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PSA launches inaugural Sustainability Report

PSA launches inaugural Sustainability Report
Peter Voser, PSA Chairman

PSA International Pte Ltd (PSA) has launched its inaugural Sustainability Report 2020, reflecting the group’s commitment as a business to build a more resilient and sustainable port and supply chain ecosystem.

The report, titled Green Horizons: Enabling a Better World Through Sustainable Port and Supply Chain Solutions, notes how the group aims to reduce its absolute carbon emissions by 50% by 2030 (against a 2019 baseline year) and progressively achieve net zero carbon emissions by 2050.

Peter Voser, group chairman of PSA, said: “Launching our first sustainability report this year is both timely and significant. As we looked to recover and emerge stronger from the pandemic, PSA has a unique opportunity to contribute a more resilient and sustainable global economy.

“We believe that sustainability is not merely an option but our responsibility. It is also imperative to ensure the longevity and resiliency of our business, enabling growth without compromising on the needs of future generations or destroying the environmental systems on which we rely.”

The group’s target for reducing its emissions covers Scope 1 and Scope 2 emissions as classified by the Greenhouse Gas (GHG) Protocol standard.

PSA has made investments and spearheaded innovations to bring about rapid decarbonisation of its operations.

Included within this is the progressive electrification of its equipment and test-bedding of alternative energy vectors like hydrogen.

Tuas Port in Singapore will also showcase the latest climate technologies and set the standard for sustainable port operations.

The Group’s Sustainability Strategy Framework, derived from a rigorous assessment of the Environmental, Social and Governance (ESG) factors that are material to PSA’s business and stakeholders, anchors these efforts.

It focuses on the strategic priorities of taking climate action, transforming supply chains and nurturing a future-ready workforce – underpinned by a commitment to steward responsible business practices across the group consistently and coherently.

Tan Chong Meng, group CEO, said: “In an increasingly connected and interdependent world, no business or country alone can tackle a virus, enable trade or reverse environmental degradation.

“PSA is in a unique position to influence and drive sustainable change beyond our operations, across global supply chains. We are actively driving greater collaboration within the industry, for we believe that collective action is key to any sustainable change.”

The group’s sustainability report aligns to international reporting frameworks, including Global Reporting Initiative (GRI) standards and the Task Force on Climate-related Financial Disclosures (TCFD) to ensure robust and comprehensive reporting.

PSA has set ambitious targets, which are highlighted in the report, and will continue in pursuit of innovations and partnerships to achieve them as well track and chart its sustainability progress.