Singapore Exchange (SGX) is committing to a 42% reduction in Scope 2 emissions by FY2031 from the base as at FY2021 (July 2020 to June 2021), pledging to set science-based emissions reduction targets that are consistent with keeping global warming to 1.5°C above pre-industrial levels. For Scope 3 emissions, the exchange plans to engage its co-location data centre supplier for them to set science-based targets within five years.
The commitments are based on the criteria and recommendations of the Science Based Targets initiative (SBTi) , making SGX the first Asian exchange to join Race to Zero and Business Ambition for 1.5°C. SGX will submit its verifiable targets to SBTi for validation.
Thus far, SGX’s planned initiatives to achieve the Scope 2 reductions include improving its efficiency and reducing the carbon intensity of its data processing requirements; introducing energy-efficient equipment, processes and policies; and purchasing Renewable Energy Certificates that meet the Scope 2 greenhouse gas (GHG) Protocol quality criteria through its subsidiary Energy Market Company.