National Development Indranee Rajah attended the launch as guest-of-honour. Photo: KPMG
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After more than four decades at the Hong Leong Building in Raffles Quay, KPMG moved into its new office at Asia Square Tower 2 on Nov 14, while launching its Asean Decarbonisation Hub.

Through a “hub-and-spoke” approach, the Hub will have Centres of Excellence (CoEs) to drive specific focus areas across Asean countries, which includes decarbonisation and hydrogen solutions, solar and wind technologies, geothermal technologies, sustainable cities, carbon capture and energy efficiency, says KPMG.

“In its founding years, the Hub’s priority areas will include low-carbon, energy efficient projects, as well as carbon trading and market mechanisms. It will also boost the delivery of innovative and practical green solutions in the energy, transport and real estate sectors,” adds the firm.

The decarbonisation team at KPMG currently numbers five professionals, says Sharad Somani, partner and head of infrastructure at KPMG Asia Pacific, with more hires expected ahead.

Decarbonisation is expected to emerge among the top five contributors to Singapore’s GDP by 2050, says KPMG. More than 50,000 new jobs are expected to be created by the energy transition in Singapore within the next decade, against a total of 5.5 million new jobs within Asean.

KPMG expects the “decarbonisation opportunity” in Asean to reach between US$7.5 trillion ($10.30 trillion) to US$10 trillion by 2050, with about half the sum channelled towards renewable energy and strengthening power infrastructure.

See also: New climate finance accelerator to help build an ecosystem to advance sustainability in Asia

KPMG has committed to firm-wide decarbonisation targets of achieving 100% renewable energy by 2022. By the end of the year, KPMG will also set an internal carbon price to cover business travel and operations globally. This will help fund improvements across its value chain by setting a price on the emissions that it generates, says the professional services firm.

Compared to its old premises, KPMG’s new office generates half the carbon footprint, says Ong Pang Thye, managing partner of KPMG in Singapore. “They are contributed through the reduction in space, initiatives to reduce electricity by using motion sensors, energy efficient equipment among others.”

KPMG’s new office occupies four floors at Asia Square Tower 2, totalling 125,000 sq ft. It previously leased some 160,000 sq ft of space at Hong Leong Building.

See also: Singapore’s top 100 companies found to have outperformed the global average in sustainability reporting: KPMG

Decarbonisation, talent and data and the pillars of KPMG’s new, three-pronged “Sustainable Future of Work” strategy, unveiled on Nov 14 and aimed at scaling and transforming businesses in Singapore and the region.

About 30% of existing industry jobs will require upskilling as Asean decarbonises, says KPMG. The company has invested $25 million into salary adjustments this financial year for the majority of its Singapore workforce, with starting pays for entry-level professional staff increasing by up to 200%.

The firm has also launched its $30 million lifelong learning programme for its 3,200-strong workforce, focusing on data and digital literacy as well as valuing and creating measurable impact.

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