Search
Searchhttps://www.spgroup.com.sg/search?tag=sustainability
Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/enabling-green-mobility 1 2 3 4 5 ..... 51
Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526
Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB 1 2 3 4 5 ..... 51 Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Searchhttps://www.spgroup.com.sg/search?tag=tengah Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/enabling-green-mobility 1 2 3 4 5 ..... 51 Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB 1 2 3 4 5 ..... 51 Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable and efficient energy supply to customers. We anchor our sustainability strategy on the United Nation’s Sustainable Development Category: Sustainability 1 2 3 4 5 ..... 50 Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions are integral to our long-term success and corporate purpose. We seek to create shared value by going beyond essential services delivery to support social wellbeing and resilience, particularly for seniors, youth and children from lower income families. We adopt a strategic and long-term approach to community engagement, working closely with stakeholders to ensure our initiatives remain relevant, responsive and aligned with evolving needs. Where our operations interface directly with communities, such as during infrastructure development and maintenance works, we commit to clear and timely communication, with the objective of minimising disruption to residents, businesses and other stakeholders. Key Initiatives Celebrating SP30 and SG60 SP marked its 30th year of corporatisation and Singapore’s 60th year of independence with yearlong community outreach initiatives. These were launched at the SP Community Festival, celebrating the spirit of philanthropy and volunteerism. It brought together SP Group’s leadership and employees, alongside community partners, to deepen understanding of community needs. We also reaffirmed our sustained engagement and collaborations with our anchor partner Community Chest Singapore and other social service agencies. At the festival, SP Group announced a three-times matching scheme for all staff donations till end 2025. This resulted in a doubling of staff donations that year compared to the previous year. SP Group also launched SG60 Journeys from the Heart, hosting 600 seniors, youth and children on customised experiential trips to places of interest in Singapore. Accompanied by staff volunteers, known as SP Heart Workers, these journeys on electric buses created memorable outings while underscoring SP’s commitment to sustainable mobility. Leveraging these milestone initiatives, SP Heart Workers clocked 12,000 volunteer hours – a 45% increase from last year. All business units participated in volunteering during the year, with 40% of our employees volunteering at least once. We also delivered 10,000 Power Packs of daily essentials to beneficiaries of different age segments, with items customised for the needs of each segment. Community Chest SP Group’s philanthropic contributions are stewarded through our long-standing partnership with Community Chest, the philanthropy arm of National Council of Social Services. Community Chest channels 100% of donations to critical services delivered by SP’s partner social service agencies. This structured approach enables us to maximise impact by strengthening our partners’ programmes and ensuring resources are directed towards areas of greatest need. TOUCH Community Services In 2026, SP Group committed S$2.1 million over three years to TOUCH Community Services, enabling the formation of the SP CHAMP League. The programme supports over 700 children and youth aged 7 to 17 from lower-income families through mentoring, academic tutoring and structured enrichment activities that strengthen cognitive skills and support social mobility. KidSTART SP Group also continued its partnership with KidSTART through a S$1.1 million donation that ensures the sustained delivery and expansion of the PowerUP Playtime programme. The initiative provides age-segmented toys and learning tools for pre-schoolers from lower-income or vulnerable households, fostering stronger parent-child bonds, joyful learning experiences and positive early childhood development. This brings our total contribution to KidSTART Singapore to S$5.4 million since 2021. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/business-ethics-and-compliance Business Ethics & Compliance SUSTAINABILITY REPORT Business Ethics & Compliance Business ethics and compliance are core to how SP Group plans, executes and conducts its business. Guided by applicable laws and regulations, and anchored by our Employee Code of Conduct, ethical principles shape our corporate culture and decision-making across all levels of the organisation. This strong ethical foundation reinforces accountability and trust, supports access to financing, and strengthens our licence to operate, enabling SP Group to remain credible and relevant in a rapidly evolving regulatory, technological and societal landscape. Continuous investment in robust governance frameworks, risk management systems, and effective anti-corruption and anti-bribery controls enhances our resilience and credibility, enabling the organisation to plan with greater certainty and make sound strategic, operational, and capital allocation decisions. These practices also position us to pursue growth and partnership opportunities with confidence, as a trusted and compliant business partner with rapidly evolving regulatory requirements and a changing mix of stakeholders, including new partners and institutions. Key Initiatives Corporate Governance SP Group’s corporate governance structure establishes clear accountability, oversight and segregation of duties to support ethical conduct and compliance across the Group. SP Group’s Board of Directors provides overarching governance and sets the strategic direction for the Group. The Board is responsible for making key investment and funding decisions, overseeing risk management, and ensuring that robust internal controls are in place. At the management level, the Executive Leadership Team is tasked with implementing the strategy, policies, procedures, and systems that foster integrity and accountability in day-to-day operations. The Board also ensures that management maintains a robust system of internal controls to safeguard the Group’s assets and reviews the Group’s financial performance. Anti-Bribery and Compliance SP Group maintains a zero-tolerance stance towards all forms of bribery and corruption, whether direct or indirect. This applies to all employees and officers of the Group, as well as to third parties acting on our behalf, including suppliers, contractors and other business partners. Our expectations are articulated in the Anti-Bribery and Corruption (ABC) Policy, which defines prohibited conduct, employee responsibilities, reporting channels and disciplinary consequences for non-compliance. To operationalise these requirements, SP Group has established and maintains a formal Anti-Bribery Management System (ABMS) aligned with ISO 37001, supported by a dedicated compliance function within the Legal function. The ABMS incorporates risk assessments, due diligence processes, internal controls, reporting mechanisms and periodic reviews to prevent, detect and respond to bribery and corruption risks. Regulatory Compliance SP Group adopts a proactive and risk-based approach to managing regulatory compliance, ensuring that our business units remain fully aware of and aligned with significant statutory and licence obligations. We maintain and regularly update checklists of relevant acts and regulatory requirements, which form the foundation for consistent compliance across the Group. Annual compliance attestations are obtained from the respective business units using these checklists to reinforce accountability. Our Compliance team closely monitors changes to all identified legislation, assesses their implications, and communicates updates to the relevant business units. In addition, we conduct annual training on key statutory and licence obligations to build organisational awareness and ensure ongoing adherence to regulatory requirements. Compliance requirements are embedded into business processes, supported by guidance, training and internal controls to promote consistent application across the organisation. Where non-compliance risks are identified, mitigation measures are implemented and tracked through established governance and risk management processes. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/digitalisation-cybersecurity-and-data-privacy Digitalisation Cybersecurity & Data Privacy SUSTAINABILITY REPORT Digitalisation, Cybersecurity & Data Privacy Amidst the fast-paced digital transformation, the growing adoption of AI and the constantly changing cyber threat environment, companies have to consistently advance initiatives to develop a strong cybersecurity ecosystem aimed at creating resilient digital infrastructure, safeguarding cybersecurity, and promoting international cyber collaboration. SP Group remains dedicated to focusing on three critical areas: digitising its operations and solutions, reinforcing the cybersecurity of its assets, and upholding data privacy. Maintaining strong capabilities in digitalisation, cybersecurity and data privacy strengthens SP Group’s ability to safeguard data, uphold regulatory compliance, and enhance the resilience and sustainability of our operations. Key Initiatives Intelligent Asset Maintenance of Over Ground Boxes through a Digital Workforce App As part of SP Group’s ongoing efforts to strengthen sustainable operations and infrastructure resilience, the Digital Workforce App was enhanced with an Overground Box (OGB) Asset Maintenance module to transform how field inspections and maintenance activities are performed. Prior to the enhancement, OGB inspections were supported through a combination of paper-based records and PDF submissions. While the approach enabled inspections to be completed, it involved additional administrative handling and could lead to variation in how information was captured and validated. This created an opportunity to further strengthen the consistency and completeness of the asset dataset, enabling more advanced condition analytics and longer-term maintenance planning across the asset lifecycle. The enhanced solution introduced standardised digital workflows and AI-assisted image recognition, enabling inspections to be captured digitally at source and maintenance quality to be assessed more consistently. This reduced manual handling and rework, improved data accuracy and traceability, and strengthened governance through clearer audit trails and accountability between SP officers and contractors. The initiative delivers an estimated ~30,000 man hours saved annually, contributing to more efficient use of workforce resources. The solution enables more responsible asset lifecycle management by supporting data-driven maintenance planning, early identification of defects, and consistent upkeep of over 16,000 OGBs. By reducing reliance on paper-based processes, the initiative improves resource efficiency while supporting the long-term reliability and resilience of critical infrastructure. Beyond efficiency gains, the initiative also strengthens data readiness. Digitised inspection records, image-based evidence, and standardised data capture improve data integrity, enabling better decision-making on asset renewals, maintenance, and risk management. Overall, the Intelligent Asset Maintenance initiative demonstrates how digital transformation can act as a key enabler of sustainability, delivering productivity gains, strengthening governance, and supporting resilient, well-maintained infrastructure critical to long-term operational performance. Smart Grid Digitalisation & AI Elevation We are expanding digital twin and IoT sensors to enable predictive grid management, with a target to equip 400 substations with advanced sensors by 2030. These efforts improve operational efficiency and support the integration of more renewable energy on the grid, directly contributing to decarbonisation goals. AI-Powered Asset Management and Digital Workforce SP Group is embedding AI and digital technologies across asset lifecycle management and workforce processes, with an estimated productivity savings of approximately 100,000 man hours annually by 2030. Digital solutions are being implemented to enable optimised deployment of field crews, supporting AI-assisted inspections and operational decision-making with improved accuracy and efficiency. These initiatives enhance workforce productivity by strengthening validations and reducing rework, while also lowering travel requirements, vehicle usage, and overall resource consumption. By 2030, most key work processes across the asset lifecycle are expected to be digitised or AI-enabled, strengthening operational efficiency, improving consistency of execution, and enhancing the effectiveness of the engineering workforce. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Business Ethics & Compliance Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workforce-development-and-management Workforce Development and Management SUSTAINABILITY REPORT Workforce Development & Management Amid a rapidly evolving business and regulatory landscape, SP Group continues to develop its human capital by anticipating skills shifts, accelerating upskilling and job redesign, and supporting employee wellbeing. With a large workforce across multiple geographies and business operations, we are committed to strengthening workforce development to build a skilled, engaged and resilient workforce that supports operational excellence and the organisation’s long-term success. This is supported through structured workforce development and management, and close collaboration with the Union of Power and Gas Employees (UPAGE). These arrangements enable a supportive and inclusive culture where employees are valued and empowered to grow, and facilitate timely consultation on workforce matters. Effective workforce management encompassing employee engagement, fair labour practices, and compliance with applicable regulations, supports workforce stability and safeguards our organisational reputation. At the same time, continued investment in training and development enhances employee capabilities, engagement and retention, supporting sustainable business performance. Key Initiatives Internship Programme Internships continue to be a core aspect of our early talent pipeline building. To drive intern to employee conversion outcomes, we have implemented dedicated intern engagement sessions to share career pathways, deepen understanding of technical roles and surface interest for future employment. Work-Study Diploma (WSDip) Programme Academic partnerships have also been expanded through initiatives such as the WSDip programme with the Institute of Technical Education (ITE). WSDip is a 2.5-year programme which provides structured on-the-job training, mentorship and technical development, alongside clear pathways for conversion into permanent roles upon graduation. The first batch of students commenced work in March 2026. Project FUSION – Redesigning Jobs for the Future SP Group takes a proactive approach in ensuring future-readiness, equipping our workforce with the skills to stay relevant as roles evolve with technological, regulatory, and energy transition demands. Project FUSION under the remit of the CTC, provides a structured approach to identifying emerging skills and redesigning roles. Since 2018, over 400 jobs have been transformed through upskilling and job redesign. Job redesign is aligned with technology adoption with roles evolving from: Manual to digital: Gas leak surveyors transitioning from manual, paper-based recording to using Autonomous Mobile Robot to manage routine leak surveys at a system-level Digital to automation: Technical team moving away from manual, repetitive verification of contractor claims to using AI to validate key data, and flag gaps automatically Single-Function to Multi-Skilled and leveraging AI: Customer Service Officers upskilled to manage multiple customer touchpoints, and using AI to deliver more consistent and quality engagement Augmented by technology, employees can now spend more time analysing and preventing issues, reinforcing safety and operational excellence. These are areas where human judgement adds the biggest value. In tandem with these job redesigns, we have established multiple career pathways and invested in pre-emptive upskilling to support workforce transitions. Ahead of the national smart meter rollout, meter readers were reskilled into roles such as smart meter technicians, asset sensing & analytics, and field service respectively, and meter reading service officers performing first level diagnostic checks and site support. This proactive approach has improved role effectiveness and supported redeployment into higher value work, contributing to operational stability and productivity. Building on the strong momentum of Project FUSION, Fusion.AI marks the next phase of SP Group’s workforce transformation, focusing on strengthening AI fluency across the workforce and embedding AI into jobs and processes. Delivered in partnership with UPAGE, this phase supports the confident adoption of AI, enabling capacity to be redeployed towards roles requiring higher levels of judgement and expertise, while ensuring workforce transformation and upskilling initiatives remain inclusive, coordinated, and aligned with business needs. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/climate-action-and-resilience Climate Action & Resilience SUSTAINABILITY REPORT Climate Action & Resilience Climate change can present growing physical and transition risks for energy infrastructure operators, with implications for asset resilience, system reliability, and long-term investment planning. As Singapore’s national grid operator and a provider of sustainable energy solutions in Singapore and across the region, SP Group’s ability to anticipate and manage climate-related risks or tap on opportunities is critical to maintaining safe, reliable, and affordable energy supply while supporting the national transition to net zero. For SP Group, climate action and resilience are material not only because of our operational footprint, but because climate change has the potential to affect the infrastructure, systems and markets on which our business depends. Rising temperatures, more intense rainfall and flooding, shifting policy and regulatory expectations, evolving technologies, and changes in customer and market demand can all influence how we plan, operate and invest in our networks and solutions. At the same time, the transition to a lower-carbon economy creates opportunities for SP Group to enable electrification, integrate cleaner energy sources, strengthen grid flexibility and resilience, and support customers in their own decarbonisation journeys. Our approach therefore focuses on both managing risk and enabling transition. We continue to strengthen our understanding of emissions across the Group, enhance the quality and governance of climate-related data, and deepen the integration of climate considerations into business planning and decision-making. In parallel, we are updating our climate scenario analysis using the latest available climate science and relevant operational and financial data to assess how different physical and transition pathways could affect our business over time. These insights will help inform resilience priorities, strategic planning, asset lifecycle decisions and capital allocation, while supporting a more coordinated and forward-looking response to climate-related risks and opportunities across SP Group. Key Initiatives SP Joins Pilot for Electric Prime Mover Adoption SP is participating in a pilot trial led by Enterprise Singapore to promote the adoption of electric prime movers (e-PMs) for operational use. These e-PMs are heavy-duty electric trucks that replace diesel engines with electric motors and battery systems, generating zero tailpipe emissions, lower operating costs, and reduced noise levels. SP Group has deployed e-PMs for operational activities such as transporting generators during supply restoration, with the vehicles equipped with advanced safety features to enhance stability. Heavy Goods Vehicles (HGVs) contribute approximately 30% of land transport emissions in Singapore, representing a significant decarbonisation challenge. At SP Group, HGVs also account for 30% of our entire vehicular fleet. Under the pilot, SP Group will evaluate fast-charging and battery-swapping solutions to overcome charging limitations, minimise downtime, and address range anxiety, thereby supporting wider adoption of electric HGVs. Beyond the pilot programme, SP Group continues to track developments in electric heavy-duty vehicles as part of its broader fleet electrification strategy. As fleet electrification progresses, SP remains committed to fully electrifying all small-sized vehicles by the end of 2026. Labrador Tower Completed in 2024, the 34-storey Labrador Tower is among Singapore’s first commercial developments to attain the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy (SLE) certification. Featuring SP Group’s suite of sustainable energy solutions, the development was validated to have achieved approximately 40% energy savings relative to prevailing code-compliant buildings, demonstrating its strong environmental performance and high level of resource efficiency Solarising SP’s Substations to Support Singapore’s Low-Carbon Future In 2025, SP Group completed the installation of rooftop solar PV systems at 26 electricity substations across Singapore and plans to do so for another 44 substations over the next two years. This achievement represents a key milestone in strengthening the grid’s low-carbon capabilities while supporting Singapore’s transition towards a more sustainable energy future. The initiative reflects SP’s continued commitment to integrating renewable energy solutions into critical infrastructure and enabling cleaner energy for all. Implemented over multiple years in three phases between 2023 and 2025, the programme was structured to optimise the solar potential of substations without affecting operational reliability. Each substation was fitted with solar PV systems of up to 1 MWac installed capacity, enabling effective utilisation of on-site renewable generation. Beyond expanding solar generation capacity on existing infrastructure, the initiative supports Singapore’s broader efforts to increase renewable energy deployment and advance the transition to a lower-carbon power system. By enabling distributed solar generation within the national grid, SP is helping to strengthen grid readiness for greater renewable integration, diversify energy sources, and support the greening of the grid. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions are integral to our long-term success and corporate purpose. We seek to create shared value by going beyond essential services delivery to support social wellbeing and resilience, particularly for seniors, youth and children from lower income families. We adopt a strategic and long-term approach to community engagement, working closely with stakeholders to ensure our initiatives remain relevant, responsive and aligned with evolving needs. Where our operations interface directly with communities, such as during infrastructure development and maintenance works, we commit to clear and timely communication, with the objective of minimising disruption to residents, businesses and other stakeholders. Key Initiatives Celebrating SP30 and SG60 SP marked its 30th year of corporatisation and Singapore’s 60th year of independence with yearlong community outreach initiatives. These were launched at the SP Community Festival, celebrating the spirit of philanthropy and volunteerism. It brought together SP Group’s leadership and employees, alongside community partners, to deepen understanding of community needs. We also reaffirmed our sustained engagement and collaborations with our anchor partner Community Chest Singapore and other social service agencies. At the festival, SP Group announced a three-times matching scheme for all staff donations till end 2025. This resulted in a doubling of staff donations that year compared to the previous year. SP Group also launched SG60 Journeys from the Heart, hosting 600 seniors, youth and children on customised experiential trips to places of interest in Singapore. Accompanied by staff volunteers, known as SP Heart Workers, these journeys on electric buses created memorable outings while underscoring SP’s commitment to sustainable mobility. Leveraging these milestone initiatives, SP Heart Workers clocked 12,000 volunteer hours – a 45% increase from last year. All business units participated in volunteering during the year, with 40% of our employees volunteering at least once. We also delivered 10,000 Power Packs of daily essentials to beneficiaries of different age segments, with items customised for the needs of each segment. Community Chest SP Group’s philanthropic contributions are stewarded through our long-standing partnership with Community Chest, the philanthropy arm of National Council of Social Services. Community Chest channels 100% of donations to critical services delivered by SP’s partner social service agencies. This structured approach enables us to maximise impact by strengthening our partners’ programmes and ensuring resources are directed towards areas of greatest need. TOUCH Community Services In 2026, SP Group committed S$2.1 million over three years to TOUCH Community Services, enabling the formation of the SP CHAMP League. The programme supports over 700 children and youth aged 7 to 17 from lower-income families through mentoring, academic tutoring and structured enrichment activities that strengthen cognitive skills and support social mobility. KidSTART SP Group also continued its partnership with KidSTART through a S$1.1 million donation that ensures the sustained delivery and expansion of the PowerUP Playtime programme. The initiative provides age-segmented toys and learning tools for pre-schoolers from lower-income or vulnerable households, fostering stronger parent-child bonds, joyful learning experiences and positive early childhood development. This brings our total contribution to KidSTART Singapore to S$5.4 million since 2021. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/business-ethics-and-compliance Business Ethics & Compliance SUSTAINABILITY REPORT Business Ethics & Compliance Business ethics and compliance are core to how SP Group plans, executes and conducts its business. Guided by applicable laws and regulations, and anchored by our Employee Code of Conduct, ethical principles shape our corporate culture and decision-making across all levels of the organisation. This strong ethical foundation reinforces accountability and trust, supports access to financing, and strengthens our licence to operate, enabling SP Group to remain credible and relevant in a rapidly evolving regulatory, technological and societal landscape. Continuous investment in robust governance frameworks, risk management systems, and effective anti-corruption and anti-bribery controls enhances our resilience and credibility, enabling the organisation to plan with greater certainty and make sound strategic, operational, and capital allocation decisions. These practices also position us to pursue growth and partnership opportunities with confidence, as a trusted and compliant business partner with rapidly evolving regulatory requirements and a changing mix of stakeholders, including new partners and institutions. Key Initiatives Corporate Governance SP Group’s corporate governance structure establishes clear accountability, oversight and segregation of duties to support ethical conduct and compliance across the Group. SP Group’s Board of Directors provides overarching governance and sets the strategic direction for the Group. The Board is responsible for making key investment and funding decisions, overseeing risk management, and ensuring that robust internal controls are in place. At the management level, the Executive Leadership Team is tasked with implementing the strategy, policies, procedures, and systems that foster integrity and accountability in day-to-day operations. The Board also ensures that management maintains a robust system of internal controls to safeguard the Group’s assets and reviews the Group’s financial performance. Anti-Bribery and Compliance SP Group maintains a zero-tolerance stance towards all forms of bribery and corruption, whether direct or indirect. This applies to all employees and officers of the Group, as well as to third parties acting on our behalf, including suppliers, contractors and other business partners. Our expectations are articulated in the Anti-Bribery and Corruption (ABC) Policy, which defines prohibited conduct, employee responsibilities, reporting channels and disciplinary consequences for non-compliance. To operationalise these requirements, SP Group has established and maintains a formal Anti-Bribery Management System (ABMS) aligned with ISO 37001, supported by a dedicated compliance function within the Legal function. The ABMS incorporates risk assessments, due diligence processes, internal controls, reporting mechanisms and periodic reviews to prevent, detect and respond to bribery and corruption risks. Regulatory Compliance SP Group adopts a proactive and risk-based approach to managing regulatory compliance, ensuring that our business units remain fully aware of and aligned with significant statutory and licence obligations. We maintain and regularly update checklists of relevant acts and regulatory requirements, which form the foundation for consistent compliance across the Group. Annual compliance attestations are obtained from the respective business units using these checklists to reinforce accountability. Our Compliance team closely monitors changes to all identified legislation, assesses their implications, and communicates updates to the relevant business units. In addition, we conduct annual training on key statutory and licence obligations to build organisational awareness and ensure ongoing adherence to regulatory requirements. Compliance requirements are embedded into business processes, supported by guidance, training and internal controls to promote consistent application across the organisation. Where non-compliance risks are identified, mitigation measures are implemented and tracked through established governance and risk management processes. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/digitalisation-cybersecurity-and-data-privacy Digitalisation Cybersecurity & Data Privacy SUSTAINABILITY REPORT Digitalisation, Cybersecurity & Data Privacy Amidst the fast-paced digital transformation, the growing adoption of AI and the constantly changing cyber threat environment, companies have to consistently advance initiatives to develop a strong cybersecurity ecosystem aimed at creating resilient digital infrastructure, safeguarding cybersecurity, and promoting international cyber collaboration. SP Group remains dedicated to focusing on three critical areas: digitising its operations and solutions, reinforcing the cybersecurity of its assets, and upholding data privacy. Maintaining strong capabilities in digitalisation, cybersecurity and data privacy strengthens SP Group’s ability to safeguard data, uphold regulatory compliance, and enhance the resilience and sustainability of our operations. Key Initiatives Intelligent Asset Maintenance of Over Ground Boxes through a Digital Workforce App As part of SP Group’s ongoing efforts to strengthen sustainable operations and infrastructure resilience, the Digital Workforce App was enhanced with an Overground Box (OGB) Asset Maintenance module to transform how field inspections and maintenance activities are performed. Prior to the enhancement, OGB inspections were supported through a combination of paper-based records and PDF submissions. While the approach enabled inspections to be completed, it involved additional administrative handling and could lead to variation in how information was captured and validated. This created an opportunity to further strengthen the consistency and completeness of the asset dataset, enabling more advanced condition analytics and longer-term maintenance planning across the asset lifecycle. The enhanced solution introduced standardised digital workflows and AI-assisted image recognition, enabling inspections to be captured digitally at source and maintenance quality to be assessed more consistently. This reduced manual handling and rework, improved data accuracy and traceability, and strengthened governance through clearer audit trails and accountability between SP officers and contractors. The initiative delivers an estimated ~30,000 man hours saved annually, contributing to more efficient use of workforce resources. The solution enables more responsible asset lifecycle management by supporting data-driven maintenance planning, early identification of defects, and consistent upkeep of over 16,000 OGBs. By reducing reliance on paper-based processes, the initiative improves resource efficiency while supporting the long-term reliability and resilience of critical infrastructure. Beyond efficiency gains, the initiative also strengthens data readiness. Digitised inspection records, image-based evidence, and standardised data capture improve data integrity, enabling better decision-making on asset renewals, maintenance, and risk management. Overall, the Intelligent Asset Maintenance initiative demonstrates how digital transformation can act as a key enabler of sustainability, delivering productivity gains, strengthening governance, and supporting resilient, well-maintained infrastructure critical to long-term operational performance. Smart Grid Digitalisation & AI Elevation We are expanding digital twin and IoT sensors to enable predictive grid management, with a target to equip 400 substations with advanced sensors by 2030. These efforts improve operational efficiency and support the integration of more renewable energy on the grid, directly contributing to decarbonisation goals. AI-Powered Asset Management and Digital Workforce SP Group is embedding AI and digital technologies across asset lifecycle management and workforce processes, with an estimated productivity savings of approximately 100,000 man hours annually by 2030. Digital solutions are being implemented to enable optimised deployment of field crews, supporting AI-assisted inspections and operational decision-making with improved accuracy and efficiency. These initiatives enhance workforce productivity by strengthening validations and reducing rework, while also lowering travel requirements, vehicle usage, and overall resource consumption. By 2030, most key work processes across the asset lifecycle are expected to be digitised or AI-enabled, strengthening operational efficiency, improving consistency of execution, and enhancing the effectiveness of the engineering workforce. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Business Ethics & Compliance Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workforce-development-and-management Workforce Development and Management SUSTAINABILITY REPORT Workforce Development & Management Amid a rapidly evolving business and regulatory landscape, SP Group continues to develop its human capital by anticipating skills shifts, accelerating upskilling and job redesign, and supporting employee wellbeing. With a large workforce across multiple geographies and business operations, we are committed to strengthening workforce development to build a skilled, engaged and resilient workforce that supports operational excellence and the organisation’s long-term success. This is supported through structured workforce development and management, and close collaboration with the Union of Power and Gas Employees (UPAGE). These arrangements enable a supportive and inclusive culture where employees are valued and empowered to grow, and facilitate timely consultation on workforce matters. Effective workforce management encompassing employee engagement, fair labour practices, and compliance with applicable regulations, supports workforce stability and safeguards our organisational reputation. At the same time, continued investment in training and development enhances employee capabilities, engagement and retention, supporting sustainable business performance. Key Initiatives Internship Programme Internships continue to be a core aspect of our early talent pipeline building. To drive intern to employee conversion outcomes, we have implemented dedicated intern engagement sessions to share career pathways, deepen understanding of technical roles and surface interest for future employment. Work-Study Diploma (WSDip) Programme Academic partnerships have also been expanded through initiatives such as the WSDip programme with the Institute of Technical Education (ITE). WSDip is a 2.5-year programme which provides structured on-the-job training, mentorship and technical development, alongside clear pathways for conversion into permanent roles upon graduation. The first batch of students commenced work in March 2026. Project FUSION – Redesigning Jobs for the Future SP Group takes a proactive approach in ensuring future-readiness, equipping our workforce with the skills to stay relevant as roles evolve with technological, regulatory, and energy transition demands. Project FUSION under the remit of the CTC, provides a structured approach to identifying emerging skills and redesigning roles. Since 2018, over 400 jobs have been transformed through upskilling and job redesign. Job redesign is aligned with technology adoption with roles evolving from: Manual to digital: Gas leak surveyors transitioning from manual, paper-based recording to using Autonomous Mobile Robot to manage routine leak surveys at a system-level Digital to automation: Technical team moving away from manual, repetitive verification of contractor claims to using AI to validate key data, and flag gaps automatically Single-Function to Multi-Skilled and leveraging AI: Customer Service Officers upskilled to manage multiple customer touchpoints, and using AI to deliver more consistent and quality engagement Augmented by technology, employees can now spend more time analysing and preventing issues, reinforcing safety and operational excellence. These are areas where human judgement adds the biggest value. In tandem with these job redesigns, we have established multiple career pathways and invested in pre-emptive upskilling to support workforce transitions. Ahead of the national smart meter rollout, meter readers were reskilled into roles such as smart meter technicians, asset sensing & analytics, and field service respectively, and meter reading service officers performing first level diagnostic checks and site support. This proactive approach has improved role effectiveness and supported redeployment into higher value work, contributing to operational stability and productivity. Building on the strong momentum of Project FUSION, Fusion.AI marks the next phase of SP Group’s workforce transformation, focusing on strengthening AI fluency across the workforce and embedding AI into jobs and processes. Delivered in partnership with UPAGE, this phase supports the confident adoption of AI, enabling capacity to be redeployed towards roles requiring higher levels of judgement and expertise, while ensuring workforce transformation and upskilling initiatives remain inclusive, coordinated, and aligned with business needs. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/climate-action-and-resilience Climate Action & Resilience SUSTAINABILITY REPORT Climate Action & Resilience Climate change can present growing physical and transition risks for energy infrastructure operators, with implications for asset resilience, system reliability, and long-term investment planning. As Singapore’s national grid operator and a provider of sustainable energy solutions in Singapore and across the region, SP Group’s ability to anticipate and manage climate-related risks or tap on opportunities is critical to maintaining safe, reliable, and affordable energy supply while supporting the national transition to net zero. For SP Group, climate action and resilience are material not only because of our operational footprint, but because climate change has the potential to affect the infrastructure, systems and markets on which our business depends. Rising temperatures, more intense rainfall and flooding, shifting policy and regulatory expectations, evolving technologies, and changes in customer and market demand can all influence how we plan, operate and invest in our networks and solutions. At the same time, the transition to a lower-carbon economy creates opportunities for SP Group to enable electrification, integrate cleaner energy sources, strengthen grid flexibility and resilience, and support customers in their own decarbonisation journeys. Our approach therefore focuses on both managing risk and enabling transition. We continue to strengthen our understanding of emissions across the Group, enhance the quality and governance of climate-related data, and deepen the integration of climate considerations into business planning and decision-making. In parallel, we are updating our climate scenario analysis using the latest available climate science and relevant operational and financial data to assess how different physical and transition pathways could affect our business over time. These insights will help inform resilience priorities, strategic planning, asset lifecycle decisions and capital allocation, while supporting a more coordinated and forward-looking response to climate-related risks and opportunities across SP Group. Key Initiatives SP Joins Pilot for Electric Prime Mover Adoption SP is participating in a pilot trial led by Enterprise Singapore to promote the adoption of electric prime movers (e-PMs) for operational use. These e-PMs are heavy-duty electric trucks that replace diesel engines with electric motors and battery systems, generating zero tailpipe emissions, lower operating costs, and reduced noise levels. SP Group has deployed e-PMs for operational activities such as transporting generators during supply restoration, with the vehicles equipped with advanced safety features to enhance stability. Heavy Goods Vehicles (HGVs) contribute approximately 30% of land transport emissions in Singapore, representing a significant decarbonisation challenge. At SP Group, HGVs also account for 30% of our entire vehicular fleet. Under the pilot, SP Group will evaluate fast-charging and battery-swapping solutions to overcome charging limitations, minimise downtime, and address range anxiety, thereby supporting wider adoption of electric HGVs. Beyond the pilot programme, SP Group continues to track developments in electric heavy-duty vehicles as part of its broader fleet electrification strategy. As fleet electrification progresses, SP remains committed to fully electrifying all small-sized vehicles by the end of 2026. Labrador Tower Completed in 2024, the 34-storey Labrador Tower is among Singapore’s first commercial developments to attain the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy (SLE) certification. Featuring SP Group’s suite of sustainable energy solutions, the development was validated to have achieved approximately 40% energy savings relative to prevailing code-compliant buildings, demonstrating its strong environmental performance and high level of resource efficiency Solarising SP’s Substations to Support Singapore’s Low-Carbon Future In 2025, SP Group completed the installation of rooftop solar PV systems at 26 electricity substations across Singapore and plans to do so for another 44 substations over the next two years. This achievement represents a key milestone in strengthening the grid’s low-carbon capabilities while supporting Singapore’s transition towards a more sustainable energy future. The initiative reflects SP’s continued commitment to integrating renewable energy solutions into critical infrastructure and enabling cleaner energy for all. Implemented over multiple years in three phases between 2023 and 2025, the programme was structured to optimise the solar potential of substations without affecting operational reliability. Each substation was fitted with solar PV systems of up to 1 MWac installed capacity, enabling effective utilisation of on-site renewable generation. Beyond expanding solar generation capacity on existing infrastructure, the initiative supports Singapore’s broader efforts to increase renewable energy deployment and advance the transition to a lower-carbon power system. By enabling distributed solar generation within the national grid, SP is helping to strengthen grid readiness for greater renewable integration, diversify energy sources, and support the greening of the grid. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/reliability-and-customer-satisfaction Reliability & Customer Satisfaction SUSTAINABILITY REPORT Reliability & Customer Satisfaction Reliability and customer satisfaction are central to SP Group’s operations. By delivering reliable energy and utility services, SP Group strengthens its reputation and builds community trust. Investments in robust infrastructure, innovative grid technologies and low-carbon energy solutions enhance service reliability and system performance, enabling SP Group to operate efficiently and respond effectively to customer needs. These capabilities, in turn, raise customer satisfaction, build long-term loyalty and position SP to capture new growth opportunities as a trusted and dependable energy and utility service provider. Key Initiatives Battery Energy Storage System at Kallang, Singapore Located within Kallang Industrial Park, SP Group’s Battery Energy Storage System (BESS) represents a practical step towards strengthening the resilience and flexibility of Singapore’s electricity grid. The development of the Kallang BESS builds upon SP Group’s pioneering experience from the earlier Woodlands BESS, translating operational learnings from Singapore’s first utility scale energy storage system into a more advanced and scalable deployment supporting grid stability. While physically compact and housed within a series of containerised units, the facility is designed to play a critical system role by storing electricity when demand is low and releasing it within seconds when the grid requires support. This fast response capability is particularly important as Singapore integrates higher levels of weather dependent renewable energy, such as solar power. By responding rapidly to fluctuations in supply and demand, the Kallang BESS helps to stabilise grid operations and supports the secure electricity delivery under more dynamic operating conditions. The Kallang facility comprises several battery storage containers that are integrated with a Power Conversion System (PCS). The PCS manages the conversion between direct current (DC) and alternating current (AC), enabling stored electricity to be safely and efficiently transferred between the batteries and the national grid. This configuration allows the BESS to act as a fast-acting grid support asset, capable of injecting or absorbing power in response to system needs. Such responsiveness strengthens operational resilience by: Supporting grid stability during sudden changes in load or generation Complementing conventional grid assets that may respond more slowly Enhancing the system’s ability to manage variability arising from renewable energy integration Beyond its physical installation, the Kallang BESS also serves as an operational learning platform for SP’s engineers and system operators, further building capability in deploying and operating energy storage solutions that can support grid resilience at scale over time. Building Capabilities to Sustain Grid Reliability in the Evolving Energy Landscape As Singapore advances towards a low-carbon and increasingly complex energy system, SP Group continues to invest in building a future-ready workforce. Recognising that engineering, digitalisation and system planning capabilities are critical to sustaining grid reliability while integrating new energy solutions, we adopt a multi-layered approach to capability development, spanning internal workforce transformation, applied research partnerships with an institute of higher learning and the upcoming SP Technology Lab, innovation platforms and technical leadership pathways. SP Group continues to strengthen its core engineering workforce through structured capability development and workforce transformation initiatives. Key programmes, including technical competency frameworks and structured development pathways for engineers, support continuous upskilling and role readiness as operating environments evolve. These efforts are complemented by organisation-wide initiatives such as the Company Training Committee (CTC) and Project FUSION, which integrate skills upgrading with job redesign to enhance productivity and support workforce transformation. How this ‘grid doctor’ maintains the health of Singapore’s electricity network so everything stays on In 2025, SP Group’s customers experienced an average electricity interruption of nineteen seconds. Behind this performance are engineers and technical officers like Mr Eric Lee, who conduct “health checks” on critical equipment to detect early signs of deterioration before they escalate into faults. Previously, such checks relied on manual inspections using handheld detectors, acoustic sensors and thermal scanners in substations. This work was labour intensive, required close physical access to equipment and produced only snapshot readings. Since 2020, SP has progressively installed smart sensors directly on key assets such as distribution switchgear and cables. These sensors continuously monitor equipment conditions, trigger real-time alerts when anomalies are detected and provide data that supports predictive maintenance. The new system has improved safety and efficiency, saving more than 1,000 man-hours annually and shortening response times. Technical officers like Mr Lee are now able to focus on higher value tasks such as diagnosing complex issues and localising defects. Through training and on-the-job experience, they have also strengthened their digital and data analytics skills, supporting SP’s broader drive to use innovation and technology to “keep the lights on” and maintain a safe, reliable electricity supply for Singapore. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workplace-health-and-safety Workplace Health & Safety SUSTAINABILITY REPORT Workplace Health & Safety Workplace Safety and Health (WSH) is a long-standing strategic priority for SP Group and a core enabler of safe, reliable and resilient operations across all geographies in which we operate. As an operator of critical energy infrastructure, SP Group recognises that strong WSH performance is fundamental to operational excellence, workforce confidence and the sustained delivery of essential services to customers and communities. In Singapore, SP Group operates within a mature and robust WSH regulatory and institutional ecosystem. This framework is designed to safeguard the health and safety of employees, contractors and other stakeholders, and to ensure compliance with applicable WSH laws and regulations in each jurisdiction. Across our overseas operations, the same high standards of safety and health are applied where applicable. Given the nature of our operations, WSH underpins effective workforce deployment, contractor management, operational continuity and regulatory compliance. Key Initiatives SAFE365 Worksite Safety Management App SP achieved full onboarding of all contractor partners onto SAFE365, a safety management application designed to strengthen collaboration between SP project teams and contractors. It standardises daily safety reporting across SP worksites and improves the consistency, accountability and visibility of on-site safety activities. Developed inhouse by SP Digital, this application is designed to strengthen collaboration between SP project teams and contractors while creating a safer and more productive work environment. Through the platform, contractors submit daily worksite information, including toolbox meeting records, safety documents and on-site safety measures, while SP employees upload safety inspection reports. SAFE365’s real-time data accessibility supports efficient safety and site management for both SP and contractors, reinforcing a proactive approach to safety management. Strengthening Ground-Up Safety through Digital Tools and Engagement Ensuring that every worker returns home safely at the end of the day is a core priority at SP. Across more than 300 worksites island-wide, daily toolbox meetings form a critical first line of defence, bringing together technical officers and contractors to identify hazards and agree on safety precautions before work begins. Each day, this routine supports the safety of over 8,000 workers from SP’s authorised contractors. Supporting these efforts is Ms Yuan Yinxi, a manager from SP’s Safety and Health team, who plays a key role in strengthening ground-up safety practices. Working closely with site teams and contractors, she helps ensure that robust safety processes are consistently applied as SP engineers and contractors maintain and upgrade underground electricity cables and gas pipelines. Digital tools are an important enabler of this approach. Ms Yuan oversees a team that monitors work activities through closed-circuit television (CCTV) systems across multiple sites. Observations from the footage are regularly reviewed to identify areas for improvement, reinforce safe behaviours and share good practices across contractor partners. This enables timely intervention, continuous learning and consistent safety standards across worksites. In addition, Ms Yuan and her team participate in regular site engagements and dialogues alongside SP’s senior leadership. These interactions provide an open channel for contractors to raise safety concerns, share feedback and flag potential risks early, allowing issues to be addressed proactively before they escalate. Going forward, SP will pilot AI-enabled CCTV monitoring to automate detection of safety violations, with continued evaluation before wider deployment across worksites. By combining ground-level engagement with digital monitoring and collaborative dialogue, SP reinforces safety as a shared responsibility. This partnership-based approach helps foster a strong safety culture, one where employees, contractors and leaders work together to uphold safe work practices and protect the well-being of workers, customers and the public. Strengthening Safety through Training for Employees and Contractors SP Group strengthens safety performance through targeted training for both employees and contractors, recognising that effective safety outcomes require strong oversight as well as safe work practices on site. For employees, in addition to the annual mandatory Safety e-learning module, targeted training programmes are designed for specific roles. For example, the Project Safety Management (PSM) training is provided to Project Officers as part of ongoing capability building. As Project Officers play a key role in managing contractor works and overseeing site activities, the training reinforces worksite safety requirements, roles and responsibilities, and SP Group’s safety expectations. It also emphasises effective supervision, safe work practices, and contractor compliance with safety requirements. To date, over 1,000 Project Officers have completed PSM training, supporting consistent safety standards across projects. For contractors, SP Group has required all workers to undergo Safety@SP, a mandatory safety course conducted in the native languages of foreign workers, prior to deployment at SP worksites. Introduced in 2014, the programme aims to raise safety awareness and equip contractors with the necessary knowledge to work safely. The course has been enhanced with practical safety stations covering high-risk activities, strengthening hands-on learning and application at worksites. Together, these initiatives reflect SP Group’s holistic approach to safety, building strong internal safety oversight while ensuring contractors are properly trained before commencing work. By reinforcing safety responsibilities across both employees and contractors, SP Group embeds safety as a shared responsibility and strengthens its overall safety performance across operations. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Management’s role and internal controls 11 Group risk management 12 Resilience to climate change 13 Metrics and targets 16 Focus areas 17 Grid 2030 17 Sustainable energy solutions 22 Energy as a Service 30 People and the Community 36 Disclosures 41 Contribution to SDGs 41 Task Force on Climate-related Financial Disclosures (TCFD) 42 Emissions audit statement 44 03 FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY DISCLOSURES About this report This is SP Group’s (SP) third sustainability review and the first to incorporate the reporting recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). It reflects our commitment to accountability to stakeholders as well as our drive for continuous improvement in our sustainability performance, towards climate action. This review showcases the initiatives and performance of our operations across our key business areas for the financial year from 1 April 2021 to 31 March 2022 (FY21/22), unless otherwise stated. The scope of this review covers SP’s operations in Singapore, China, and Vietnam. The report is to be read in conjunction with the Chairman’s message and other sustainability-related information on SP’s corporate website, SP Energy Hub. We have included historical data from FY19/20 and FY20/21 for comparison where applicable. 04 Materiality The contents of this review have been informed by an assessment of the material sustainability topics that are of greatest importance to our business and stakeholders. We have identified three material topics that support our actions towards the achievement of the targets of United Nation’s Sustainable Development Goals (SDG) 7 and 9, 1) Network Reliability, 2) Innovation and 3) Customer Empowerment. DISCLOSURES Focus business area Grid 2030 Sustainable Energy Solutions Energy as a Service FOCUS AREAS Network Reliability • Network reliability is missioncritical to SP as we strive to Innovation • Innovation and new technologies are central to facilitating the Customer Empowerment • As a sustainable energy solutions provider, SP aims to empower deliver excellence in our service transition to a low carbon future. customers to achieve their and operations to 1.6 million SP invests in climate-friendly climate ambitions through various customers in Singapore with rising innovations which will power a innovative products and services. expectations of uninterrupted greener tomorrow and benefit • These solutions enable power supply. the entire ecosystem. productivity and efficiency • We invest in capabilities that • To keep at the forefront of and enable organisations and uphold reliable, efficient power new technologies, we test individuals to achieve their supply to households and new solutions and build new climate ambitions. businesses and also enable the capabilities to deliver valueadded green energy transition. solutions to our customers. In 2021, our Executive Leadership Team (ELT) reviewed the identified material topics and they were determined to be valid. The urgency to address the identified material topics have heightened and we need to tackle the challenges expeditiously. Furthermore, we recognised the need to incorporate corporate governance disclosure in our sustainability review. We also assessed the climate-related risks and opportunities that are material to SP. The process and results of this exercise are presented in the Resilience to climate change section of this report. SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT 05 About SP Group SP Group (SP) is a leading utilities group in Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for our customers. We own and operate electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore, China, and Vietnam. In 2021, SP updated its tagline to “Empowering the Future of Energy” to reflect our 2030 ambition to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. DISCLOSURES As Singapore’s national grid operator, about 1.6 million industrial, commercial, and residential customers benefit from our world-class transmission, distribution, and market support services. These networks are amongst the most reliable and cost-effective in the world. SP provides a full suite of sustainable energy solutions including district cooling, electric vehicle charging, renewables, and energy as a service to achieve our 2030 ambition: FOCUS AREAS Grid District cooling Electric vehicle charging SUSTAINABILITY GOVERNANCE Renewables Energy as a Service (Smart Metering, Digital Solutions, and RECs) SUSTAINABILITY STRATEGY SP’s sustainable energy solutions enable green buildings and sustainable infrastructure, enhance efficiency, and empower customer with sustainable tools. District cooling for business districts and residential townships enhances energy efficiency. Electric vehicle charging and renewable energy enables decarbonisation of the transportation and power sectors, while digital energy management tools provide customers with the information to make greener choices. ABOUT THIS REPORT 06 Our sustainable energy ecosystem DISCLOSURES Building Energy Efficiency Management: Utilities Monitoring & Insights | TenantCare | Micro-climate control DERMS Solar Microgrid RECs FOCUS AREAS Grid Districts Households ASEAN Electricity Import Digital Twin Energy Storage Vehicle2Grid EV Charging District Cooling Smart Meters SP app SUSTAINABILITY GOVERNANCE Empowering the Future of Energy At the SP energy ecosystem, we Enhance Grid reliability and enable renewable energy integration Decarbonise transport with electric vehicle charging SUSTAINABILITY STRATEGY Green buildings and districts with district cooling systems and building efficiency solutions Empower consumers with data and carbon solutions ABOUT THIS REPORT 07 Our impact Overall DISCLOSURES 0.11 min and 0.1979 min SAIDI achieved for Electricity and Gas Grid respectively More than 190,000 RT of district cooling secured regionally 525 EV charging points installed in Singapore¹ 111 MWp solar capacity secured across Asia. 1.5 million downloads of the SP app 40x increase in RECs volume FOCUS AREAS Almost 320 MWp under development 2 Environmental Scope 1 emissions of 78,173 tonnes CO 2 e SUSTAINABILITY GOVERNANCE Scope 2 (market-based) emissions of 419,959 tonnesCO 2 e People and Community Emissions avoided - more than 206,000 tonnesCO2e, equivalent to planting more than 10 million rain trees 3 or taking more than 180,000 cars off the road for a year 4 . SUSTAINABILITY STRATEGY 179,000 hours of staff training and development provided Zero fatalities, Lost time injury frequency rate of 0.42 per million working hours $4.5 million in donations, sponsorships and volunteer manpower ABOUT THIS REPORT ¹ As of 31 May 2022. ² As of 31 July 2022. ³ One mature rain tree absorbs 0.0201 tonnesCO 2 a year - data from My Carbon Footprint study by South Pole 4 Annual carbon emissions from 1 internal combustion engine (ICE) car of 1.1tCO 2 e/year. Data from SP Group and Temasek (August 2021): Taking The Heat Off Cooling: A Greener Way to Cool. 08 Sustainability strategy SP is a leading utilities company that creates value and enables the climate ambitions of our stakeholders. With the development and implementation of our Corporate Strategy 2030, a 10-year roadmap that guides us towards a low carbon, smart energy Singapore - sustainability has become central to achieving our mission and business objectives in a responsible and committed manner. DISCLOSURES To embed sustainability considerations across our key roles as a grid operator, utilities and sustainable energy solutions provider, we have defined three material topics for our business: Network Reliability Maintaining world-class grid reliability in a distributed energy landscape With the proliferation of distributed and intermittent energy sources, we continue to invest in innovative technologies and integrate renewables into our world-class grid while maintaining stability and reliability. Innovation Becoming the leading sustainable energy solutions player in Asia Pacific Leveraging our strengths and experience in enabling a sustainable energy future for customers in Singapore, we are bringing our solutions and expertise to overseas markets such as China and Vietnam to benefit more customers in the region. Customer Empowerment Empowering customers to achieve their sustainability objectives To create a low carbon, smart energy Singapore, we extend our efforts beyond our own operations to empower residential, commercial, and industrial customers to make changes to their daily behaviours and operations. Innovative solutions such as district cooling solutions in new HDB towns and installing EV charging points are key to achieving this goal. In addition, we seek to educate local residents and equip them with tools on how to live more sustainably. Through the SP app, users can monitor their energy consumption, measure their carbon footprint, and learn ways to decarbonise, all in one integrated digital platform. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions ABOUT THIS REPORT 09 Alignment with the global goals Based on the three material topics of our sustainability strategy, our initiatives to enable a sustainable future are aligned with SDG 7 - to ensure access to reliable, sustainable and modern energy for all. SDG 9 - to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation. Additional details of our contribution to these SDGs can be found in the Disclosures: Our contribution to the SDGs. DISCLOSURES SP’s Mission: Deliver reliable and efficient utilities services to enhance the economy and the quality of life Core Values: Commitment, Integrity, Passion, Teamwork CUSTOMER EMPOWERMENT RENEWABLE ENERGY ENERGY ACCESS SDG 7 AFFORDABLE AND CLEAN ENERGY ENERGY EFFICIENCY NETWORK RELIABILITY SDG 9 RELIABLE INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE INFRASTRUCTURE Financing sustainable energy solutions INNOVATION To deepen the integration of our sustainability ambitions within our financing strategy, we established a Green Financing Framework 5 in 2020. The Framework is benchmarked against relevant international principles and guidelines. Under the Framework, the group, and its subsidiaries are able to issue green financing instruments to finance and/or refinance eligible green projects in four categories, namely: 1) clean transportation, 2) energy efficiency projects, 3) renewable energy and 4) green buildings. This allows investors and lenders to have greater visibility of the use of proceeds and the positive environmental impact of the group’s investments in sustainable energy solutions as well as projects that are funded by green financing instruments. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions 5 SP’s Green Financing Framework can be accessed HERE 10 Sustainability governance At SP, sustainability governance is embedded in the corporate governance structure – from Board-level committees to management-level Group functions and business units. One of our key sustainability-related priorities this year was the adoption of the TCFD recommendations, which were designed to help companies identify, measure and respond to climate risks and align their disclosures to meet investors’ expectations. DISCLOSURES Metrics and targets We commenced our journey on TCFD reporting by embedding climate-related risks into our Enterprise Risk Management (ERM) framework and incorporating climate-related scenario analysis in assessing the resilience of our assets and operations. We analysed various climatic scenarios, both physical and transitional, and identified the main risks and opportunities of climate change that may affect us in the short, medium and long term. The exercise validated our strategy in the two focus areas of Clean and Smart Energy, and Reliable and Sustainable Infrastructure. FOCUS AREAS Resilience to climate change Types of climate-related risks and opportunities. Image source: TCFD (2017) Board’s role The Board of Directors (Board) has overall responsibility for sustainability and reviews long-term business and organisational goals while also providing strategic direction for the organisation’s sustainability practices. The Board undertakes key investment and funding decisions, ensures that SP’s management maintains a robust system of internal controls to protect the company’s assets and reviews its financial and non-financial performance. The Board meets at least four times a year to review SP’s business performance, of which sustainability and climate-related issues are incorporated into the discussions at two of these meetings. The Board Risk Management Committee (BRMC), established by the Board, assists the Board in providing oversight of the business risks faced by the group. They also ensure that risks and opportunities, especially climate-related ones, are appropriately considered and adequately managed. The Board Executive Committee (ExCo) assists the Board in overseeing the performance of the Company, its subsidiaries, and its associated companies. The ExCo provides direct advisory supervision on SP’s sustainability strategy, material environmental, social and governance (ESG) issues, work plans and performance targets. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 11 Management’s role and internal controls Reporting to the ExCo is the Executive Leadership Team (ELT) which has the strategic responsibility to assess and manage sustainability issues for SP. The team oversees key sustainability initiatives on climate risks and opportunities, greenhouse gas (GHG) accounting, and disclosures. Heading the ELT is the Group Chief Executive Officer, who has executive-level responsibility for ESG matters. The Group Risk Management’s (GRM) role is to help establish and manage our ERM Framework and to carry out its independent identification and analysis of the climate-related risks faced by SP. The GRM reports to the BRMC every quarter on all business risks. Essentially, the GRM acts as a critical central node of communication through which risk issues are surfaced and directives are passed down to cover the end-to-end risk management process. The Head of Strategy and Sustainability regularly reports to and seeks guidance from the ELT on the sustainability roadmap and initiatives. The Strategy and Sustainability team monitors climate change issues and updates the ELT on emerging risks and opportunities. It also leads GHG reporting, corporate sustainability reporting and TCFD implementation. Overall responsibility on sustainability and provides strategic directions SP Board FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Oversight on sustainability, strategy, performance and risks Board Executive Committee Board Risk Management Committee SUSTAINABILITY GOVERNANCE Group risk management Strategic responsibility to manage sustainability issues Executive Leadership Team SUSTAINABILITY STRATEGY Management’s role and internal controls Support operational matters on sustainability and risk management Strategy and Sustainability (Under Finance) Group Risk Management ABOUT THIS REPORT Board’s role 12 Group risk management SP’s ERM framework aims to identify, prioritise, document, and manage key risks, opportunities, and resources. For risk management practices to be effective, three pillars are emphasised: • Board and Senior Management oversight • Sound risk management policies and processes • Risk ownership and culture DISCLOSURES Metrics and targets Risk management BOARD AND SENIOR MANAGEMENT OVERSIGHT Strategic Planning • BRMC Oversight • Corporate Governance Structure • Risk Management Committees • Risk Appetite Framework STAKEHOLDERS COMMUNICATION RISK OWNERSHIP AND CULTURE Review And Continual Improvement • Risk Workshops/ Registers • Risk Dashboard • Risk Awareness • Control Self-Assessment SOUND RISK MANAGEMENT POLICIES AND PROCESSES Implementation • Risk Mgmt. Policy • Risk Mgmt. Process and Methodology SP implements a ‘Top-Down’ and ‘Bottom-Up’ approach to facilitate communication and participation by both management and employees. For effective risk management, all aspects of the business must be considered so that the Board and Management can identify risks and assess those risks properly and swiftly. The ‘Top-Down’ approach facilitates oversight and guidance on ma
Searchhttps://www.spgroup.com.sg/search?tag=sustainability
Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY Searchhttps://www.spgroup.com.sg/search?tag=tengah -resources/energy-hub/sustainability/enabling-green-mobility Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/enabling-green-mobility-in-tengah SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Enabling green mobility in Tengah SUSTAINABILITY SP [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s 1 2 3 4 5 ..... 51
Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526
Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB 1 2 3 4 5 ..... 51 Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Sustainability | SP Grouphttps://www.spgroup.com.sg/about-us/sustainability About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Sustainability Our Sustainability Commitment Sustainability is integral to our corporate purpose of empowering the future of energy through low-carbon, smart solutions. As Singapore’s national SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed sp-group-sustainability-report-fy2025-26https://www.spgroup.com.sg/dam/spgroup/pdf/about-us/our-sustainability-commitment/sp-group-sustainability-report-fy2025-26 FY 2025/2026 Sustainability Report About this report IFRS S1 20 | 21b | 22 | 24 | 59 | 64 Reporting Period and Scope This is SP Group’s (SP or the Group) seventh sustainability report outlining our sustainability performance and progress across our key business areas for the Financial Year (FY [20230314]+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d5de33a-0a1c-4a73-a0ef-289aad97c804/%5B20230314%5D+Media+Release+-+SP+Group+partners+Turnkey+to+offer+ESG+Reporting+Solution.pdf?MOD=AJPERES&CVID= group and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholdershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/UOB-and-SP-Group-partner-to-offset-100--or-more-of-household-electricity-carbon-emissions-for-UOB-EVOL-cardholders News Release UOB and SP Group partner to offset 100% or more of household electricity carbon emissions for UOB EVOL cardholders Cardholders can now achieve their sustainability goals seamlessly and conveniently when they charge their utilities bills to their card Singapore, 23 November 2022 – UOB Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable and efficient energy supply to customers. We anchor our sustainability strategy on the United Nation’s Sustainable Development Category: Sustainability 1 2 3 4 5 ..... 50 Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions are integral to our long-term success and corporate purpose. We seek to create shared value by going beyond essential services delivery to support social wellbeing and resilience, particularly for seniors, youth and children from lower income families. We adopt a strategic and long-term approach to community engagement, working closely with stakeholders to ensure our initiatives remain relevant, responsive and aligned with evolving needs. Where our operations interface directly with communities, such as during infrastructure development and maintenance works, we commit to clear and timely communication, with the objective of minimising disruption to residents, businesses and other stakeholders. Key Initiatives Celebrating SP30 and SG60 SP marked its 30th year of corporatisation and Singapore’s 60th year of independence with yearlong community outreach initiatives. These were launched at the SP Community Festival, celebrating the spirit of philanthropy and volunteerism. It brought together SP Group’s leadership and employees, alongside community partners, to deepen understanding of community needs. We also reaffirmed our sustained engagement and collaborations with our anchor partner Community Chest Singapore and other social service agencies. At the festival, SP Group announced a three-times matching scheme for all staff donations till end 2025. This resulted in a doubling of staff donations that year compared to the previous year. SP Group also launched SG60 Journeys from the Heart, hosting 600 seniors, youth and children on customised experiential trips to places of interest in Singapore. Accompanied by staff volunteers, known as SP Heart Workers, these journeys on electric buses created memorable outings while underscoring SP’s commitment to sustainable mobility. Leveraging these milestone initiatives, SP Heart Workers clocked 12,000 volunteer hours – a 45% increase from last year. All business units participated in volunteering during the year, with 40% of our employees volunteering at least once. We also delivered 10,000 Power Packs of daily essentials to beneficiaries of different age segments, with items customised for the needs of each segment. Community Chest SP Group’s philanthropic contributions are stewarded through our long-standing partnership with Community Chest, the philanthropy arm of National Council of Social Services. Community Chest channels 100% of donations to critical services delivered by SP’s partner social service agencies. This structured approach enables us to maximise impact by strengthening our partners’ programmes and ensuring resources are directed towards areas of greatest need. TOUCH Community Services In 2026, SP Group committed S$2.1 million over three years to TOUCH Community Services, enabling the formation of the SP CHAMP League. The programme supports over 700 children and youth aged 7 to 17 from lower-income families through mentoring, academic tutoring and structured enrichment activities that strengthen cognitive skills and support social mobility. KidSTART SP Group also continued its partnership with KidSTART through a S$1.1 million donation that ensures the sustained delivery and expansion of the PowerUP Playtime programme. The initiative provides age-segmented toys and learning tools for pre-schoolers from lower-income or vulnerable households, fostering stronger parent-child bonds, joyful learning experiences and positive early childhood development. This brings our total contribution to KidSTART Singapore to S$5.4 million since 2021. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/business-ethics-and-compliance Business Ethics & Compliance SUSTAINABILITY REPORT Business Ethics & Compliance Business ethics and compliance are core to how SP Group plans, executes and conducts its business. Guided by applicable laws and regulations, and anchored by our Employee Code of Conduct, ethical principles shape our corporate culture and decision-making across all levels of the organisation. This strong ethical foundation reinforces accountability and trust, supports access to financing, and strengthens our licence to operate, enabling SP Group to remain credible and relevant in a rapidly evolving regulatory, technological and societal landscape. Continuous investment in robust governance frameworks, risk management systems, and effective anti-corruption and anti-bribery controls enhances our resilience and credibility, enabling the organisation to plan with greater certainty and make sound strategic, operational, and capital allocation decisions. These practices also position us to pursue growth and partnership opportunities with confidence, as a trusted and compliant business partner with rapidly evolving regulatory requirements and a changing mix of stakeholders, including new partners and institutions. Key Initiatives Corporate Governance SP Group’s corporate governance structure establishes clear accountability, oversight and segregation of duties to support ethical conduct and compliance across the Group. SP Group’s Board of Directors provides overarching governance and sets the strategic direction for the Group. The Board is responsible for making key investment and funding decisions, overseeing risk management, and ensuring that robust internal controls are in place. At the management level, the Executive Leadership Team is tasked with implementing the strategy, policies, procedures, and systems that foster integrity and accountability in day-to-day operations. The Board also ensures that management maintains a robust system of internal controls to safeguard the Group’s assets and reviews the Group’s financial performance. Anti-Bribery and Compliance SP Group maintains a zero-tolerance stance towards all forms of bribery and corruption, whether direct or indirect. This applies to all employees and officers of the Group, as well as to third parties acting on our behalf, including suppliers, contractors and other business partners. Our expectations are articulated in the Anti-Bribery and Corruption (ABC) Policy, which defines prohibited conduct, employee responsibilities, reporting channels and disciplinary consequences for non-compliance. To operationalise these requirements, SP Group has established and maintains a formal Anti-Bribery Management System (ABMS) aligned with ISO 37001, supported by a dedicated compliance function within the Legal function. The ABMS incorporates risk assessments, due diligence processes, internal controls, reporting mechanisms and periodic reviews to prevent, detect and respond to bribery and corruption risks. Regulatory Compliance SP Group adopts a proactive and risk-based approach to managing regulatory compliance, ensuring that our business units remain fully aware of and aligned with significant statutory and licence obligations. We maintain and regularly update checklists of relevant acts and regulatory requirements, which form the foundation for consistent compliance across the Group. Annual compliance attestations are obtained from the respective business units using these checklists to reinforce accountability. Our Compliance team closely monitors changes to all identified legislation, assesses their implications, and communicates updates to the relevant business units. In addition, we conduct annual training on key statutory and licence obligations to build organisational awareness and ensure ongoing adherence to regulatory requirements. Compliance requirements are embedded into business processes, supported by guidance, training and internal controls to promote consistent application across the organisation. Where non-compliance risks are identified, mitigation measures are implemented and tracked through established governance and risk management processes. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/digitalisation-cybersecurity-and-data-privacy Digitalisation Cybersecurity & Data Privacy SUSTAINABILITY REPORT Digitalisation, Cybersecurity & Data Privacy Amidst the fast-paced digital transformation, the growing adoption of AI and the constantly changing cyber threat environment, companies have to consistently advance initiatives to develop a strong cybersecurity ecosystem aimed at creating resilient digital infrastructure, safeguarding cybersecurity, and promoting international cyber collaboration. SP Group remains dedicated to focusing on three critical areas: digitising its operations and solutions, reinforcing the cybersecurity of its assets, and upholding data privacy. Maintaining strong capabilities in digitalisation, cybersecurity and data privacy strengthens SP Group’s ability to safeguard data, uphold regulatory compliance, and enhance the resilience and sustainability of our operations. Key Initiatives Intelligent Asset Maintenance of Over Ground Boxes through a Digital Workforce App As part of SP Group’s ongoing efforts to strengthen sustainable operations and infrastructure resilience, the Digital Workforce App was enhanced with an Overground Box (OGB) Asset Maintenance module to transform how field inspections and maintenance activities are performed. Prior to the enhancement, OGB inspections were supported through a combination of paper-based records and PDF submissions. While the approach enabled inspections to be completed, it involved additional administrative handling and could lead to variation in how information was captured and validated. This created an opportunity to further strengthen the consistency and completeness of the asset dataset, enabling more advanced condition analytics and longer-term maintenance planning across the asset lifecycle. The enhanced solution introduced standardised digital workflows and AI-assisted image recognition, enabling inspections to be captured digitally at source and maintenance quality to be assessed more consistently. This reduced manual handling and rework, improved data accuracy and traceability, and strengthened governance through clearer audit trails and accountability between SP officers and contractors. The initiative delivers an estimated ~30,000 man hours saved annually, contributing to more efficient use of workforce resources. The solution enables more responsible asset lifecycle management by supporting data-driven maintenance planning, early identification of defects, and consistent upkeep of over 16,000 OGBs. By reducing reliance on paper-based processes, the initiative improves resource efficiency while supporting the long-term reliability and resilience of critical infrastructure. Beyond efficiency gains, the initiative also strengthens data readiness. Digitised inspection records, image-based evidence, and standardised data capture improve data integrity, enabling better decision-making on asset renewals, maintenance, and risk management. Overall, the Intelligent Asset Maintenance initiative demonstrates how digital transformation can act as a key enabler of sustainability, delivering productivity gains, strengthening governance, and supporting resilient, well-maintained infrastructure critical to long-term operational performance. Smart Grid Digitalisation & AI Elevation We are expanding digital twin and IoT sensors to enable predictive grid management, with a target to equip 400 substations with advanced sensors by 2030. These efforts improve operational efficiency and support the integration of more renewable energy on the grid, directly contributing to decarbonisation goals. AI-Powered Asset Management and Digital Workforce SP Group is embedding AI and digital technologies across asset lifecycle management and workforce processes, with an estimated productivity savings of approximately 100,000 man hours annually by 2030. Digital solutions are being implemented to enable optimised deployment of field crews, supporting AI-assisted inspections and operational decision-making with improved accuracy and efficiency. These initiatives enhance workforce productivity by strengthening validations and reducing rework, while also lowering travel requirements, vehicle usage, and overall resource consumption. By 2030, most key work processes across the asset lifecycle are expected to be digitised or AI-enabled, strengthening operational efficiency, improving consistency of execution, and enhancing the effectiveness of the engineering workforce. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Business Ethics & Compliance Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workforce-development-and-management Workforce Development and Management SUSTAINABILITY REPORT Workforce Development & Management Amid a rapidly evolving business and regulatory landscape, SP Group continues to develop its human capital by anticipating skills shifts, accelerating upskilling and job redesign, and supporting employee wellbeing. With a large workforce across multiple geographies and business operations, we are committed to strengthening workforce development to build a skilled, engaged and resilient workforce that supports operational excellence and the organisation’s long-term success. This is supported through structured workforce development and management, and close collaboration with the Union of Power and Gas Employees (UPAGE). These arrangements enable a supportive and inclusive culture where employees are valued and empowered to grow, and facilitate timely consultation on workforce matters. Effective workforce management encompassing employee engagement, fair labour practices, and compliance with applicable regulations, supports workforce stability and safeguards our organisational reputation. At the same time, continued investment in training and development enhances employee capabilities, engagement and retention, supporting sustainable business performance. Key Initiatives Internship Programme Internships continue to be a core aspect of our early talent pipeline building. To drive intern to employee conversion outcomes, we have implemented dedicated intern engagement sessions to share career pathways, deepen understanding of technical roles and surface interest for future employment. Work-Study Diploma (WSDip) Programme Academic partnerships have also been expanded through initiatives such as the WSDip programme with the Institute of Technical Education (ITE). WSDip is a 2.5-year programme which provides structured on-the-job training, mentorship and technical development, alongside clear pathways for conversion into permanent roles upon graduation. The first batch of students commenced work in March 2026. Project FUSION – Redesigning Jobs for the Future SP Group takes a proactive approach in ensuring future-readiness, equipping our workforce with the skills to stay relevant as roles evolve with technological, regulatory, and energy transition demands. Project FUSION under the remit of the CTC, provides a structured approach to identifying emerging skills and redesigning roles. Since 2018, over 400 jobs have been transformed through upskilling and job redesign. Job redesign is aligned with technology adoption with roles evolving from: Manual to digital: Gas leak surveyors transitioning from manual, paper-based recording to using Autonomous Mobile Robot to manage routine leak surveys at a system-level Digital to automation: Technical team moving away from manual, repetitive verification of contractor claims to using AI to validate key data, and flag gaps automatically Single-Function to Multi-Skilled and leveraging AI: Customer Service Officers upskilled to manage multiple customer touchpoints, and using AI to deliver more consistent and quality engagement Augmented by technology, employees can now spend more time analysing and preventing issues, reinforcing safety and operational excellence. These are areas where human judgement adds the biggest value. In tandem with these job redesigns, we have established multiple career pathways and invested in pre-emptive upskilling to support workforce transitions. Ahead of the national smart meter rollout, meter readers were reskilled into roles such as smart meter technicians, asset sensing & analytics, and field service respectively, and meter reading service officers performing first level diagnostic checks and site support. This proactive approach has improved role effectiveness and supported redeployment into higher value work, contributing to operational stability and productivity. Building on the strong momentum of Project FUSION, Fusion.AI marks the next phase of SP Group’s workforce transformation, focusing on strengthening AI fluency across the workforce and embedding AI into jobs and processes. Delivered in partnership with UPAGE, this phase supports the confident adoption of AI, enabling capacity to be redeployed towards roles requiring higher levels of judgement and expertise, while ensuring workforce transformation and upskilling initiatives remain inclusive, coordinated, and aligned with business needs. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/climate-action-and-resilience Climate Action & Resilience SUSTAINABILITY REPORT Climate Action & Resilience Climate change can present growing physical and transition risks for energy infrastructure operators, with implications for asset resilience, system reliability, and long-term investment planning. As Singapore’s national grid operator and a provider of sustainable energy solutions in Singapore and across the region, SP Group’s ability to anticipate and manage climate-related risks or tap on opportunities is critical to maintaining safe, reliable, and affordable energy supply while supporting the national transition to net zero. For SP Group, climate action and resilience are material not only because of our operational footprint, but because climate change has the potential to affect the infrastructure, systems and markets on which our business depends. Rising temperatures, more intense rainfall and flooding, shifting policy and regulatory expectations, evolving technologies, and changes in customer and market demand can all influence how we plan, operate and invest in our networks and solutions. At the same time, the transition to a lower-carbon economy creates opportunities for SP Group to enable electrification, integrate cleaner energy sources, strengthen grid flexibility and resilience, and support customers in their own decarbonisation journeys. Our approach therefore focuses on both managing risk and enabling transition. We continue to strengthen our understanding of emissions across the Group, enhance the quality and governance of climate-related data, and deepen the integration of climate considerations into business planning and decision-making. In parallel, we are updating our climate scenario analysis using the latest available climate science and relevant operational and financial data to assess how different physical and transition pathways could affect our business over time. These insights will help inform resilience priorities, strategic planning, asset lifecycle decisions and capital allocation, while supporting a more coordinated and forward-looking response to climate-related risks and opportunities across SP Group. Key Initiatives SP Joins Pilot for Electric Prime Mover Adoption SP is participating in a pilot trial led by Enterprise Singapore to promote the adoption of electric prime movers (e-PMs) for operational use. These e-PMs are heavy-duty electric trucks that replace diesel engines with electric motors and battery systems, generating zero tailpipe emissions, lower operating costs, and reduced noise levels. SP Group has deployed e-PMs for operational activities such as transporting generators during supply restoration, with the vehicles equipped with advanced safety features to enhance stability. Heavy Goods Vehicles (HGVs) contribute approximately 30% of land transport emissions in Singapore, representing a significant decarbonisation challenge. At SP Group, HGVs also account for 30% of our entire vehicular fleet. Under the pilot, SP Group will evaluate fast-charging and battery-swapping solutions to overcome charging limitations, minimise downtime, and address range anxiety, thereby supporting wider adoption of electric HGVs. Beyond the pilot programme, SP Group continues to track developments in electric heavy-duty vehicles as part of its broader fleet electrification strategy. As fleet electrification progresses, SP remains committed to fully electrifying all small-sized vehicles by the end of 2026. Labrador Tower Completed in 2024, the 34-storey Labrador Tower is among Singapore’s first commercial developments to attain the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy (SLE) certification. Featuring SP Group’s suite of sustainable energy solutions, the development was validated to have achieved approximately 40% energy savings relative to prevailing code-compliant buildings, demonstrating its strong environmental performance and high level of resource efficiency Solarising SP’s Substations to Support Singapore’s Low-Carbon Future In 2025, SP Group completed the installation of rooftop solar PV systems at 26 electricity substations across Singapore and plans to do so for another 44 substations over the next two years. This achievement represents a key milestone in strengthening the grid’s low-carbon capabilities while supporting Singapore’s transition towards a more sustainable energy future. The initiative reflects SP’s continued commitment to integrating renewable energy solutions into critical infrastructure and enabling cleaner energy for all. Implemented over multiple years in three phases between 2023 and 2025, the programme was structured to optimise the solar potential of substations without affecting operational reliability. Each substation was fitted with solar PV systems of up to 1 MWac installed capacity, enabling effective utilisation of on-site renewable generation. Beyond expanding solar generation capacity on existing infrastructure, the initiative supports Singapore’s broader efforts to increase renewable energy deployment and advance the transition to a lower-carbon power system. By enabling distributed solar generation within the national grid, SP is helping to strengthen grid readiness for greater renewable integration, diversify energy sources, and support the greening of the grid. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Searchhttps://www.spgroup.com.sg/search?tag=Sustainability-Report-FY2526 Search Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions are integral to our long-term success and corporate purpose. We seek to create shared value by going beyond essential services delivery to support social wellbeing and resilience, particularly for seniors, youth and children from lower income families. We adopt a strategic and long-term approach to community engagement, working closely with stakeholders to ensure our initiatives remain relevant, responsive and aligned with evolving needs. Where our operations interface directly with communities, such as during infrastructure development and maintenance works, we commit to clear and timely communication, with the objective of minimising disruption to residents, businesses and other stakeholders. Key Initiatives Celebrating SP30 and SG60 SP marked its 30th year of corporatisation and Singapore’s 60th year of independence with yearlong community outreach initiatives. These were launched at the SP Community Festival, celebrating the spirit of philanthropy and volunteerism. It brought together SP Group’s leadership and employees, alongside community partners, to deepen understanding of community needs. We also reaffirmed our sustained engagement and collaborations with our anchor partner Community Chest Singapore and other social service agencies. At the festival, SP Group announced a three-times matching scheme for all staff donations till end 2025. This resulted in a doubling of staff donations that year compared to the previous year. SP Group also launched SG60 Journeys from the Heart, hosting 600 seniors, youth and children on customised experiential trips to places of interest in Singapore. Accompanied by staff volunteers, known as SP Heart Workers, these journeys on electric buses created memorable outings while underscoring SP’s commitment to sustainable mobility. Leveraging these milestone initiatives, SP Heart Workers clocked 12,000 volunteer hours – a 45% increase from last year. All business units participated in volunteering during the year, with 40% of our employees volunteering at least once. We also delivered 10,000 Power Packs of daily essentials to beneficiaries of different age segments, with items customised for the needs of each segment. Community Chest SP Group’s philanthropic contributions are stewarded through our long-standing partnership with Community Chest, the philanthropy arm of National Council of Social Services. Community Chest channels 100% of donations to critical services delivered by SP’s partner social service agencies. This structured approach enables us to maximise impact by strengthening our partners’ programmes and ensuring resources are directed towards areas of greatest need. TOUCH Community Services In 2026, SP Group committed S$2.1 million over three years to TOUCH Community Services, enabling the formation of the SP CHAMP League. The programme supports over 700 children and youth aged 7 to 17 from lower-income families through mentoring, academic tutoring and structured enrichment activities that strengthen cognitive skills and support social mobility. KidSTART SP Group also continued its partnership with KidSTART through a S$1.1 million donation that ensures the sustained delivery and expansion of the PowerUP Playtime programme. The initiative provides age-segmented toys and learning tools for pre-schoolers from lower-income or vulnerable households, fostering stronger parent-child bonds, joyful learning experiences and positive early childhood development. This brings our total contribution to KidSTART Singapore to S$5.4 million since 2021. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/business-ethics-and-compliance Business Ethics & Compliance SUSTAINABILITY REPORT Business Ethics & Compliance Business ethics and compliance are core to how SP Group plans, executes and conducts its business. Guided by applicable laws and regulations, and anchored by our Employee Code of Conduct, ethical principles shape our corporate culture and decision-making across all levels of the organisation. This strong ethical foundation reinforces accountability and trust, supports access to financing, and strengthens our licence to operate, enabling SP Group to remain credible and relevant in a rapidly evolving regulatory, technological and societal landscape. Continuous investment in robust governance frameworks, risk management systems, and effective anti-corruption and anti-bribery controls enhances our resilience and credibility, enabling the organisation to plan with greater certainty and make sound strategic, operational, and capital allocation decisions. These practices also position us to pursue growth and partnership opportunities with confidence, as a trusted and compliant business partner with rapidly evolving regulatory requirements and a changing mix of stakeholders, including new partners and institutions. Key Initiatives Corporate Governance SP Group’s corporate governance structure establishes clear accountability, oversight and segregation of duties to support ethical conduct and compliance across the Group. SP Group’s Board of Directors provides overarching governance and sets the strategic direction for the Group. The Board is responsible for making key investment and funding decisions, overseeing risk management, and ensuring that robust internal controls are in place. At the management level, the Executive Leadership Team is tasked with implementing the strategy, policies, procedures, and systems that foster integrity and accountability in day-to-day operations. The Board also ensures that management maintains a robust system of internal controls to safeguard the Group’s assets and reviews the Group’s financial performance. Anti-Bribery and Compliance SP Group maintains a zero-tolerance stance towards all forms of bribery and corruption, whether direct or indirect. This applies to all employees and officers of the Group, as well as to third parties acting on our behalf, including suppliers, contractors and other business partners. Our expectations are articulated in the Anti-Bribery and Corruption (ABC) Policy, which defines prohibited conduct, employee responsibilities, reporting channels and disciplinary consequences for non-compliance. To operationalise these requirements, SP Group has established and maintains a formal Anti-Bribery Management System (ABMS) aligned with ISO 37001, supported by a dedicated compliance function within the Legal function. The ABMS incorporates risk assessments, due diligence processes, internal controls, reporting mechanisms and periodic reviews to prevent, detect and respond to bribery and corruption risks. Regulatory Compliance SP Group adopts a proactive and risk-based approach to managing regulatory compliance, ensuring that our business units remain fully aware of and aligned with significant statutory and licence obligations. We maintain and regularly update checklists of relevant acts and regulatory requirements, which form the foundation for consistent compliance across the Group. Annual compliance attestations are obtained from the respective business units using these checklists to reinforce accountability. Our Compliance team closely monitors changes to all identified legislation, assesses their implications, and communicates updates to the relevant business units. In addition, we conduct annual training on key statutory and licence obligations to build organisational awareness and ensure ongoing adherence to regulatory requirements. Compliance requirements are embedded into business processes, supported by guidance, training and internal controls to promote consistent application across the organisation. Where non-compliance risks are identified, mitigation measures are implemented and tracked through established governance and risk management processes. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/digitalisation-cybersecurity-and-data-privacy Digitalisation Cybersecurity & Data Privacy SUSTAINABILITY REPORT Digitalisation, Cybersecurity & Data Privacy Amidst the fast-paced digital transformation, the growing adoption of AI and the constantly changing cyber threat environment, companies have to consistently advance initiatives to develop a strong cybersecurity ecosystem aimed at creating resilient digital infrastructure, safeguarding cybersecurity, and promoting international cyber collaboration. SP Group remains dedicated to focusing on three critical areas: digitising its operations and solutions, reinforcing the cybersecurity of its assets, and upholding data privacy. Maintaining strong capabilities in digitalisation, cybersecurity and data privacy strengthens SP Group’s ability to safeguard data, uphold regulatory compliance, and enhance the resilience and sustainability of our operations. Key Initiatives Intelligent Asset Maintenance of Over Ground Boxes through a Digital Workforce App As part of SP Group’s ongoing efforts to strengthen sustainable operations and infrastructure resilience, the Digital Workforce App was enhanced with an Overground Box (OGB) Asset Maintenance module to transform how field inspections and maintenance activities are performed. Prior to the enhancement, OGB inspections were supported through a combination of paper-based records and PDF submissions. While the approach enabled inspections to be completed, it involved additional administrative handling and could lead to variation in how information was captured and validated. This created an opportunity to further strengthen the consistency and completeness of the asset dataset, enabling more advanced condition analytics and longer-term maintenance planning across the asset lifecycle. The enhanced solution introduced standardised digital workflows and AI-assisted image recognition, enabling inspections to be captured digitally at source and maintenance quality to be assessed more consistently. This reduced manual handling and rework, improved data accuracy and traceability, and strengthened governance through clearer audit trails and accountability between SP officers and contractors. The initiative delivers an estimated ~30,000 man hours saved annually, contributing to more efficient use of workforce resources. The solution enables more responsible asset lifecycle management by supporting data-driven maintenance planning, early identification of defects, and consistent upkeep of over 16,000 OGBs. By reducing reliance on paper-based processes, the initiative improves resource efficiency while supporting the long-term reliability and resilience of critical infrastructure. Beyond efficiency gains, the initiative also strengthens data readiness. Digitised inspection records, image-based evidence, and standardised data capture improve data integrity, enabling better decision-making on asset renewals, maintenance, and risk management. Overall, the Intelligent Asset Maintenance initiative demonstrates how digital transformation can act as a key enabler of sustainability, delivering productivity gains, strengthening governance, and supporting resilient, well-maintained infrastructure critical to long-term operational performance. Smart Grid Digitalisation & AI Elevation We are expanding digital twin and IoT sensors to enable predictive grid management, with a target to equip 400 substations with advanced sensors by 2030. These efforts improve operational efficiency and support the integration of more renewable energy on the grid, directly contributing to decarbonisation goals. AI-Powered Asset Management and Digital Workforce SP Group is embedding AI and digital technologies across asset lifecycle management and workforce processes, with an estimated productivity savings of approximately 100,000 man hours annually by 2030. Digital solutions are being implemented to enable optimised deployment of field crews, supporting AI-assisted inspections and operational decision-making with improved accuracy and efficiency. These initiatives enhance workforce productivity by strengthening validations and reducing rework, while also lowering travel requirements, vehicle usage, and overall resource consumption. By 2030, most key work processes across the asset lifecycle are expected to be digitised or AI-enabled, strengthening operational efficiency, improving consistency of execution, and enhancing the effectiveness of the engineering workforce. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Business Ethics & Compliance Reliability & Customer Satisfaction Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workforce-development-and-management Workforce Development and Management SUSTAINABILITY REPORT Workforce Development & Management Amid a rapidly evolving business and regulatory landscape, SP Group continues to develop its human capital by anticipating skills shifts, accelerating upskilling and job redesign, and supporting employee wellbeing. With a large workforce across multiple geographies and business operations, we are committed to strengthening workforce development to build a skilled, engaged and resilient workforce that supports operational excellence and the organisation’s long-term success. This is supported through structured workforce development and management, and close collaboration with the Union of Power and Gas Employees (UPAGE). These arrangements enable a supportive and inclusive culture where employees are valued and empowered to grow, and facilitate timely consultation on workforce matters. Effective workforce management encompassing employee engagement, fair labour practices, and compliance with applicable regulations, supports workforce stability and safeguards our organisational reputation. At the same time, continued investment in training and development enhances employee capabilities, engagement and retention, supporting sustainable business performance. Key Initiatives Internship Programme Internships continue to be a core aspect of our early talent pipeline building. To drive intern to employee conversion outcomes, we have implemented dedicated intern engagement sessions to share career pathways, deepen understanding of technical roles and surface interest for future employment. Work-Study Diploma (WSDip) Programme Academic partnerships have also been expanded through initiatives such as the WSDip programme with the Institute of Technical Education (ITE). WSDip is a 2.5-year programme which provides structured on-the-job training, mentorship and technical development, alongside clear pathways for conversion into permanent roles upon graduation. The first batch of students commenced work in March 2026. Project FUSION – Redesigning Jobs for the Future SP Group takes a proactive approach in ensuring future-readiness, equipping our workforce with the skills to stay relevant as roles evolve with technological, regulatory, and energy transition demands. Project FUSION under the remit of the CTC, provides a structured approach to identifying emerging skills and redesigning roles. Since 2018, over 400 jobs have been transformed through upskilling and job redesign. Job redesign is aligned with technology adoption with roles evolving from: Manual to digital: Gas leak surveyors transitioning from manual, paper-based recording to using Autonomous Mobile Robot to manage routine leak surveys at a system-level Digital to automation: Technical team moving away from manual, repetitive verification of contractor claims to using AI to validate key data, and flag gaps automatically Single-Function to Multi-Skilled and leveraging AI: Customer Service Officers upskilled to manage multiple customer touchpoints, and using AI to deliver more consistent and quality engagement Augmented by technology, employees can now spend more time analysing and preventing issues, reinforcing safety and operational excellence. These are areas where human judgement adds the biggest value. In tandem with these job redesigns, we have established multiple career pathways and invested in pre-emptive upskilling to support workforce transitions. Ahead of the national smart meter rollout, meter readers were reskilled into roles such as smart meter technicians, asset sensing & analytics, and field service respectively, and meter reading service officers performing first level diagnostic checks and site support. This proactive approach has improved role effectiveness and supported redeployment into higher value work, contributing to operational stability and productivity. Building on the strong momentum of Project FUSION, Fusion.AI marks the next phase of SP Group’s workforce transformation, focusing on strengthening AI fluency across the workforce and embedding AI into jobs and processes. Delivered in partnership with UPAGE, this phase supports the confident adoption of AI, enabling capacity to be redeployed towards roles requiring higher levels of judgement and expertise, while ensuring workforce transformation and upskilling initiatives remain inclusive, coordinated, and aligned with business needs. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/climate-action-and-resilience Climate Action & Resilience SUSTAINABILITY REPORT Climate Action & Resilience Climate change can present growing physical and transition risks for energy infrastructure operators, with implications for asset resilience, system reliability, and long-term investment planning. As Singapore’s national grid operator and a provider of sustainable energy solutions in Singapore and across the region, SP Group’s ability to anticipate and manage climate-related risks or tap on opportunities is critical to maintaining safe, reliable, and affordable energy supply while supporting the national transition to net zero. For SP Group, climate action and resilience are material not only because of our operational footprint, but because climate change has the potential to affect the infrastructure, systems and markets on which our business depends. Rising temperatures, more intense rainfall and flooding, shifting policy and regulatory expectations, evolving technologies, and changes in customer and market demand can all influence how we plan, operate and invest in our networks and solutions. At the same time, the transition to a lower-carbon economy creates opportunities for SP Group to enable electrification, integrate cleaner energy sources, strengthen grid flexibility and resilience, and support customers in their own decarbonisation journeys. Our approach therefore focuses on both managing risk and enabling transition. We continue to strengthen our understanding of emissions across the Group, enhance the quality and governance of climate-related data, and deepen the integration of climate considerations into business planning and decision-making. In parallel, we are updating our climate scenario analysis using the latest available climate science and relevant operational and financial data to assess how different physical and transition pathways could affect our business over time. These insights will help inform resilience priorities, strategic planning, asset lifecycle decisions and capital allocation, while supporting a more coordinated and forward-looking response to climate-related risks and opportunities across SP Group. Key Initiatives SP Joins Pilot for Electric Prime Mover Adoption SP is participating in a pilot trial led by Enterprise Singapore to promote the adoption of electric prime movers (e-PMs) for operational use. These e-PMs are heavy-duty electric trucks that replace diesel engines with electric motors and battery systems, generating zero tailpipe emissions, lower operating costs, and reduced noise levels. SP Group has deployed e-PMs for operational activities such as transporting generators during supply restoration, with the vehicles equipped with advanced safety features to enhance stability. Heavy Goods Vehicles (HGVs) contribute approximately 30% of land transport emissions in Singapore, representing a significant decarbonisation challenge. At SP Group, HGVs also account for 30% of our entire vehicular fleet. Under the pilot, SP Group will evaluate fast-charging and battery-swapping solutions to overcome charging limitations, minimise downtime, and address range anxiety, thereby supporting wider adoption of electric HGVs. Beyond the pilot programme, SP Group continues to track developments in electric heavy-duty vehicles as part of its broader fleet electrification strategy. As fleet electrification progresses, SP remains committed to fully electrifying all small-sized vehicles by the end of 2026. Labrador Tower Completed in 2024, the 34-storey Labrador Tower is among Singapore’s first commercial developments to attain the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy (SLE) certification. Featuring SP Group’s suite of sustainable energy solutions, the development was validated to have achieved approximately 40% energy savings relative to prevailing code-compliant buildings, demonstrating its strong environmental performance and high level of resource efficiency Solarising SP’s Substations to Support Singapore’s Low-Carbon Future In 2025, SP Group completed the installation of rooftop solar PV systems at 26 electricity substations across Singapore and plans to do so for another 44 substations over the next two years. This achievement represents a key milestone in strengthening the grid’s low-carbon capabilities while supporting Singapore’s transition towards a more sustainable energy future. The initiative reflects SP’s continued commitment to integrating renewable energy solutions into critical infrastructure and enabling cleaner energy for all. Implemented over multiple years in three phases between 2023 and 2025, the programme was structured to optimise the solar potential of substations without affecting operational reliability. Each substation was fitted with solar PV systems of up to 1 MWac installed capacity, enabling effective utilisation of on-site renewable generation. Beyond expanding solar generation capacity on existing infrastructure, the initiative supports Singapore’s broader efforts to increase renewable energy deployment and advance the transition to a lower-carbon power system. By enabling distributed solar generation within the national grid, SP is helping to strengthen grid readiness for greater renewable integration, diversify energy sources, and support the greening of the grid. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/reliability-and-customer-satisfaction Reliability & Customer Satisfaction SUSTAINABILITY REPORT Reliability & Customer Satisfaction Reliability and customer satisfaction are central to SP Group’s operations. By delivering reliable energy and utility services, SP Group strengthens its reputation and builds community trust. Investments in robust infrastructure, innovative grid technologies and low-carbon energy solutions enhance service reliability and system performance, enabling SP Group to operate efficiently and respond effectively to customer needs. These capabilities, in turn, raise customer satisfaction, build long-term loyalty and position SP to capture new growth opportunities as a trusted and dependable energy and utility service provider. Key Initiatives Battery Energy Storage System at Kallang, Singapore Located within Kallang Industrial Park, SP Group’s Battery Energy Storage System (BESS) represents a practical step towards strengthening the resilience and flexibility of Singapore’s electricity grid. The development of the Kallang BESS builds upon SP Group’s pioneering experience from the earlier Woodlands BESS, translating operational learnings from Singapore’s first utility scale energy storage system into a more advanced and scalable deployment supporting grid stability. While physically compact and housed within a series of containerised units, the facility is designed to play a critical system role by storing electricity when demand is low and releasing it within seconds when the grid requires support. This fast response capability is particularly important as Singapore integrates higher levels of weather dependent renewable energy, such as solar power. By responding rapidly to fluctuations in supply and demand, the Kallang BESS helps to stabilise grid operations and supports the secure electricity delivery under more dynamic operating conditions. The Kallang facility comprises several battery storage containers that are integrated with a Power Conversion System (PCS). The PCS manages the conversion between direct current (DC) and alternating current (AC), enabling stored electricity to be safely and efficiently transferred between the batteries and the national grid. This configuration allows the BESS to act as a fast-acting grid support asset, capable of injecting or absorbing power in response to system needs. Such responsiveness strengthens operational resilience by: Supporting grid stability during sudden changes in load or generation Complementing conventional grid assets that may respond more slowly Enhancing the system’s ability to manage variability arising from renewable energy integration Beyond its physical installation, the Kallang BESS also serves as an operational learning platform for SP’s engineers and system operators, further building capability in deploying and operating energy storage solutions that can support grid resilience at scale over time. Building Capabilities to Sustain Grid Reliability in the Evolving Energy Landscape As Singapore advances towards a low-carbon and increasingly complex energy system, SP Group continues to invest in building a future-ready workforce. Recognising that engineering, digitalisation and system planning capabilities are critical to sustaining grid reliability while integrating new energy solutions, we adopt a multi-layered approach to capability development, spanning internal workforce transformation, applied research partnerships with an institute of higher learning and the upcoming SP Technology Lab, innovation platforms and technical leadership pathways. SP Group continues to strengthen its core engineering workforce through structured capability development and workforce transformation initiatives. Key programmes, including technical competency frameworks and structured development pathways for engineers, support continuous upskilling and role readiness as operating environments evolve. These efforts are complemented by organisation-wide initiatives such as the Company Training Committee (CTC) and Project FUSION, which integrate skills upgrading with job redesign to enhance productivity and support workforce transformation. How this ‘grid doctor’ maintains the health of Singapore’s electricity network so everything stays on In 2025, SP Group’s customers experienced an average electricity interruption of nineteen seconds. Behind this performance are engineers and technical officers like Mr Eric Lee, who conduct “health checks” on critical equipment to detect early signs of deterioration before they escalate into faults. Previously, such checks relied on manual inspections using handheld detectors, acoustic sensors and thermal scanners in substations. This work was labour intensive, required close physical access to equipment and produced only snapshot readings. Since 2020, SP has progressively installed smart sensors directly on key assets such as distribution switchgear and cables. These sensors continuously monitor equipment conditions, trigger real-time alerts when anomalies are detected and provide data that supports predictive maintenance. The new system has improved safety and efficiency, saving more than 1,000 man-hours annually and shortening response times. Technical officers like Mr Lee are now able to focus on higher value tasks such as diagnosing complex issues and localising defects. Through training and on-the-job experience, they have also strengthened their digital and data analytics skills, supporting SP’s broader drive to use innovation and technology to “keep the lights on” and maintain a safe, reliable electricity supply for Singapore. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Workplace Health & Safety Category: Sustainability Report Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workplace-health-and-safety Workplace Health & Safety SUSTAINABILITY REPORT Workplace Health & Safety Workplace Safety and Health (WSH) is a long-standing strategic priority for SP Group and a core enabler of safe, reliable and resilient operations across all geographies in which we operate. As an operator of critical energy infrastructure, SP Group recognises that strong WSH performance is fundamental to operational excellence, workforce confidence and the sustained delivery of essential services to customers and communities. In Singapore, SP Group operates within a mature and robust WSH regulatory and institutional ecosystem. This framework is designed to safeguard the health and safety of employees, contractors and other stakeholders, and to ensure compliance with applicable WSH laws and regulations in each jurisdiction. Across our overseas operations, the same high standards of safety and health are applied where applicable. Given the nature of our operations, WSH underpins effective workforce deployment, contractor management, operational continuity and regulatory compliance. Key Initiatives SAFE365 Worksite Safety Management App SP achieved full onboarding of all contractor partners onto SAFE365, a safety management application designed to strengthen collaboration between SP project teams and contractors. It standardises daily safety reporting across SP worksites and improves the consistency, accountability and visibility of on-site safety activities. Developed inhouse by SP Digital, this application is designed to strengthen collaboration between SP project teams and contractors while creating a safer and more productive work environment. Through the platform, contractors submit daily worksite information, including toolbox meeting records, safety documents and on-site safety measures, while SP employees upload safety inspection reports. SAFE365’s real-time data accessibility supports efficient safety and site management for both SP and contractors, reinforcing a proactive approach to safety management. Strengthening Ground-Up Safety through Digital Tools and Engagement Ensuring that every worker returns home safely at the end of the day is a core priority at SP. Across more than 300 worksites island-wide, daily toolbox meetings form a critical first line of defence, bringing together technical officers and contractors to identify hazards and agree on safety precautions before work begins. Each day, this routine supports the safety of over 8,000 workers from SP’s authorised contractors. Supporting these efforts is Ms Yuan Yinxi, a manager from SP’s Safety and Health team, who plays a key role in strengthening ground-up safety practices. Working closely with site teams and contractors, she helps ensure that robust safety processes are consistently applied as SP engineers and contractors maintain and upgrade underground electricity cables and gas pipelines. Digital tools are an important enabler of this approach. Ms Yuan oversees a team that monitors work activities through closed-circuit television (CCTV) systems across multiple sites. Observations from the footage are regularly reviewed to identify areas for improvement, reinforce safe behaviours and share good practices across contractor partners. This enables timely intervention, continuous learning and consistent safety standards across worksites. In addition, Ms Yuan and her team participate in regular site engagements and dialogues alongside SP’s senior leadership. These interactions provide an open channel for contractors to raise safety concerns, share feedback and flag potential risks early, allowing issues to be addressed proactively before they escalate. Going forward, SP will pilot AI-enabled CCTV monitoring to automate detection of safety violations, with continued evaluation before wider deployment across worksites. By combining ground-level engagement with digital monitoring and collaborative dialogue, SP reinforces safety as a shared responsibility. This partnership-based approach helps foster a strong safety culture, one where employees, contractors and leaders work together to uphold safe work practices and protect the well-being of workers, customers and the public. Strengthening Safety through Training for Employees and Contractors SP Group strengthens safety performance through targeted training for both employees and contractors, recognising that effective safety outcomes require strong oversight as well as safe work practices on site. For employees, in addition to the annual mandatory Safety e-learning module, targeted training programmes are designed for specific roles. For example, the Project Safety Management (PSM) training is provided to Project Officers as part of ongoing capability building. As Project Officers play a key role in managing contractor works and overseeing site activities, the training reinforces worksite safety requirements, roles and responsibilities, and SP Group’s safety expectations. It also emphasises effective supervision, safe work practices, and contractor compliance with safety requirements. To date, over 1,000 Project Officers have completed PSM training, supporting consistent safety standards across projects. For contractors, SP Group has required all workers to undergo Safety@SP, a mandatory safety course conducted in the native languages of foreign workers, prior to deployment at SP worksites. Introduced in 2014, the programme aims to raise safety awareness and equip contractors with the necessary knowledge to work safely. The course has been enhanced with practical safety stations covering high-risk activities, strengthening hands-on learning and application at worksites. Together, these initiatives reflect SP Group’s holistic approach to safety, building strong internal safety oversight while ensuring contractors are properly trained before commencing work. By reinforcing safety responsibilities across both employees and contractors, SP Group embeds safety as a shared responsibility and strengthens its overall safety performance across operations. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction Category: Sustainability Report SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Management’s role and internal controls 11 Group risk management 12 Resilience to climate change 13 Metrics and targets 16 Focus areas 17 Grid 2030 17 Sustainable energy solutions 22 Energy as a Service 30 People and the Community 36 Disclosures 41 Contribution to SDGs 41 Task Force on Climate-related Financial Disclosures (TCFD) 42 Emissions audit statement 44 03 FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY DISCLOSURES About this report This is SP Group’s (SP) third sustainability review and the first to incorporate the reporting recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). It reflects our commitment to accountability to stakeholders as well as our drive for continuous improvement in our sustainability performance, towards climate action. This review showcases the initiatives and performance of our operations across our key business areas for the financial year from 1 April 2021 to 31 March 2022 (FY21/22), unless otherwise stated. The scope of this review covers SP’s operations in Singapore, China, and Vietnam. The report is to be read in conjunction with the Chairman’s message and other sustainability-related information on SP’s corporate website, SP Energy Hub. We have included historical data from FY19/20 and FY20/21 for comparison where applicable. 04 Materiality The contents of this review have been informed by an assessment of the material sustainability topics that are of greatest importance to our business and stakeholders. We have identified three material topics that support our actions towards the achievement of the targets of United Nation’s Sustainable Development Goals (SDG) 7 and 9, 1) Network Reliability, 2) Innovation and 3) Customer Empowerment. DISCLOSURES Focus business area Grid 2030 Sustainable Energy Solutions Energy as a Service FOCUS AREAS Network Reliability • Network reliability is missioncritical to SP as we strive to Innovation • Innovation and new technologies are central to facilitating the Customer Empowerment • As a sustainable energy solutions provider, SP aims to empower deliver excellence in our service transition to a low carbon future. customers to achieve their and operations to 1.6 million SP invests in climate-friendly climate ambitions through various customers in Singapore with rising innovations which will power a innovative products and services. expectations of uninterrupted greener tomorrow and benefit • These solutions enable power supply. the entire ecosystem. productivity and efficiency • We invest in capabilities that • To keep at the forefront of and enable organisations and uphold reliable, efficient power new technologies, we test individuals to achieve their supply to households and new solutions and build new climate ambitions. businesses and also enable the capabilities to deliver valueadded green energy transition. solutions to our customers. In 2021, our Executive Leadership Team (ELT) reviewed the identified material topics and they were determined to be valid. The urgency to address the identified material topics have heightened and we need to tackle the challenges expeditiously. Furthermore, we recognised the need to incorporate corporate governance disclosure in our sustainability review. We also assessed the climate-related risks and opportunities that are material to SP. The process and results of this exercise are presented in the Resilience to climate change section of this report. SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT 05 About SP Group SP Group (SP) is a leading utilities group in Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for our customers. We own and operate electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore, China, and Vietnam. In 2021, SP updated its tagline to “Empowering the Future of Energy” to reflect our 2030 ambition to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. DISCLOSURES As Singapore’s national grid operator, about 1.6 million industrial, commercial, and residential customers benefit from our world-class transmission, distribution, and market support services. These networks are amongst the most reliable and cost-effective in the world. SP provides a full suite of sustainable energy solutions including district cooling, electric vehicle charging, renewables, and energy as a service to achieve our 2030 ambition: FOCUS AREAS Grid District cooling Electric vehicle charging SUSTAINABILITY GOVERNANCE Renewables Energy as a Service (Smart Metering, Digital Solutions, and RECs) SUSTAINABILITY STRATEGY SP’s sustainable energy solutions enable green buildings and sustainable infrastructure, enhance efficiency, and empower customer with sustainable tools. District cooling for business districts and residential townships enhances energy efficiency. Electric vehicle charging and renewable energy enables decarbonisation of the transportation and power sectors, while digital energy management tools provide customers with the information to make greener choices. ABOUT THIS REPORT 06 Our sustainable energy ecosystem DISCLOSURES Building Energy Efficiency Management: Utilities Monitoring & Insights | TenantCare | Micro-climate control DERMS Solar Microgrid RECs FOCUS AREAS Grid Districts Households ASEAN Electricity Import Digital Twin Energy Storage Vehicle2Grid EV Charging District Cooling Smart Meters SP app SUSTAINABILITY GOVERNANCE Empowering the Future of Energy At the SP energy ecosystem, we Enhance Grid reliability and enable renewable energy integration Decarbonise transport with electric vehicle charging SUSTAINABILITY STRATEGY Green buildings and districts with district cooling systems and building efficiency solutions Empower consumers with data and carbon solutions ABOUT THIS REPORT 07 Our impact Overall DISCLOSURES 0.11 min and 0.1979 min SAIDI achieved for Electricity and Gas Grid respectively More than 190,000 RT of district cooling secured regionally 525 EV charging points installed in Singapore¹ 111 MWp solar capacity secured across Asia. 1.5 million downloads of the SP app 40x increase in RECs volume FOCUS AREAS Almost 320 MWp under development 2 Environmental Scope 1 emissions of 78,173 tonnes CO 2 e SUSTAINABILITY GOVERNANCE Scope 2 (market-based) emissions of 419,959 tonnesCO 2 e People and Community Emissions avoided - more than 206,000 tonnesCO2e, equivalent to planting more than 10 million rain trees 3 or taking more than 180,000 cars off the road for a year 4 . SUSTAINABILITY STRATEGY 179,000 hours of staff training and development provided Zero fatalities, Lost time injury frequency rate of 0.42 per million working hours $4.5 million in donations, sponsorships and volunteer manpower ABOUT THIS REPORT ¹ As of 31 May 2022. ² As of 31 July 2022. ³ One mature rain tree absorbs 0.0201 tonnesCO 2 a year - data from My Carbon Footprint study by South Pole 4 Annual carbon emissions from 1 internal combustion engine (ICE) car of 1.1tCO 2 e/year. Data from SP Group and Temasek (August 2021): Taking The Heat Off Cooling: A Greener Way to Cool. 08 Sustainability strategy SP is a leading utilities company that creates value and enables the climate ambitions of our stakeholders. With the development and implementation of our Corporate Strategy 2030, a 10-year roadmap that guides us towards a low carbon, smart energy Singapore - sustainability has become central to achieving our mission and business objectives in a responsible and committed manner. DISCLOSURES To embed sustainability considerations across our key roles as a grid operator, utilities and sustainable energy solutions provider, we have defined three material topics for our business: Network Reliability Maintaining world-class grid reliability in a distributed energy landscape With the proliferation of distributed and intermittent energy sources, we continue to invest in innovative technologies and integrate renewables into our world-class grid while maintaining stability and reliability. Innovation Becoming the leading sustainable energy solutions player in Asia Pacific Leveraging our strengths and experience in enabling a sustainable energy future for customers in Singapore, we are bringing our solutions and expertise to overseas markets such as China and Vietnam to benefit more customers in the region. Customer Empowerment Empowering customers to achieve their sustainability objectives To create a low carbon, smart energy Singapore, we extend our efforts beyond our own operations to empower residential, commercial, and industrial customers to make changes to their daily behaviours and operations. Innovative solutions such as district cooling solutions in new HDB towns and installing EV charging points are key to achieving this goal. In addition, we seek to educate local residents and equip them with tools on how to live more sustainably. Through the SP app, users can monitor their energy consumption, measure their carbon footprint, and learn ways to decarbonise, all in one integrated digital platform. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions ABOUT THIS REPORT 09 Alignment with the global goals Based on the three material topics of our sustainability strategy, our initiatives to enable a sustainable future are aligned with SDG 7 - to ensure access to reliable, sustainable and modern energy for all. SDG 9 - to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation. Additional details of our contribution to these SDGs can be found in the Disclosures: Our contribution to the SDGs. DISCLOSURES SP’s Mission: Deliver reliable and efficient utilities services to enhance the economy and the quality of life Core Values: Commitment, Integrity, Passion, Teamwork CUSTOMER EMPOWERMENT RENEWABLE ENERGY ENERGY ACCESS SDG 7 AFFORDABLE AND CLEAN ENERGY ENERGY EFFICIENCY NETWORK RELIABILITY SDG 9 RELIABLE INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE INFRASTRUCTURE Financing sustainable energy solutions INNOVATION To deepen the integration of our sustainability ambitions within our financing strategy, we established a Green Financing Framework 5 in 2020. The Framework is benchmarked against relevant international principles and guidelines. Under the Framework, the group, and its subsidiaries are able to issue green financing instruments to finance and/or refinance eligible green projects in four categories, namely: 1) clean transportation, 2) energy efficiency projects, 3) renewable energy and 4) green buildings. This allows investors and lenders to have greater visibility of the use of proceeds and the positive environmental impact of the group’s investments in sustainable energy solutions as well as projects that are funded by green financing instruments. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions 5 SP’s Green Financing Framework can be accessed HERE 10 Sustainability governance At SP, sustainability governance is embedded in the corporate governance structure – from Board-level committees to management-level Group functions and business units. One of our key sustainability-related priorities this year was the adoption of the TCFD recommendations, which were designed to help companies identify, measure and respond to climate risks and align their disclosures to meet investors’ expectations. DISCLOSURES Metrics and targets We commenced our journey on TCFD reporting by embedding climate-related risks into our Enterprise Risk Management (ERM) framework and incorporating climate-related scenario analysis in assessing the resilience of our assets and operations. We analysed various climatic scenarios, both physical and transitional, and identified the main risks and opportunities of climate change that may affect us in the short, medium and long term. The exercise validated our strategy in the two focus areas of Clean and Smart Energy, and Reliable and Sustainable Infrastructure. FOCUS AREAS Resilience to climate change Types of climate-related risks and opportunities. Image source: TCFD (2017) Board’s role The Board of Directors (Board) has overall responsibility for sustainability and reviews long-term business and organisational goals while also providing strategic direction for the organisation’s sustainability practices. The Board undertakes key investment and funding decisions, ensures that SP’s management maintains a robust system of internal controls to protect the company’s assets and reviews its financial and non-financial performance. The Board meets at least four times a year to review SP’s business performance, of which sustainability and climate-related issues are incorporated into the discussions at two of these meetings. The Board Risk Management Committee (BRMC), established by the Board, assists the Board in providing oversight of the business risks faced by the group. They also ensure that risks and opportunities, especially climate-related ones, are appropriately considered and adequately managed. The Board Executive Committee (ExCo) assists the Board in overseeing the performance of the Company, its subsidiaries, and its associated companies. The ExCo provides direct advisory supervision on SP’s sustainability strategy, material environmental, social and governance (ESG) issues, work plans and performance targets. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 11 Management’s role and internal controls Reporting to the ExCo is the Executive Leadership Team (ELT) which has the strategic responsibility to assess and manage sustainability issues for SP. The team oversees key sustainability initiatives on climate risks and opportunities, greenhouse gas (GHG) accounting, and disclosures. Heading the ELT is the Group Chief Executive Officer, who has executive-level responsibility for ESG matters. The Group Risk Management’s (GRM) role is to help establish and manage our ERM Framework and to carry out its independent identification and analysis of the climate-related risks faced by SP. The GRM reports to the BRMC every quarter on all business risks. Essentially, the GRM acts as a critical central node of communication through which risk issues are surfaced and directives are passed down to cover the end-to-end risk management process. The Head of Strategy and Sustainability regularly reports to and seeks guidance from the ELT on the sustainability roadmap and initiatives. The Strategy and Sustainability team monitors climate change issues and updates the ELT on emerging risks and opportunities. It also leads GHG reporting, corporate sustainability reporting and TCFD implementation. Overall responsibility on sustainability and provides strategic directions SP Board FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Oversight on sustainability, strategy, performance and risks Board Executive Committee Board Risk Management Committee SUSTAINABILITY GOVERNANCE Group risk management Strategic responsibility to manage sustainability issues Executive Leadership Team SUSTAINABILITY STRATEGY Management’s role and internal controls Support operational matters on sustainability and risk management Strategy and Sustainability (Under Finance) Group Risk Management ABOUT THIS REPORT Board’s role 12 Group risk management SP’s ERM framework aims to identify, prioritise, document, and manage key risks, opportunities, and resources. For risk management practices to be effective, three pillars are emphasised: • Board and Senior Management oversight • Sound risk management policies and processes • Risk ownership and culture DISCLOSURES Metrics and targets Risk management BOARD AND SENIOR MANAGEMENT OVERSIGHT Strategic Planning • BRMC Oversight • Corporate Governance Structure • Risk Management Committees • Risk Appetite Framework STAKEHOLDERS COMMUNICATION RISK OWNERSHIP AND CULTURE Review And Continual Improvement • Risk Workshops/ Registers • Risk Dashboard • Risk Awareness • Control Self-Assessment SOUND RISK MANAGEMENT POLICIES AND PROCESSES Implementation • Risk Mgmt. Policy • Risk Mgmt. Process and Methodology SP implements a ‘Top-Down’ and ‘Bottom-Up’ approach to facilitate communication and participation by both management and employees. For effective risk management, all aspects of the business must be considered so that the Board and Management can identify risks and assess those risks properly and swiftly. The ‘Top-Down’ approach facilitates oversight and guidance on material risks from both the BRMC and Management. An in-depth analysis is done to avoid strategic risks, and if not, contained through mitigation measures. The ‘Bottom-Up’ approach allows employees to identify and escalate risks in their day-to-day operations to Management. This enables the Management to be informed of major risks in all business operations and approve actions to be taken. This approach allows every employee in SP Group to proactively participate in highlighting the risks they face in the course of their work. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Board’s role Management’s role and internal controls Group risk management Resilience to climate change 13 Resilience to climate change At SP, we recognise that climate change is one of the greatest threats to the prosperity and well-being of people and our planet earth. According to the Intergovernmental Panel on Climate Change (IPCC), human activities are responsible for approximately 1.1°C of warming since 1850-1900, and this has implications for our climate. The world must act now to reduce global GHG emissions and accelerate the transition to a lower-carbon economy to reduce the effect of climate change. In line with Singapore’s climate ambitions, it has never been more critical for us to ascertain the potential impact on our business strategies and operations due to climate change. In 2021, we commissioned a study to assess our climate change resilience and to identify the climate-related risks and opportunities material to our business. Through this detailed study, material physical and transition risks were identified in the short to long term range. The material climate risks identified have since been integrated into ERM risk workshops and Risk Management Committee meetings across business units for further evaluation and risk mitigation. Climate risk assessment and scenario planning Two scenarios were identified to understand the extent of the risks and opportunities – “Net Zero” as the best-case scenario and “Business-as-usual” as the worst-case. In defining the physical risks for these scenarios, we selected two of the climatic projections developed by the IPCC on a global scale, characterised by the Representative Concentration Pathway which is the concentration pathway extending up to 2100. For transition risks, the parameters were selected from Network for Greening the Financial System (NGFS) to understand how climate change would affect transition risks such as policy and technology trends in the future. FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Best-Case scenario: NET ZERO Worst-Case scenario: BUSINESS-AS-USUAL Time Horizons Physical Risks IPCC RCP 2.6 NGFS Net Zero 2050 This pathway represents a stringent mitigation scenario. Warming is limited to 2°C by 2100 and the radiative forcing peaks at approximately 3W/m 2 before 2100 and shows a decline. IPCC RCP 8.5 This pathway represents a future where warming exceeds 4°C by 2100 and radiative forcing reaches as high as or even greater than 8.5 W/m 2 by 2100 and continues to rise for some amount of time. Short term: 2020-2050 Medium term: 2040-2070 Long term: 2070-2100 Transition Risks In this ambitious scenario, the global community agrees on the need to decarbonise to limit warming to 1.5°C through stringent and immediate climate policies. In this scenario, physical risks are relatively low, but transition risks are high. NGFS Nationally Determined Contributions (NDCs) This path assumes that the moderate climate ambition reflected in the NDCs in early 2021 continues over the 21st century and presents relatively low transition risks. With the NDCs, emissions demonstrate decline but still result in approximately 2.5°C of warming Short term: 2025 Medium term: 2030 Long term: 2050 ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 14 Insights from the climate risk assessment Physical risks We performed this assessment at an asset level, overlaying local climate hazards, asset costs and operation needs. We evaluated our key assets in Singapore, China and Vietnam and the business-as-usual scenario revealed that there are four material risks in the medium to long term range (2050-2100) across our Transmission and Distribution (T&D), District Cooling (DC), Solar Photovoltaic (PV) assets: DISCLOSURES Metrics and targets Riverine flooding Coastal flooding Heavy Precipitation Air Surface Temperature Change Physical risk parameter Impact SP’s strategic response FOCUS AREAS Resilience to climate change Riverine Flooding Coastal Flooding Heavy Precipitation Flooding may lead to erosion of our above ground infrastructure and underground cables may become susceptible to deterioration if there is moisture ingress. Our above ground infrastructures are located above the nationally mandated Minimum Platform Level (MPL). Maximum flood levels are below the MPL. We will monitor updates for future Singapore flood maps. SUSTAINABILITY GOVERNANCE Group risk management Air Surface Temperature Change An increase in air surface temperature will reduce the efficiency of the T&D network and accelerate the rate of insulation degradation of equipment. Air surface temperature rise can result in a larger DC cooling load and result in efficiency losses. Increased temperatures cause a decrease in the conversion efficiency of solar PV cells, affecting the maximum possible power output. Currently, maximum air surface temperatures are within the equipment specifications. SP will continue to monitor maximum air surface temperatures and ensure that equipment specifications are within the limits regularly. SUSTAINABILITY STRATEGY Management’s role and internal controls As there is limited flood risk data specific to Singapore currently, we will be monitoring the updates in this area to accurately evaluate the scale of impact and identify the mitigation actions accordingly. ABOUT THIS REPORT Board’s role 15 Transition risks Based on a qualitative assessment, we identified three material transition risks that would potentially have the most impact on our business without any intervention or mitigation. This is especially evident in the Net Zero scenario with more stringent policies and requirements being put in place. Material risk parameter Impact SP’s strategic response DISCLOSURES Metrics and targets FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY Increased expectations from regulatory bodies for organisations Starting from FY21/22, climate risk disclosure will be included in SP’s Policy and Legal to track and publicly report on GHG annual Sustainability Review, with the emissions or climate risks. Under both GHG emissions data externally assured. scenarios, there may be penalties associated with non-disclosure. Market A shift in investor preference and emergence of responsible investment mandates. In the Net Zero scenario, failure to incorporate climate risks into Climate risks discussions will become part of the Board agenda and will be incorporated into the company’s strategy. the company’s strategy may diminish investor confidence and reduce access to capital. Changing the energy mix due to the adoption of distributed renewable energy resources may impact overall grid stability and flexibility. Especially SP will actively invest in the upgrading of our grid network infrastructure and adopt new technologies to make our grid network “smarter”. when capacity additions in solar and Technology For more details, please refer to the storage capacity are expected to Grid 2030 section. increase in both scenarios. Investments in energy-efficient technologies will be required to meet national energy efficiency targets. Transition opportunities With the right initiatives, selected transition risks can be transformed into opportunities, by way of increasing access to new markets, and developing innovative products and services. As a sustainable energy solutions provider, we have started leveraging these opportunities to enable our customers to achieve their climate ambitions. The initiatives are further elaborated in the respective sections for each business area of Grid 2030, Sustainable energy solutions and Energy as a Service. Resilience to climate change Group risk management Management’s role and internal controls Board’s role 16 Metrics and targets To manage our climate-related risks and opportunities, and ensure we are enabling a low carbon and smart energy future, we have established metrics to track our performance and drive improvement. A primary focus is the reduction of GHG emissions from our direct business activities, which contributes to Singapore’s net-zero emissions ambitions. Since 2019, we undertake an annual data collection exercise to calculate the GHG emissions from our business activities following the principles in the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition) and GHG Protocol Scope 2 Guidance. DISCLOSURES Metrics and targets For FY21/22’s GHG emissions data, we have taken a step further to seek external assurance according to ISO 14064-3:2019 standards to provide credibility to our data and demonstrate our alignment with international best practices. Learn more in Disclosures: Emissions audit statement. Absolute, tonnesCO 2 e Intensity, kgCO 2 e/MWh sold Emissions FY19/20 6 FY20/21 6 FY21/22 FY19/20 FY20/21 FY21/22 Scope 1 78,546 90,088 78,173 1.63 1.92 1.58 FOCUS AREAS Resilience to climate change Location-based 375,102 384,578 423,225 7.81 8.19 8.56 Scope 2 Market-based 375,102 382,972 419,959 7.81 8.15 8.49 GHG emissions from our activities can be mainly traced back to the indirect carbon dioxide (CO2) emissions from electricity use/losses, the fugitive emissions along the length of the gas pipelines and to a lesser extent, the sulphur hexafluoride (SF6) leakages across our transmission and distribution network. The bulk of SP’s Scope 2 GHG emissions resulted from the dissipated energy emissions from technical losses from the transmission system and distribution network in Singapore. SP is actively investing in the digitalisation and automation of the electricity grid to reduce these losses and increase reliability. While these emissions are relatively stable and inherent in the operations of the network, SP is committed to identifying opportunities to reduce emissions from other key business activities. We are also actively accounting for our indirect emissions along the value chain (Scope 3) to evaluate our total carbon footprint. To reduce the impact of our direct operations through the support of renewable energy, we have pledged to cover 100 per cent of the electricity consumption at SP’s Singapore head
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/community-engagement-and-relations
Community Engagement and Relations SUSTAINABILITY REPORT Community Engagement & Relations SP Group recognises that strong community relationships and meaningful societal contributions are integral to our long-term success and corporate purpose. We seek to create shared value by going beyond essential services delivery to support social wellbeing and resilience, particularly for seniors, youth and children from lower income families. We adopt a strategic and long-term approach to community engagement, working closely with stakeholders to ensure our initiatives remain relevant, responsive and aligned with evolving needs. Where our operations interface directly with communities, such as during infrastructure development and maintenance works, we commit to clear and timely communication, with the objective of minimising disruption to residents, businesses and other stakeholders. Key Initiatives Celebrating SP30 and SG60 SP marked its 30th year of corporatisation and Singapore’s 60th year of independence with yearlong community outreach initiatives. These were launched at the SP Community Festival, celebrating the spirit of philanthropy and volunteerism. It brought together SP Group’s leadership and employees, alongside community partners, to deepen understanding of community needs. We also reaffirmed our sustained engagement and collaborations with our anchor partner Community Chest Singapore and other social service agencies. At the festival, SP Group announced a three-times matching scheme for all staff donations till end 2025. This resulted in a doubling of staff donations that year compared to the previous year. SP Group also launched SG60 Journeys from the Heart, hosting 600 seniors, youth and children on customised experiential trips to places of interest in Singapore. Accompanied by staff volunteers, known as SP Heart Workers, these journeys on electric buses created memorable outings while underscoring SP’s commitment to sustainable mobility. Leveraging these milestone initiatives, SP Heart Workers clocked 12,000 volunteer hours – a 45% increase from last year. All business units participated in volunteering during the year, with 40% of our employees volunteering at least once. We also delivered 10,000 Power Packs of daily essentials to beneficiaries of different age segments, with items customised for the needs of each segment. Community Chest SP Group’s philanthropic contributions are stewarded through our long-standing partnership with Community Chest, the philanthropy arm of National Council of Social Services. Community Chest channels 100% of donations to critical services delivered by SP’s partner social service agencies. This structured approach enables us to maximise impact by strengthening our partners’ programmes and ensuring resources are directed towards areas of greatest need. TOUCH Community Services In 2026, SP Group committed S$2.1 million over three years to TOUCH Community Services, enabling the formation of the SP CHAMP League. The programme supports over 700 children and youth aged 7 to 17 from lower-income families through mentoring, academic tutoring and structured enrichment activities that strengthen cognitive skills and support social mobility. KidSTART SP Group also continued its partnership with KidSTART through a S$1.1 million donation that ensures the sustained delivery and expansion of the PowerUP Playtime programme. The initiative provides age-segmented toys and learning tools for pre-schoolers from lower-income or vulnerable households, fostering stronger parent-child bonds, joyful learning experiences and positive early childhood development. This brings our total contribution to KidSTART Singapore to S$5.4 million since 2021. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/business-ethics-and-compliance
Business Ethics & Compliance SUSTAINABILITY REPORT Business Ethics & Compliance Business ethics and compliance are core to how SP Group plans, executes and conducts its business. Guided by applicable laws and regulations, and anchored by our Employee Code of Conduct, ethical principles shape our corporate culture and decision-making across all levels of the organisation. This strong ethical foundation reinforces accountability and trust, supports access to financing, and strengthens our licence to operate, enabling SP Group to remain credible and relevant in a rapidly evolving regulatory, technological and societal landscape. Continuous investment in robust governance frameworks, risk management systems, and effective anti-corruption and anti-bribery controls enhances our resilience and credibility, enabling the organisation to plan with greater certainty and make sound strategic, operational, and capital allocation decisions. These practices also position us to pursue growth and partnership opportunities with confidence, as a trusted and compliant business partner with rapidly evolving regulatory requirements and a changing mix of stakeholders, including new partners and institutions. Key Initiatives Corporate Governance SP Group’s corporate governance structure establishes clear accountability, oversight and segregation of duties to support ethical conduct and compliance across the Group. SP Group’s Board of Directors provides overarching governance and sets the strategic direction for the Group. The Board is responsible for making key investment and funding decisions, overseeing risk management, and ensuring that robust internal controls are in place. At the management level, the Executive Leadership Team is tasked with implementing the strategy, policies, procedures, and systems that foster integrity and accountability in day-to-day operations. The Board also ensures that management maintains a robust system of internal controls to safeguard the Group’s assets and reviews the Group’s financial performance. Anti-Bribery and Compliance SP Group maintains a zero-tolerance stance towards all forms of bribery and corruption, whether direct or indirect. This applies to all employees and officers of the Group, as well as to third parties acting on our behalf, including suppliers, contractors and other business partners. Our expectations are articulated in the Anti-Bribery and Corruption (ABC) Policy, which defines prohibited conduct, employee responsibilities, reporting channels and disciplinary consequences for non-compliance. To operationalise these requirements, SP Group has established and maintains a formal Anti-Bribery Management System (ABMS) aligned with ISO 37001, supported by a dedicated compliance function within the Legal function. The ABMS incorporates risk assessments, due diligence processes, internal controls, reporting mechanisms and periodic reviews to prevent, detect and respond to bribery and corruption risks. Regulatory Compliance SP Group adopts a proactive and risk-based approach to managing regulatory compliance, ensuring that our business units remain fully aware of and aligned with significant statutory and licence obligations. We maintain and regularly update checklists of relevant acts and regulatory requirements, which form the foundation for consistent compliance across the Group. Annual compliance attestations are obtained from the respective business units using these checklists to reinforce accountability. Our Compliance team closely monitors changes to all identified legislation, assesses their implications, and communicates updates to the relevant business units. In addition, we conduct annual training on key statutory and licence obligations to build organisational awareness and ensure ongoing adherence to regulatory requirements. Compliance requirements are embedded into business processes, supported by guidance, training and internal controls to promote consistent application across the organisation. Where non-compliance risks are identified, mitigation measures are implemented and tracked through established governance and risk management processes. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Reliability & Customer Satisfaction Workplace Safety and Health
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/digitalisation-cybersecurity-and-data-privacy
Digitalisation Cybersecurity & Data Privacy SUSTAINABILITY REPORT Digitalisation, Cybersecurity & Data Privacy Amidst the fast-paced digital transformation, the growing adoption of AI and the constantly changing cyber threat environment, companies have to consistently advance initiatives to develop a strong cybersecurity ecosystem aimed at creating resilient digital infrastructure, safeguarding cybersecurity, and promoting international cyber collaboration. SP Group remains dedicated to focusing on three critical areas: digitising its operations and solutions, reinforcing the cybersecurity of its assets, and upholding data privacy. Maintaining strong capabilities in digitalisation, cybersecurity and data privacy strengthens SP Group’s ability to safeguard data, uphold regulatory compliance, and enhance the resilience and sustainability of our operations. Key Initiatives Intelligent Asset Maintenance of Over Ground Boxes through a Digital Workforce App As part of SP Group’s ongoing efforts to strengthen sustainable operations and infrastructure resilience, the Digital Workforce App was enhanced with an Overground Box (OGB) Asset Maintenance module to transform how field inspections and maintenance activities are performed. Prior to the enhancement, OGB inspections were supported through a combination of paper-based records and PDF submissions. While the approach enabled inspections to be completed, it involved additional administrative handling and could lead to variation in how information was captured and validated. This created an opportunity to further strengthen the consistency and completeness of the asset dataset, enabling more advanced condition analytics and longer-term maintenance planning across the asset lifecycle. The enhanced solution introduced standardised digital workflows and AI-assisted image recognition, enabling inspections to be captured digitally at source and maintenance quality to be assessed more consistently. This reduced manual handling and rework, improved data accuracy and traceability, and strengthened governance through clearer audit trails and accountability between SP officers and contractors. The initiative delivers an estimated ~30,000 man hours saved annually, contributing to more efficient use of workforce resources. The solution enables more responsible asset lifecycle management by supporting data-driven maintenance planning, early identification of defects, and consistent upkeep of over 16,000 OGBs. By reducing reliance on paper-based processes, the initiative improves resource efficiency while supporting the long-term reliability and resilience of critical infrastructure. Beyond efficiency gains, the initiative also strengthens data readiness. Digitised inspection records, image-based evidence, and standardised data capture improve data integrity, enabling better decision-making on asset renewals, maintenance, and risk management. Overall, the Intelligent Asset Maintenance initiative demonstrates how digital transformation can act as a key enabler of sustainability, delivering productivity gains, strengthening governance, and supporting resilient, well-maintained infrastructure critical to long-term operational performance. Smart Grid Digitalisation & AI Elevation We are expanding digital twin and IoT sensors to enable predictive grid management, with a target to equip 400 substations with advanced sensors by 2030. These efforts improve operational efficiency and support the integration of more renewable energy on the grid, directly contributing to decarbonisation goals. AI-Powered Asset Management and Digital Workforce SP Group is embedding AI and digital technologies across asset lifecycle management and workforce processes, with an estimated productivity savings of approximately 100,000 man hours annually by 2030. Digital solutions are being implemented to enable optimised deployment of field crews, supporting AI-assisted inspections and operational decision-making with improved accuracy and efficiency. These initiatives enhance workforce productivity by strengthening validations and reducing rework, while also lowering travel requirements, vehicle usage, and overall resource consumption. By 2030, most key work processes across the asset lifecycle are expected to be digitised or AI-enabled, strengthening operational efficiency, improving consistency of execution, and enhancing the effectiveness of the engineering workforce. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Business Ethics & Compliance Reliability & Customer Satisfaction Workplace Safety and Health
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workforce-development-and-management
Workforce Development and Management SUSTAINABILITY REPORT Workforce Development & Management Amid a rapidly evolving business and regulatory landscape, SP Group continues to develop its human capital by anticipating skills shifts, accelerating upskilling and job redesign, and supporting employee wellbeing. With a large workforce across multiple geographies and business operations, we are committed to strengthening workforce development to build a skilled, engaged and resilient workforce that supports operational excellence and the organisation’s long-term success. This is supported through structured workforce development and management, and close collaboration with the Union of Power and Gas Employees (UPAGE). These arrangements enable a supportive and inclusive culture where employees are valued and empowered to grow, and facilitate timely consultation on workforce matters. Effective workforce management encompassing employee engagement, fair labour practices, and compliance with applicable regulations, supports workforce stability and safeguards our organisational reputation. At the same time, continued investment in training and development enhances employee capabilities, engagement and retention, supporting sustainable business performance. Key Initiatives Internship Programme Internships continue to be a core aspect of our early talent pipeline building. To drive intern to employee conversion outcomes, we have implemented dedicated intern engagement sessions to share career pathways, deepen understanding of technical roles and surface interest for future employment. Work-Study Diploma (WSDip) Programme Academic partnerships have also been expanded through initiatives such as the WSDip programme with the Institute of Technical Education (ITE). WSDip is a 2.5-year programme which provides structured on-the-job training, mentorship and technical development, alongside clear pathways for conversion into permanent roles upon graduation. The first batch of students commenced work in March 2026. Project FUSION – Redesigning Jobs for the Future SP Group takes a proactive approach in ensuring future-readiness, equipping our workforce with the skills to stay relevant as roles evolve with technological, regulatory, and energy transition demands. Project FUSION under the remit of the CTC, provides a structured approach to identifying emerging skills and redesigning roles. Since 2018, over 400 jobs have been transformed through upskilling and job redesign. Job redesign is aligned with technology adoption with roles evolving from: Manual to digital: Gas leak surveyors transitioning from manual, paper-based recording to using Autonomous Mobile Robot to manage routine leak surveys at a system-level Digital to automation: Technical team moving away from manual, repetitive verification of contractor claims to using AI to validate key data, and flag gaps automatically Single-Function to Multi-Skilled and leveraging AI: Customer Service Officers upskilled to manage multiple customer touchpoints, and using AI to deliver more consistent and quality engagement Augmented by technology, employees can now spend more time analysing and preventing issues, reinforcing safety and operational excellence. These are areas where human judgement adds the biggest value. In tandem with these job redesigns, we have established multiple career pathways and invested in pre-emptive upskilling to support workforce transitions. Ahead of the national smart meter rollout, meter readers were reskilled into roles such as smart meter technicians, asset sensing & analytics, and field service respectively, and meter reading service officers performing first level diagnostic checks and site support. This proactive approach has improved role effectiveness and supported redeployment into higher value work, contributing to operational stability and productivity. Building on the strong momentum of Project FUSION, Fusion.AI marks the next phase of SP Group’s workforce transformation, focusing on strengthening AI fluency across the workforce and embedding AI into jobs and processes. Delivered in partnership with UPAGE, this phase supports the confident adoption of AI, enabling capacity to be redeployed towards roles requiring higher levels of judgement and expertise, while ensuring workforce transformation and upskilling initiatives remain inclusive, coordinated, and aligned with business needs. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/reliability-and-customer-satisfaction
Reliability & Customer Satisfaction SUSTAINABILITY REPORT Reliability & Customer Satisfaction Reliability and customer satisfaction are central to SP Group’s operations. By delivering reliable energy and utility services, SP Group strengthens its reputation and builds community trust. Investments in robust infrastructure, innovative grid technologies and low-carbon energy solutions enhance service reliability and system performance, enabling SP Group to operate efficiently and respond effectively to customer needs. These capabilities, in turn, raise customer satisfaction, build long-term loyalty and position SP to capture new growth opportunities as a trusted and dependable energy and utility service provider. Key Initiatives Battery Energy Storage System at Kallang, Singapore Located within Kallang Industrial Park, SP Group’s Battery Energy Storage System (BESS) represents a practical step towards strengthening the resilience and flexibility of Singapore’s electricity grid. The development of the Kallang BESS builds upon SP Group’s pioneering experience from the earlier Woodlands BESS, translating operational learnings from Singapore’s first utility scale energy storage system into a more advanced and scalable deployment supporting grid stability. While physically compact and housed within a series of containerised units, the facility is designed to play a critical system role by storing electricity when demand is low and releasing it within seconds when the grid requires support. This fast response capability is particularly important as Singapore integrates higher levels of weather dependent renewable energy, such as solar power. By responding rapidly to fluctuations in supply and demand, the Kallang BESS helps to stabilise grid operations and supports the secure electricity delivery under more dynamic operating conditions. The Kallang facility comprises several battery storage containers that are integrated with a Power Conversion System (PCS). The PCS manages the conversion between direct current (DC) and alternating current (AC), enabling stored electricity to be safely and efficiently transferred between the batteries and the national grid. This configuration allows the BESS to act as a fast-acting grid support asset, capable of injecting or absorbing power in response to system needs. Such responsiveness strengthens operational resilience by: Supporting grid stability during sudden changes in load or generation Complementing conventional grid assets that may respond more slowly Enhancing the system’s ability to manage variability arising from renewable energy integration Beyond its physical installation, the Kallang BESS also serves as an operational learning platform for SP’s engineers and system operators, further building capability in deploying and operating energy storage solutions that can support grid resilience at scale over time. Building Capabilities to Sustain Grid Reliability in the Evolving Energy Landscape As Singapore advances towards a low-carbon and increasingly complex energy system, SP Group continues to invest in building a future-ready workforce. Recognising that engineering, digitalisation and system planning capabilities are critical to sustaining grid reliability while integrating new energy solutions, we adopt a multi-layered approach to capability development, spanning internal workforce transformation, applied research partnerships with an institute of higher learning and the upcoming SP Technology Lab, innovation platforms and technical leadership pathways. SP Group continues to strengthen its core engineering workforce through structured capability development and workforce transformation initiatives. Key programmes, including technical competency frameworks and structured development pathways for engineers, support continuous upskilling and role readiness as operating environments evolve. These efforts are complemented by organisation-wide initiatives such as the Company Training Committee (CTC) and Project FUSION, which integrate skills upgrading with job redesign to enhance productivity and support workforce transformation. How this ‘grid doctor’ maintains the health of Singapore’s electricity network so everything stays on In 2025, SP Group’s customers experienced an average electricity interruption of nineteen seconds. Behind this performance are engineers and technical officers like Mr Eric Lee, who conduct “health checks” on critical equipment to detect early signs of deterioration before they escalate into faults. Previously, such checks relied on manual inspections using handheld detectors, acoustic sensors and thermal scanners in substations. This work was labour intensive, required close physical access to equipment and produced only snapshot readings. Since 2020, SP has progressively installed smart sensors directly on key assets such as distribution switchgear and cables. These sensors continuously monitor equipment conditions, trigger real-time alerts when anomalies are detected and provide data that supports predictive maintenance. The new system has improved safety and efficiency, saving more than 1,000 man-hours annually and shortening response times. Technical officers like Mr Lee are now able to focus on higher value tasks such as diagnosing complex issues and localising defects. Through training and on-the-job experience, they have also strengthened their digital and data analytics skills, supporting SP’s broader drive to use innovation and technology to “keep the lights on” and maintain a safe, reliable electricity supply for Singapore. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Workplace Safety and Health
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/workplace-safety-and-health
Workplace Safety and Health SUSTAINABILITY REPORT Workplace Safety & Health Workplace Safety and Health (WSH) is a long-standing strategic priority for SP Group and a core enabler of safe, reliable and resilient operations across all geographies in which we operate. As an operator of critical energy infrastructure, SP Group recognises that strong WSH performance is fundamental to operational excellence, workforce confidence and the sustained delivery of essential services to customers and communities. In Singapore, SP Group operates within a mature and robust WSH regulatory and institutional ecosystem. This framework is designed to safeguard the health and safety of employees, contractors and other stakeholders, and to ensure compliance with applicable WSH laws and regulations in each jurisdiction. Across our overseas operations, the same high standards of safety and health are applied where applicable. Given the nature of our operations, WSH underpins effective workforce deployment, contractor management, operational continuity and regulatory compliance. Key Initiatives SAFE365 Worksite Safety Management App SP achieved full onboarding of all contractor partners onto SAFE365, a safety management application designed to strengthen collaboration between SP project teams and contractors. It standardises daily safety reporting across SP worksites and improves the consistency, accountability and visibility of on-site safety activities. Developed inhouse by SP Digital, this application is designed to strengthen collaboration between SP project teams and contractors while creating a safer and more productive work environment. Through the platform, contractors submit daily worksite information, including toolbox meeting records, safety documents and on-site safety measures, while SP employees upload safety inspection reports. SAFE365’s real-time data accessibility supports efficient safety and site management for both SP and contractors, reinforcing a proactive approach to safety management. Strengthening Ground-Up Safety through Digital Tools and Engagement Ensuring that every worker returns home safely at the end of the day is a core priority at SP. Across more than 300 worksites island-wide, daily toolbox meetings form a critical first line of defence, bringing together technical officers and contractors to identify hazards and agree on safety precautions before work begins. Each day, this routine supports the safety of over 8,000 workers from SP’s authorised contractors. Supporting these efforts is Ms Yuan Yinxi, a manager from SP’s Safety and Health team, who plays a key role in strengthening ground-up safety practices. Working closely with site teams and contractors, she helps ensure that robust safety processes are consistently applied as SP engineers and contractors maintain and upgrade underground electricity cables and gas pipelines. Digital tools are an important enabler of this approach. Ms Yuan oversees a team that monitors work activities through closed-circuit television (CCTV) systems across multiple sites. Observations from the footage are regularly reviewed to identify areas for improvement, reinforce safe behaviours and share good practices across contractor partners. This enables timely intervention, continuous learning and consistent safety standards across worksites. In addition, Ms Yuan and her team participate in regular site engagements and dialogues alongside SP’s senior leadership. These interactions provide an open channel for contractors to raise safety concerns, share feedback and flag potential risks early, allowing issues to be addressed proactively before they escalate. Going forward, SP will pilot AI-enabled CCTV monitoring to automate detection of safety violations, with continued evaluation before wider deployment across worksites. By combining ground-level engagement with digital monitoring and collaborative dialogue, SP reinforces safety as a shared responsibility. This partnership-based approach helps foster a strong safety culture, one where employees, contractors and leaders work together to uphold safe work practices and protect the well-being of workers, customers and the public. Strengthening Safety through Training for Employees and Contractors SP Group strengthens safety performance through targeted training for both employees and contractors, recognising that effective safety outcomes require strong oversight as well as safe work practices on site. For employees, in addition to the annual mandatory Safety e-learning module, targeted training programmes are designed for specific roles. For example, the Project Safety Management (PSM) training is provided to Project Officers as part of ongoing capability building. As Project Officers play a key role in managing contractor works and overseeing site activities, the training reinforces worksite safety requirements, roles and responsibilities, and SP Group’s safety expectations. It also emphasises effective supervision, safe work practices, and contractor compliance with safety requirements. To date, over 1,000 Project Officers have completed PSM training, supporting consistent safety standards across projects. For contractors, SP Group has required all workers to undergo Safety@SP, a mandatory safety course conducted in the native languages of foreign workers, prior to deployment at SP worksites. Introduced in 2014, the programme aims to raise safety awareness and equip contractors with the necessary knowledge to work safely. The course has been enhanced with practical safety stations covering high-risk activities, strengthening hands-on learning and application at worksites. Together, these initiatives reflect SP Group’s holistic approach to safety, building strong internal safety oversight while ensuring contractors are properly trained before commencing work. By reinforcing safety responsibilities across both employees and contractors, SP Group embeds safety as a shared responsibility and strengthens its overall safety performance across operations. Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction
Category: Sustainability Report
Sustainability Reporthttps://www.spgroup.com.sg/about-us/sustainability/climate-action-and-resilience
Climate Action & Resilience SUSTAINABILITY REPORT Climate Action & Resilience Climate change can present growing physical and transition risks for energy infrastructure operators, with implications for asset resilience, system reliability, and long-term investment planning. As Singapore’s national grid operator and a provider of sustainable energy solutions in Singapore and across the region, SP Group’s ability to anticipate and manage climate-related risks or tap on opportunities is critical to maintaining safe, reliable, and affordable energy supply while supporting the national transition to net zero. For SP Group, climate action and resilience are material not only because of our operational footprint, but because climate change has the potential to affect the infrastructure, systems and markets on which our business depends. Rising temperatures, more intense rainfall and flooding, shifting policy and regulatory expectations, evolving technologies, and changes in customer and market demand can all influence how we plan, operate and invest in our networks and solutions. At the same time, the transition to a lower-carbon economy creates opportunities for SP Group to enable electrification, integrate cleaner energy sources, strengthen grid flexibility and resilience, and support customers in their own decarbonisation journeys. Our approach therefore focuses on both managing risk and enabling transition. We continue to strengthen our understanding of emissions across the Group, enhance the quality and governance of climate-related data, and deepen the integration of climate considerations into business planning and decision-making. In parallel, we are updating our climate scenario analysis using the latest available climate science and relevant operational and financial data to assess how different physical and transition pathways could affect our business over time. These insights will help inform resilience priorities, strategic planning, asset lifecycle decisions and capital allocation, while supporting a more coordinated and forward-looking response to climate-related risks and opportunities across SP Group. Key Initiatives SP Joins Pilot for Electric Prime Mover Adoption SP is participating in a pilot trial led by Enterprise Singapore to promote the adoption of electric prime movers (e-PMs) for operational use. These e-PMs are heavy-duty electric trucks that replace diesel engines with electric motors and battery systems, generating zero tailpipe emissions, lower operating costs, and reduced noise levels. SP Group has deployed e-PMs for operational activities such as transporting generators during supply restoration, with the vehicles equipped with advanced safety features to enhance stability. Heavy Goods Vehicles (HGVs) contribute approximately 30% of land transport emissions in Singapore, representing a significant decarbonisation challenge. At SP Group, HGVs also account for 30% of our entire vehicular fleet. Under the pilot, SP Group will evaluate fast-charging and battery-swapping solutions to overcome charging limitations, minimise downtime, and address range anxiety, thereby supporting wider adoption of electric HGVs. Beyond the pilot programme, SP Group continues to track developments in electric heavy-duty vehicles as part of its broader fleet electrification strategy. As fleet electrification progresses, SP remains committed to fully electrifying all small-sized vehicles by the end of 2026. Labrador Tower Completed in 2024, the 34-storey Labrador Tower is among Singapore’s first commercial developments to attain the Building and Construction Authority (BCA) Green Mark Platinum Super Low Energy (SLE) certification. Featuring SP Group’s suite of sustainable energy solutions, the development was validated to have achieved approximately 40% energy savings relative to prevailing code-compliant buildings, demonstrating its strong environmental performance and high level of resource efficiency Solarising SP’s Substations to Support Singapore’s Low-Carbon Future In 2025, SP Group completed the installation of rooftop solar PV systems at 26 electricity substations across Singapore and plans to do so for another 44 substations over the next two years. This achievement represents a key milestone in strengthening the grid’s low-carbon capabilities while supporting Singapore’s transition towards a more sustainable energy future. The initiative reflects SP’s continued commitment to integrating renewable energy solutions into critical infrastructure and enabling cleaner energy for all. Implemented over multiple years in three phases between 2023 and 2025, the programme was structured to optimise the solar potential of substations without affecting operational reliability. Each substation was fitted with solar PV systems of up to 1 MWac installed capacity, enabling effective utilisation of on-site renewable generation. Beyond expanding solar generation capacity on existing infrastructure, the initiative supports Singapore’s broader efforts to increase renewable energy deployment and advance the transition to a lower-carbon power system. By enabling distributed solar generation within the national grid, SP is helping to strengthen grid readiness for greater renewable integration, diversify energy sources, and support the greening of the grid. * While we aim to reach net zero by 2050, covering our absolute scope 1 and 2 emissions, Singapore faces constraints in renewable energy deployment and nascency in hydrogen technology. As more than 90% of our emissions are beyond our direct control - our aim to reach net zero is therefore contingent upon i) rapid decarbonisation of Singapore’s power generation and replacement of natural gas with hydrogen; ii) reliability, availability and economic viability of technological advances and low-carbon technologies, such as EVs for industrial uses, green transportation, fuels, SF6 and refrigerant replacements; and iii) effective international collaboration in areas such as carbon credits (e.g. Article 6 of the Paris Agreement). Learn more about our other initiatives in our Sustainability Report TAGS SUSTAINABILITY REPORT FY2526 YOU MIGHT BE INTERESTED TO READ Digitalisation Cybersecurity & Data Privacy Business Ethics & Compliance Reliability & Customer Satisfaction
Category: Sustainability Report
SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf
Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Management’s role and internal controls 11 Group risk management 12 Resilience to climate change 13 Metrics and targets 16 Focus areas 17 Grid 2030 17 Sustainable energy solutions 22 Energy as a Service 30 People and the Community 36 Disclosures 41 Contribution to SDGs 41 Task Force on Climate-related Financial Disclosures (TCFD) 42 Emissions audit statement 44 03 FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY DISCLOSURES About this report This is SP Group’s (SP) third sustainability review and the first to incorporate the reporting recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). It reflects our commitment to accountability to stakeholders as well as our drive for continuous improvement in our sustainability performance, towards climate action. This review showcases the initiatives and performance of our operations across our key business areas for the financial year from 1 April 2021 to 31 March 2022 (FY21/22), unless otherwise stated. The scope of this review covers SP’s operations in Singapore, China, and Vietnam. The report is to be read in conjunction with the Chairman’s message and other sustainability-related information on SP’s corporate website, SP Energy Hub. We have included historical data from FY19/20 and FY20/21 for comparison where applicable. 04 Materiality The contents of this review have been informed by an assessment of the material sustainability topics that are of greatest importance to our business and stakeholders. We have identified three material topics that support our actions towards the achievement of the targets of United Nation’s Sustainable Development Goals (SDG) 7 and 9, 1) Network Reliability, 2) Innovation and 3) Customer Empowerment. DISCLOSURES Focus business area Grid 2030 Sustainable Energy Solutions Energy as a Service FOCUS AREAS Network Reliability • Network reliability is missioncritical to SP as we strive to Innovation • Innovation and new technologies are central to facilitating the Customer Empowerment • As a sustainable energy solutions provider, SP aims to empower deliver excellence in our service transition to a low carbon future. customers to achieve their and operations to 1.6 million SP invests in climate-friendly climate ambitions through various customers in Singapore with rising innovations which will power a innovative products and services. expectations of uninterrupted greener tomorrow and benefit • These solutions enable power supply. the entire ecosystem. productivity and efficiency • We invest in capabilities that • To keep at the forefront of and enable organisations and uphold reliable, efficient power new technologies, we test individuals to achieve their supply to households and new solutions and build new climate ambitions. businesses and also enable the capabilities to deliver valueadded green energy transition. solutions to our customers. In 2021, our Executive Leadership Team (ELT) reviewed the identified material topics and they were determined to be valid. The urgency to address the identified material topics have heightened and we need to tackle the challenges expeditiously. Furthermore, we recognised the need to incorporate corporate governance disclosure in our sustainability review. We also assessed the climate-related risks and opportunities that are material to SP. The process and results of this exercise are presented in the Resilience to climate change section of this report. SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT 05 About SP Group SP Group (SP) is a leading utilities group in Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for our customers. We own and operate electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore, China, and Vietnam. In 2021, SP updated its tagline to “Empowering the Future of Energy” to reflect our 2030 ambition to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. DISCLOSURES As Singapore’s national grid operator, about 1.6 million industrial, commercial, and residential customers benefit from our world-class transmission, distribution, and market support services. These networks are amongst the most reliable and cost-effective in the world. SP provides a full suite of sustainable energy solutions including district cooling, electric vehicle charging, renewables, and energy as a service to achieve our 2030 ambition: FOCUS AREAS Grid District cooling Electric vehicle charging SUSTAINABILITY GOVERNANCE Renewables Energy as a Service (Smart Metering, Digital Solutions, and RECs) SUSTAINABILITY STRATEGY SP’s sustainable energy solutions enable green buildings and sustainable infrastructure, enhance efficiency, and empower customer with sustainable tools. District cooling for business districts and residential townships enhances energy efficiency. Electric vehicle charging and renewable energy enables decarbonisation of the transportation and power sectors, while digital energy management tools provide customers with the information to make greener choices. ABOUT THIS REPORT 06 Our sustainable energy ecosystem DISCLOSURES Building Energy Efficiency Management: Utilities Monitoring & Insights | TenantCare | Micro-climate control DERMS Solar Microgrid RECs FOCUS AREAS Grid Districts Households ASEAN Electricity Import Digital Twin Energy Storage Vehicle2Grid EV Charging District Cooling Smart Meters SP app SUSTAINABILITY GOVERNANCE Empowering the Future of Energy At the SP energy ecosystem, we Enhance Grid reliability and enable renewable energy integration Decarbonise transport with electric vehicle charging SUSTAINABILITY STRATEGY Green buildings and districts with district cooling systems and building efficiency solutions Empower consumers with data and carbon solutions ABOUT THIS REPORT 07 Our impact Overall DISCLOSURES 0.11 min and 0.1979 min SAIDI achieved for Electricity and Gas Grid respectively More than 190,000 RT of district cooling secured regionally 525 EV charging points installed in Singapore¹ 111 MWp solar capacity secured across Asia. 1.5 million downloads of the SP app 40x increase in RECs volume FOCUS AREAS Almost 320 MWp under development 2 Environmental Scope 1 emissions of 78,173 tonnes CO 2 e SUSTAINABILITY GOVERNANCE Scope 2 (market-based) emissions of 419,959 tonnesCO 2 e People and Community Emissions avoided - more than 206,000 tonnesCO2e, equivalent to planting more than 10 million rain trees 3 or taking more than 180,000 cars off the road for a year 4 . SUSTAINABILITY STRATEGY 179,000 hours of staff training and development provided Zero fatalities, Lost time injury frequency rate of 0.42 per million working hours $4.5 million in donations, sponsorships and volunteer manpower ABOUT THIS REPORT ¹ As of 31 May 2022. ² As of 31 July 2022. ³ One mature rain tree absorbs 0.0201 tonnesCO 2 a year - data from My Carbon Footprint study by South Pole 4 Annual carbon emissions from 1 internal combustion engine (ICE) car of 1.1tCO 2 e/year. Data from SP Group and Temasek (August 2021): Taking The Heat Off Cooling: A Greener Way to Cool. 08 Sustainability strategy SP is a leading utilities company that creates value and enables the climate ambitions of our stakeholders. With the development and implementation of our Corporate Strategy 2030, a 10-year roadmap that guides us towards a low carbon, smart energy Singapore - sustainability has become central to achieving our mission and business objectives in a responsible and committed manner. DISCLOSURES To embed sustainability considerations across our key roles as a grid operator, utilities and sustainable energy solutions provider, we have defined three material topics for our business: Network Reliability Maintaining world-class grid reliability in a distributed energy landscape With the proliferation of distributed and intermittent energy sources, we continue to invest in innovative technologies and integrate renewables into our world-class grid while maintaining stability and reliability. Innovation Becoming the leading sustainable energy solutions player in Asia Pacific Leveraging our strengths and experience in enabling a sustainable energy future for customers in Singapore, we are bringing our solutions and expertise to overseas markets such as China and Vietnam to benefit more customers in the region. Customer Empowerment Empowering customers to achieve their sustainability objectives To create a low carbon, smart energy Singapore, we extend our efforts beyond our own operations to empower residential, commercial, and industrial customers to make changes to their daily behaviours and operations. Innovative solutions such as district cooling solutions in new HDB towns and installing EV charging points are key to achieving this goal. In addition, we seek to educate local residents and equip them with tools on how to live more sustainably. Through the SP app, users can monitor their energy consumption, measure their carbon footprint, and learn ways to decarbonise, all in one integrated digital platform. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions ABOUT THIS REPORT 09 Alignment with the global goals Based on the three material topics of our sustainability strategy, our initiatives to enable a sustainable future are aligned with SDG 7 - to ensure access to reliable, sustainable and modern energy for all. SDG 9 - to build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation. Additional details of our contribution to these SDGs can be found in the Disclosures: Our contribution to the SDGs. DISCLOSURES SP’s Mission: Deliver reliable and efficient utilities services to enhance the economy and the quality of life Core Values: Commitment, Integrity, Passion, Teamwork CUSTOMER EMPOWERMENT RENEWABLE ENERGY ENERGY ACCESS SDG 7 AFFORDABLE AND CLEAN ENERGY ENERGY EFFICIENCY NETWORK RELIABILITY SDG 9 RELIABLE INFRASTRUCTURE INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE INFRASTRUCTURE Financing sustainable energy solutions INNOVATION To deepen the integration of our sustainability ambitions within our financing strategy, we established a Green Financing Framework 5 in 2020. The Framework is benchmarked against relevant international principles and guidelines. Under the Framework, the group, and its subsidiaries are able to issue green financing instruments to finance and/or refinance eligible green projects in four categories, namely: 1) clean transportation, 2) energy efficiency projects, 3) renewable energy and 4) green buildings. This allows investors and lenders to have greater visibility of the use of proceeds and the positive environmental impact of the group’s investments in sustainable energy solutions as well as projects that are funded by green financing instruments. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Alignment with the global goals | Financing sustainable energy solutions 5 SP’s Green Financing Framework can be accessed HERE 10 Sustainability governance At SP, sustainability governance is embedded in the corporate governance structure – from Board-level committees to management-level Group functions and business units. One of our key sustainability-related priorities this year was the adoption of the TCFD recommendations, which were designed to help companies identify, measure and respond to climate risks and align their disclosures to meet investors’ expectations. DISCLOSURES Metrics and targets We commenced our journey on TCFD reporting by embedding climate-related risks into our Enterprise Risk Management (ERM) framework and incorporating climate-related scenario analysis in assessing the resilience of our assets and operations. We analysed various climatic scenarios, both physical and transitional, and identified the main risks and opportunities of climate change that may affect us in the short, medium and long term. The exercise validated our strategy in the two focus areas of Clean and Smart Energy, and Reliable and Sustainable Infrastructure. FOCUS AREAS Resilience to climate change Types of climate-related risks and opportunities. Image source: TCFD (2017) Board’s role The Board of Directors (Board) has overall responsibility for sustainability and reviews long-term business and organisational goals while also providing strategic direction for the organisation’s sustainability practices. The Board undertakes key investment and funding decisions, ensures that SP’s management maintains a robust system of internal controls to protect the company’s assets and reviews its financial and non-financial performance. The Board meets at least four times a year to review SP’s business performance, of which sustainability and climate-related issues are incorporated into the discussions at two of these meetings. The Board Risk Management Committee (BRMC), established by the Board, assists the Board in providing oversight of the business risks faced by the group. They also ensure that risks and opportunities, especially climate-related ones, are appropriately considered and adequately managed. The Board Executive Committee (ExCo) assists the Board in overseeing the performance of the Company, its subsidiaries, and its associated companies. The ExCo provides direct advisory supervision on SP’s sustainability strategy, material environmental, social and governance (ESG) issues, work plans and performance targets. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 11 Management’s role and internal controls Reporting to the ExCo is the Executive Leadership Team (ELT) which has the strategic responsibility to assess and manage sustainability issues for SP. The team oversees key sustainability initiatives on climate risks and opportunities, greenhouse gas (GHG) accounting, and disclosures. Heading the ELT is the Group Chief Executive Officer, who has executive-level responsibility for ESG matters. The Group Risk Management’s (GRM) role is to help establish and manage our ERM Framework and to carry out its independent identification and analysis of the climate-related risks faced by SP. The GRM reports to the BRMC every quarter on all business risks. Essentially, the GRM acts as a critical central node of communication through which risk issues are surfaced and directives are passed down to cover the end-to-end risk management process. The Head of Strategy and Sustainability regularly reports to and seeks guidance from the ELT on the sustainability roadmap and initiatives. The Strategy and Sustainability team monitors climate change issues and updates the ELT on emerging risks and opportunities. It also leads GHG reporting, corporate sustainability reporting and TCFD implementation. Overall responsibility on sustainability and provides strategic directions SP Board FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Oversight on sustainability, strategy, performance and risks Board Executive Committee Board Risk Management Committee SUSTAINABILITY GOVERNANCE Group risk management Strategic responsibility to manage sustainability issues Executive Leadership Team SUSTAINABILITY STRATEGY Management’s role and internal controls Support operational matters on sustainability and risk management Strategy and Sustainability (Under Finance) Group Risk Management ABOUT THIS REPORT Board’s role 12 Group risk management SP’s ERM framework aims to identify, prioritise, document, and manage key risks, opportunities, and resources. For risk management practices to be effective, three pillars are emphasised: • Board and Senior Management oversight • Sound risk management policies and processes • Risk ownership and culture DISCLOSURES Metrics and targets Risk management BOARD AND SENIOR MANAGEMENT OVERSIGHT Strategic Planning • BRMC Oversight • Corporate Governance Structure • Risk Management Committees • Risk Appetite Framework STAKEHOLDERS COMMUNICATION RISK OWNERSHIP AND CULTURE Review And Continual Improvement • Risk Workshops/ Registers • Risk Dashboard • Risk Awareness • Control Self-Assessment SOUND RISK MANAGEMENT POLICIES AND PROCESSES Implementation • Risk Mgmt. Policy • Risk Mgmt. Process and Methodology SP implements a ‘Top-Down’ and ‘Bottom-Up’ approach to facilitate communication and participation by both management and employees. For effective risk management, all aspects of the business must be considered so that the Board and Management can identify risks and assess those risks properly and swiftly. The ‘Top-Down’ approach facilitates oversight and guidance on material risks from both the BRMC and Management. An in-depth analysis is done to avoid strategic risks, and if not, contained through mitigation measures. The ‘Bottom-Up’ approach allows employees to identify and escalate risks in their day-to-day operations to Management. This enables the Management to be informed of major risks in all business operations and approve actions to be taken. This approach allows every employee in SP Group to proactively participate in highlighting the risks they face in the course of their work. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Board’s role Management’s role and internal controls Group risk management Resilience to climate change 13 Resilience to climate change At SP, we recognise that climate change is one of the greatest threats to the prosperity and well-being of people and our planet earth. According to the Intergovernmental Panel on Climate Change (IPCC), human activities are responsible for approximately 1.1°C of warming since 1850-1900, and this has implications for our climate. The world must act now to reduce global GHG emissions and accelerate the transition to a lower-carbon economy to reduce the effect of climate change. In line with Singapore’s climate ambitions, it has never been more critical for us to ascertain the potential impact on our business strategies and operations due to climate change. In 2021, we commissioned a study to assess our climate change resilience and to identify the climate-related risks and opportunities material to our business. Through this detailed study, material physical and transition risks were identified in the short to long term range. The material climate risks identified have since been integrated into ERM risk workshops and Risk Management Committee meetings across business units for further evaluation and risk mitigation. Climate risk assessment and scenario planning Two scenarios were identified to understand the extent of the risks and opportunities – “Net Zero” as the best-case scenario and “Business-as-usual” as the worst-case. In defining the physical risks for these scenarios, we selected two of the climatic projections developed by the IPCC on a global scale, characterised by the Representative Concentration Pathway which is the concentration pathway extending up to 2100. For transition risks, the parameters were selected from Network for Greening the Financial System (NGFS) to understand how climate change would affect transition risks such as policy and technology trends in the future. FOCUS AREAS DISCLOSURES Resilience to climate change Metrics and targets Best-Case scenario: NET ZERO Worst-Case scenario: BUSINESS-AS-USUAL Time Horizons Physical Risks IPCC RCP 2.6 NGFS Net Zero 2050 This pathway represents a stringent mitigation scenario. Warming is limited to 2°C by 2100 and the radiative forcing peaks at approximately 3W/m 2 before 2100 and shows a decline. IPCC RCP 8.5 This pathway represents a future where warming exceeds 4°C by 2100 and radiative forcing reaches as high as or even greater than 8.5 W/m 2 by 2100 and continues to rise for some amount of time. Short term: 2020-2050 Medium term: 2040-2070 Long term: 2070-2100 Transition Risks In this ambitious scenario, the global community agrees on the need to decarbonise to limit warming to 1.5°C through stringent and immediate climate policies. In this scenario, physical risks are relatively low, but transition risks are high. NGFS Nationally Determined Contributions (NDCs) This path assumes that the moderate climate ambition reflected in the NDCs in early 2021 continues over the 21st century and presents relatively low transition risks. With the NDCs, emissions demonstrate decline but still result in approximately 2.5°C of warming Short term: 2025 Medium term: 2030 Long term: 2050 ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 14 Insights from the climate risk assessment Physical risks We performed this assessment at an asset level, overlaying local climate hazards, asset costs and operation needs. We evaluated our key assets in Singapore, China and Vietnam and the business-as-usual scenario revealed that there are four material risks in the medium to long term range (2050-2100) across our Transmission and Distribution (T&D), District Cooling (DC), Solar Photovoltaic (PV) assets: DISCLOSURES Metrics and targets Riverine flooding Coastal flooding Heavy Precipitation Air Surface Temperature Change Physical risk parameter Impact SP’s strategic response FOCUS AREAS Resilience to climate change Riverine Flooding Coastal Flooding Heavy Precipitation Flooding may lead to erosion of our above ground infrastructure and underground cables may become susceptible to deterioration if there is moisture ingress. Our above ground infrastructures are located above the nationally mandated Minimum Platform Level (MPL). Maximum flood levels are below the MPL. We will monitor updates for future Singapore flood maps. SUSTAINABILITY GOVERNANCE Group risk management Air Surface Temperature Change An increase in air surface temperature will reduce the efficiency of the T&D network and accelerate the rate of insulation degradation of equipment. Air surface temperature rise can result in a larger DC cooling load and result in efficiency losses. Increased temperatures cause a decrease in the conversion efficiency of solar PV cells, affecting the maximum possible power output. Currently, maximum air surface temperatures are within the equipment specifications. SP will continue to monitor maximum air surface temperatures and ensure that equipment specifications are within the limits regularly. SUSTAINABILITY STRATEGY Management’s role and internal controls As there is limited flood risk data specific to Singapore currently, we will be monitoring the updates in this area to accurately evaluate the scale of impact and identify the mitigation actions accordingly. ABOUT THIS REPORT Board’s role 15 Transition risks Based on a qualitative assessment, we identified three material transition risks that would potentially have the most impact on our business without any intervention or mitigation. This is especially evident in the Net Zero scenario with more stringent policies and requirements being put in place. Material risk parameter Impact SP’s strategic response DISCLOSURES Metrics and targets FOCUS AREAS SUSTAINABILITY GOVERNANCE ABOUT THIS REPORT SUSTAINABILITY STRATEGY Increased expectations from regulatory bodies for organisations Starting from FY21/22, climate risk disclosure will be included in SP’s Policy and Legal to track and publicly report on GHG annual Sustainability Review, with the emissions or climate risks. Under both GHG emissions data externally assured. scenarios, there may be penalties associated with non-disclosure. Market A shift in investor preference and emergence of responsible investment mandates. In the Net Zero scenario, failure to incorporate climate risks into Climate risks discussions will become part of the Board agenda and will be incorporated into the company’s strategy. the company’s strategy may diminish investor confidence and reduce access to capital. Changing the energy mix due to the adoption of distributed renewable energy resources may impact overall grid stability and flexibility. Especially SP will actively invest in the upgrading of our grid network infrastructure and adopt new technologies to make our grid network “smarter”. when capacity additions in solar and Technology For more details, please refer to the storage capacity are expected to Grid 2030 section. increase in both scenarios. Investments in energy-efficient technologies will be required to meet national energy efficiency targets. Transition opportunities With the right initiatives, selected transition risks can be transformed into opportunities, by way of increasing access to new markets, and developing innovative products and services. As a sustainable energy solutions provider, we have started leveraging these opportunities to enable our customers to achieve their climate ambitions. The initiatives are further elaborated in the respective sections for each business area of Grid 2030, Sustainable energy solutions and Energy as a Service. Resilience to climate change Group risk management Management’s role and internal controls Board’s role 16 Metrics and targets To manage our climate-related risks and opportunities, and ensure we are enabling a low carbon and smart energy future, we have established metrics to track our performance and drive improvement. A primary focus is the reduction of GHG emissions from our direct business activities, which contributes to Singapore’s net-zero emissions ambitions. Since 2019, we undertake an annual data collection exercise to calculate the GHG emissions from our business activities following the principles in the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition) and GHG Protocol Scope 2 Guidance. DISCLOSURES Metrics and targets For FY21/22’s GHG emissions data, we have taken a step further to seek external assurance according to ISO 14064-3:2019 standards to provide credibility to our data and demonstrate our alignment with international best practices. Learn more in Disclosures: Emissions audit statement. Absolute, tonnesCO 2 e Intensity, kgCO 2 e/MWh sold Emissions FY19/20 6 FY20/21 6 FY21/22 FY19/20 FY20/21 FY21/22 Scope 1 78,546 90,088 78,173 1.63 1.92 1.58 FOCUS AREAS Resilience to climate change Location-based 375,102 384,578 423,225 7.81 8.19 8.56 Scope 2 Market-based 375,102 382,972 419,959 7.81 8.15 8.49 GHG emissions from our activities can be mainly traced back to the indirect carbon dioxide (CO2) emissions from electricity use/losses, the fugitive emissions along the length of the gas pipelines and to a lesser extent, the sulphur hexafluoride (SF6) leakages across our transmission and distribution network. The bulk of SP’s Scope 2 GHG emissions resulted from the dissipated energy emissions from technical losses from the transmission system and distribution network in Singapore. SP is actively investing in the digitalisation and automation of the electricity grid to reduce these losses and increase reliability. While these emissions are relatively stable and inherent in the operations of the network, SP is committed to identifying opportunities to reduce emissions from other key business activities. We are also actively accounting for our indirect emissions along the value chain (Scope 3) to evaluate our total carbon footprint. To reduce the impact of our direct operations through the support of renewable energy, we have pledged to cover 100 per cent of the electricity consumption at SP’s Singapore headquarters with Renewable Energy Certificates (RECs) from October 2020 onwards. SP’s low carbon initiatives such as district cooling, solar and electromobility have enabled customers to avoid more than 206,000 tonnesCO2e in FY21/22. This is equivalent to planting more than 10 million rain trees or taking more than 180,000 cars off the road for a year. Measuring this progress against the target of helping customers reduce their carbon footprint, these initiatives have achieved more than a seven-fold increase in the CO2 avoided since 2018. The significant increase in the avoided CO2 for our customers demonstrated an increased demand for sustainable energy solutions and augment our role in enabling our customers reduce their carbon footprint. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Board’s role Management’s role and internal controls Group risk management 6 FY19/20 and FY20/21 emissions are restated to account for categories not included prior to the GHG audit in FY21/22. 17 Focus areas Grid 2030 The grid of the future is increasingly complex. A greater role for distributed energy that is low in carbon but intermittent in nature will require a grid that is reliable, safe, and updated. Despite Singapore having one of the best electricity and gas network systems in the world, supply interruption is inevitable and may occur due to various reasons including network failure, damage by third parties, faulty equipment at customer sites or issues with the source of the supply. Electricity network To minimise the possibility of supply interruption, SP follows a systematic regime of maintenance, timely replacement of ageing equipment and close monitoring of equipment performance. If a power failure occurs, we take four remediation actions to minimise the impact and downtime: When a power fault is detected, this first course of action disconnects the affected equipment from the network and reconnects it to an alternative supply source. Since 2019, we have Remote switching implemented remote switching capabilities for all 6.6 kV distribution networks substations, allowing for quicker restoration should a supply interruption occur. This is conducted when remote switching is unable to restore the power supply. Power faults Manual switching in low-voltage networks, such as damage to over ground boxes that are used to transmit electricity to customers, are usually resolved through manual switching. These generators are immediately deployed when power faults are reported and are used to Mobile generators provide temporary electricity supply while the network issues are being resolved. This is conducted when switching is unable to resolve the power fault and the mobile generators Cable jointing cannot access the substation where the fault has occurred. Gas network SP has adopted an asset life cycle approach to our asset management so that we can manage risks and ensure that our gas network is consistently developed, maintained and operated in a safe and reliable manner. The gas transmission network is monitored round the clock in a system control centre. Regular inspections and maintenance are also conducted on our network assets to maintain reliability. An asset renewal programme tracks asset performance and replaces deteriorating assets efficiently. Patrol and leak surveys of the pipelines are conducted to detect illegal third-party activities and gas leaks respectively. We monitor network pressure closely by deploying pressure sensors across the entire transmission network. Our gas network operations team monitors the pressure readings to ensure that network pressure at different nodes is maintained within an optimal range. To enhance our remote monitoring capability and productivity, we have developed a prototype machine learning solution that learns from pressure data to detect deviations from expected pressure levels and alert the operations team of an anomaly in the gas network. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 18 A supervisory control and data acquisition system is deployed on the transmission system to avail remote monitoring and operations capability, which enables us to respond immediately to incidents. When incidents occur, the response is centrally managed to ensure that performance recovery is quick and directed, thus minimising disruption to customers. To further improve network reliability and enable the transition to a green economy, we invest in numerous solutions and innovative technology. SP GROUP-NTU JOINT LAB SP contributed $30 million for research and education initiatives at the Nanyang Technological University (NTU) in Singapore aiming to enhance the resilience of Singapore’s electricity network, improve the reliability and efficiency of supply to customers, and nurture experts in the energy sector. Under this collaboration, the SP Group-NTU Joint Lab is also exploring energy-related projects in the areas of asset management and network operations. Project 4: Online Condition Monitoring for Distribution Switchgear Green energy imports SP actively supports the upgrading of infrastructure to tap into regional power grids for cleaner energy resources and further diversify Singapore’s energy supply. SP is working with partners to import low carbon energy from other countries by constructing and operating interconnectors to strengthen our regional grid architecture. One such project is a feasibility study, with French utility EDF Group, on a subsea cable that could potentially transmit green energy generated from a 1-GWp solar photovoltaic plant in Indonesia to Singapore. Singapore has one of the most reliable electricity networks globally. We must continue to develop and grow our local capabilities to prepare for the future. This collaboration between NTU and SP Group will boost our network resilience and develop innovative solutions that will serve our future energy needs. ~ Dr Tan See Leng, Second Minister for Trade and Industry ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 19 DERMS for effective integration of renewables Renewable energy will play a greater role to enable a smarter grid for a low carbon Singapore. To prepare for this, SP has piloted a Distributed Energy Resources Management System (DERMS) to manage the influx of solar photovoltaic generation, energy storage systems and electric vehicles that will be connected to the network in the future. Through realtime monitoring and smart control capabilities, the integration of these distributed energy resources can be optimised while ensuring the reliability of our electricity network. A pilot conducted on the implementation of DERMS on the 22kV network has been completed and a research and development collaboration with NTU is ongoing to demonstrate the distributed management of technologies at substation level via Grid-Edge control. DISCLOSURES People and the Community A visual representation of the distribution system Energy Storage Systems SP has deployed Singapore’s first utility-scale Energy Storage Systems at a substation in Woodlands which is designed for local conditions to manage solar intermittency and other network applications. It is also capable of incorporating additional renewables and other sustainable energy solutions into our electricity grid. Vehicle2Grid To enhance Singapore’s grid reliability when it phases out internal combustion engine (ICE) cars by 2040, SP embarked on a trial of vehicle-to-grid (V2G) technology – the first of its kind in Southeast Asia. The trial studies tapping electric vehicles (EVs) as energy storage facilities via a bi-directional energy transfer between the EV and the grid to support load and frequency management. This innovation can be used to balance and stabilise the grid, acting as a cost-effective solution to overcome intermittency from renewable energy sources. EV owners could potentially be compensated for their vehicles acting as storage units. Staff charging the V2G car ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 20 ASSET HEALTH DIGITAL TWIN The Digital Twin, a digital representation of the power grid, is an important innovation that SP is creating in-house. It consists of a Network Twin and the Asset Twin. DISCLOSURES People and the Community The Asset Twin, developed in conjunction with NTU, is a virtual replica of the physical network and assets that can perform functions such as condition monitoring, analysing asset health and optimising asset failure mitigation measures. The Asset Twin consists of a one-stop integrated dashboard containing up-to-date information on all distribution assets of over 12,000 substations across our entire electricity network. Virtual 3D models of actual electrical assets are also created to visualise assets in a substation. This helps to identify specific components that require attention. Field technician crews are then equipped with vital information prior to heading on-site for an inspection. Sensors are also installed to remotely monitor assets for signs of anomalies and deterioration. The prototype of the Asset Twin was developed in 2021 and trials were held to develop the system further. A virtual representation of Singapore’s physical power grid assets and network to improve the reliability of its electricity supply and support the deployment of cleaner energy sources The Asset Twin is a crucial component to the future grid of Singapore that ensures network reliability and safety to electricity users, as well as SP technicians and staff who regularly monitor grid health. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 21 Our Performance Two key indicators that our industry measures to assess network reliability performance are System Average Interruption Duration Index (SAIDI), a system index of average duration of interruption in the power supply indicated in minutes per customer, and the System Average Interruption Frequency Index (SAIFI), a system index of average frequency of interruptions in the power supply indicated in number per customer. In FY21/22, our SAIDI for the electricity network improved by 26.7 per cent. FY18/19 FY19/20 FY20/21 FY21/22 SAIDI (min) 0.87 0.56 0.15 0.11 Electricity SAIFI 0.0307 0.0366 0.0073 0.0043 SAIDI (min) 0.0932 0.2637 0.4223 0.1979 Gas SAIFI 0.0014 0.0019 0.0024 0.0024 Smart Grid Index Electricity Gas SAIDI (min) SAIFI SAIDI (min) SAIFI FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 FY 18/19 19/20 20/21 21/22 To measure and benchmark our performance in operating the best-in-class electricity grid, SP developed the world’s first Smart Grid Index (SGI). The SGI measures the grid on seven key dimensions: Supply Reliability Monitoring & Control Data Analytics SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Integration of Distributed Energy Resources (DER) Green Energy Security Customer Empowerment & Satisfaction In 2021, utilities companies around the world deepened their commitment to tackling climate change and speeding up energy transition. As a result, the SGI indicates around 65 per cent of utilities companies have solar and wind energy contributing more than 10 per cent of system demand, an increase of nine per cent from a year ago. About 45 per cent of utilities companies have enabled the use of electric vehicles through public charging infrastructure. SP maintained a high score of 75.0 from the previous year, due to our near-zero network reliability downtime and high customer satisfaction scores. For further details on the benchmarking scores, please refer to the SP Group Website. ABOUT THIS REPORT Grid 2030 22 Sustainable energy solutions To facilitate the transition to a low carbon future, we develop sustainable solutions for individuals and organisations, powered by our in-house energy technology and digital capabilities. District cooling across all customer segments District cooling and heating are important tools in SP’s arsenal to battle climate change and provide smart, sustainable, energy-efficient, and low-carbon solutions that help districts, cities and townships achieve their decarbonisation goals. Since 2006, SP has operated the world’s largest fully underground district cooling network in the Marina Bay financial district. In May 2010, SP commissioned its second district cooling plant at the Marina Bay Sands. Five new and retrofit developments have committed to subscribing to district cooling in early 2022, bringing the total number of buildings served by SP’s Marina Bay operations to 28. The world’s largest fully underground district cooling network in Singapore’s Marina Bay financial district In FY21/22, the Marina Bay district cooling system helped customers in the area avoid more than 21,000 tonnesCO2, equivalent to planting more than 1 million rain trees or taking more than 19,000 cars off the road. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 23 TAMPINES ECO- TOWN SP has also established capabilities for district cooling in brownfield development cluster settings. Our approach applies the concept of interconnecting chiller plants to create a centralised district cooling system within the cluster, which lowers the overall carbon footprint for all the buildings within the development. This novel approach is suitable for highly developed and dense cities such as Singapore, where most land has previously been utilised and buildings are operating their standalone chiller plants for air-conditioning. Applying the concept of having interconnected chiller plants to create a district cooling system within the cluster lowers the overall carbon footprint for all the buildings within the development. Together with Temasek and the Ministry of Sustainability and the Environment, SP has been working to execute Singapore’s first brownfield district cooling system in Tampines Central. The system leverages existing chiller assets that are more efficient and have excess capacity to support the cooling demands of the other buildings in the vicinity. All in, this Distributed District Cooling (DDC) network will help the town centre reduce its carbon emissions by 1,359 tonnes annually, equivalent to removing 1,236 cars off our roads. It will also achieve energy savings of more than 2,800,000 kilowatt-hour (kWh) annually, which can power more than 905 three-room HDB households for a year. In addition to the energy savings and reduction in carbon emissions, this network will provide building owners combined life-cycle economic benefits of up to $50.8 million over 30 years. Through interconnection across the various buildings, the network will also reduce the current unutilised cooling capacity by up to 42 per cent, freeing up chiller plant gross floor area that can be converted to commercial and lifestyle spaces. Reduce carbon emissions by 1,359 tonnes annually Singapore’s first brownfield district cooling system in Tampines Central Removed 1,236 cars off our roads SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Powered more than 905 three-room HDB households for a year Provide building owners combined life-cycle economic benefits of up to $50.8 million over 30 years ABOUT THIS REPORT Grid 2030 24 Tengah residential town In the residential space, SP is bringing its first large-scale residential district cooling system to Tengah’s future residents. Chilled water is centrally produced and distributed to individual residential homes for indoor cooling. This residential district cooling system provides an alternative to the conventional split unit air-conditioning system commonly in use in residential homes. The system will be operating in a more energy-efficient, reliable, and resilient manner thus achieving long-term environmental and economic benefits compared to conventional split unit AC systems. It is expected to save at least 30 GWh of electricity per year. This is equivalent to powering 6,300 four-room flats, removing 800,000m 3 of carbon emissions from the air or taking around 400,000 cars off the road annually. DISCLOSURES People and the Community The first large-scale residential district cooling system in Tengah Tengah is a showcase of SP’s integrated sustainable energy solutions to help residents become greener, and more sustainable and provide a blueprint for the future of residential living in Singapore – in alignment with the government’s plan to make every HDB estate an eco-town by 2030. In addition, SP’s solutions empower individuals to make conscious decisions to lower their carbon footprint and factor in habits that promote sustainability in the daily lives of Singaporeans. Learn more about our initiatives in the Energy as a Service section of this report. As of end March 2022, almost 7,000 Tengah households have signed up for the centralised cooling system, which could help homeowners save as much as 30 per cent in life cycle costs. Future Tengah homeowners at MyTengah Experience Centre ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 25 STMicroelectronics In what is set to be the largest industrial district cooling facility in Singapore, SP has secured a project with STMicroelectronics (ST) to build a district cooling plant with up to 36,000 RT cooling capacity at ST Ang Mo Kio (AMK) Technopark. SP’s district cooling plant will help ST achieve 20 per cent savings in cooling-related electricity consumption annually by improving aggregated chiller system efficiency, as well as enable ST to reduce carbon emissions of up to 120,000 tons per year, equivalent to taking 109,090 cars off the road. This is achievable by lowering energy consumption, increase capacity to incorporate solar energy and Perfluorocarbons (PFC) abatement equipment. More than 4,000 square meters (sqm) of chiller plant space will be freed up once the district cooling plant is operational. For this plant, one of the most efficient 2,000-tonne HFO Chiller will be deployed for this project. HFO or Hydrofluro-Olefins is the new generation of synthetic refrigerants with zero ozone depletion effect and is designed to significantly reduce the Global Warming Potential. Reduce carbon emissions of up to 120,000 tons per year Equivalent to taking 109,090 cars off the road SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES People and the Community Energy as a Service Sustainable energy solutions Achieve 20% savings in cooling-related electricity consumption annually Repurposing more than 4,000 square meters (sqm) of chiller plant space ABOUT THIS REPORT Grid 2030 Images provided by STMicroelectronics 26 Exporting our expertise Beyond our shores, SP has exported our district cooling expertise and capabilities to China. Since 2019, we have been operating a 15,000 RT plant in Raffles City Chongqing, the largest shopping mall in Chongqing, China, enabling more than 40 per cent energy savings for the building owner. In FY21/22, the plant helped the building avoid more than 4,000 tonnesCO2, equivalent of planting more than 210,000 rain trees or taking more than 3,800 cars off the road. OVERSEAS CAPABILITIES Leveraging our operational track record in Raffles City Chongqing as well as our brownfield experience in Singapore, SP is supporting the rejuvenation of the Wuhou Heritage District, in Chengdu, Sichuan province. Started in 2021, we will be designing, building and operating an integrated energy solution that includes district cooling and heating system, smart metering, energy management and monitoring for four existing buildings over the next 25 years. Similarly, SP will bring our Marina Bay experience to the Guangzhou Knowledge City – a cluster of commercial buildings, and cultural and convention centres. We will install and operate an 8,000 RT district cooling system for Knowledge Tower. There is also potential for expansion of the cooling systems to encompass other buildings within the business district to achieve greater cost savings and energy efficiencies. Artist’s impression of the International Urban Design Centre in Wuhou district in Chengdu, China Photo credit: Three Kingdoms Themed Innovation Park Management Committee of Wuhou District, Chengdu Intelligent micro-climate control Besides district cooling, SP also offers 75F – an intelligent, micro-climate control solution that helps save more than 30 per cent in energy consumption while improving occupant comfort in buildings. The solution applies artificial intelligence (AI) and the Internet of Things (IoT) to consider factors like occupancy levels and the weather into the optimisation of airflow that distributes cooling evenly throughout a building. It is also a self-learning, intuitive system that regulates air conditioning to improve operational efficiency and occupant experience by dividing large open spaces into smaller zones while balancing the temperature, airflow, and carbon dioxide levels within each zone. This micro-climate solution also optimises air conditioning operations by using the least amount of energy to maintain desired comfort levels. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 27 Electric vehicle charging As more Singaporeans switch from ICE cars to low-carbon EVs, SP continues to support this with more charging stations installed across the nation. As of March 2022, we are operating more than 480 charging points out of which 30 per cent consist of DC fast charging points, making us the largest fast public charging network operator in Singapore. By May 2022, the number of charging points has increased to 525. We are also one of the most diverse in terms of locations. SP has installed EV chargers across petrol stations, residential, commercial, and industrial areas allowing drivers greater accessibility to a charging point island-wide. Compared to the carbon emissions from a typical internal combustion engine vehicle, the electricity sold from the charging points helped EV customers avoid almost 800 tonnesCO2e in FY21/22. Leveraging the extensive and diverse charging network that SP operates, we are aligning our business strategy with the government’s target of installing 60,000 charging points by 2030. We are supporting their target of replacing all ICE cars on the road with EVs by 2040 by ensuring access to EV drivers remains convenient, affordable, and reliable. We will continue to work with our partners to provide convenient charging locations to EV users all around Singapore. For example, we will continue our collaboration with fleet operators such as Strides Transportation and Grab for their fleet electrification by extending our charging points to their vehicles. At SP, we are progressively converting our fleet of service vehicles from diesel engines to electric. As of March 2022, we have converted around 17 per cent of them to EVs, avoiding an estimated total of more than 100 tonnesCO2e. 525 Charging points secured SP’s direct current (DC) fast charging points for electric vehicles (EVs) SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Singapore’s largest fast-charging EV network Data as of May 2022 ABOUT THIS REPORT Grid 2030 28 Renewables SP combines our rooftop solar expertise with proprietary digital energy management services for commercial and industrial facilities as our key market differentiator. We continue to extend our solar expertise to commercial and industrial clients as we aim to provide green energy solutions that align with our target of building a low-carbon, smart grid for Singapore. For example, our solar implementation for Sembcorp Marine Shipyard – the largest shipyard in Singapore – utilises integrated energy solutions and the Green Energy Tech (GET™) system to bring energy storage capabilities, energy sensors and a real-time digital platform to the array, helping to monitor, analyse, and optimise energy usage. The initial 4.5 Megawatt-peak (MWp) of solar energy commissioned (in 2018) at Sembcorp Marine’s flagship Tuas Boulevard Yard’s steel fabrication facility has been expanded to include an additional 4.0 MWp across seven rooftops in May 2022. The total solar capacity of 8.5 MWp can deliver up to 10,400 megawatt-hours (MWh) of electricity annually, or equivalent to power more than 2,300 four-room flats each year. DISCLOSURES People and the Community Largest shipyard rooftop solar for Sembcorp Marine Photo credit: Sembcorp Marine The GET™ leverages the IoT, AI, sensors, and advanced metering infrastructure to manage the generation of solar power and monitors the deployment and storage of the generated electricity, optimising the energy consumption of the shipyard. This provides close to 60 per cent of electricity consumed by the shipyard’s steel fabrication facility at peak load. For our customers, a total of 4.5 MWp of solar panels were installed as of March 2022. Based on an average estimated generation yield in Singapore, the panels have helped the customers avoid more than 2,300 tonnesCO2e, equivalent to planting more than 110,000 rain trees or taking more than 2,100 vehicles off the road. Across our premises, we have installed almost 800 kWp of solar panels to access renewable energy. Collectively, they have helped us to avoid close to 370 tonnesCO2e in FY21/22. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 29 Regional renewables Our strategy to build renewable energy capacity abroad has led SP to partner with Vietnam’s Bamboo Capital Group, a clean energy project developer, and China Three Gorges, one of the largest power companies in China, to pursue utilities and distributed scale projects in the two countries. The joint ventures will open new doors for SP to tap into overseas markets as well as to develop our own expertise in our pursuit to become a leading regional player in renewable energy. In January 2021, SP opened a regional office in Ho Chin Min City to seek growth opportunities in renewables and district cooling. In July 2021, a joint venture with Bamboo Capital was formed to acquire a rooftop solar portfolio of 47 MW and further secured 28 MW of new projects. In addition, SP has self-originated solar rooftop projects serving the customers in industrial parks to provide them with an option to ‘green’ their operations. We have also built a network of channel partners such as CJ OliveNetworks Vina Co. (CJ ONS), a subsidiary of South Korea’s CJ OliveNetworks in Vietnam. In March 2022, the partnership with CJ ONS aims to boost Vietnam’s clean energy transformation through the development of rooftop solar projects. A memorandum of understanding was signed to jointly invest, build, and develop up to 50 MWp of rooftop solar projects across Vietnam over the next two years. Through this partnership, SP and CJ ONS will combine their expertise, experience, and resources in sustainable energy solutions to explore solar projects for CJ ONS’ affiliates and other commercial and industrial customers in Vietnam. The partnership leverages SP’s capabilities in sustainable energy and digital solutions to create value-added solutions for its customers in Vietnam, and is aligned with SP’s ambition to be a leading sustainable energy solutions player in Asia Pacific. SP’s partnership with China Three Gorges, the world’s leader in hydropower, allows us to capture renewables growth organically. SP, through its 100 per cent owned subsidiaries, has secured a 5 MWp of rooftop solar project in Sichuan, as well as another 6 MWp of rooftop solar project in Shandong that supplies green electricity to the local industrial park via the local grid. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Partnering CJ OliveNetworks to develop rooftop solar projects in Vietnam ABOUT THIS REPORT Grid 2030 30 Energy as a Service Energy efficiency plays a central role in tackling climate change and is one of the key ways the world can meet energy service demand with lower energy use. As energy efficiency offers some of the fastest and most cost-effective actions to reduce GHG emissions, SP recognises the importance of educating our customers and supporting their adoption of energy efficient practices. With our innovative sustainable energy solutions, we enable customers to make decisions that can help reduce their carbon footprint and increase cost savings where possible. DISCLOSURES SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS ABOUT THIS REPORT People and the Community SP deploys a host of digital solutions for business districts, commercial buildings, and households to be more energy efficient, and we aim to expand our offerings to more customers to help them become more sustainable. Our journey started with the digitalisation of our services through the SP app, our bill payment services and smart electricity and water meters, empowering Singaporeans to become more efficient through energy, water, and gas consumption monitoring. The app then evolved to become an integrated tool for promoting sustainability amongst local residents. Enhanced features to promote sustainable living allow users to measure their carbon footprint, ‘green’ their power usage by purchasing Renewable Energy Certificates (RECs), providing a platform to charge their EVs, and so much more. Sustainable energy solutions Energy as a Service Grid 2030 31 SP expanded its sphere of influence to buildings in commercial and industrial complexes and districts. In 2020, we developed Green Energy Tech (GET™) – a suite of digital solutions that integrates different building management systems and diverse data sources to create a seamless, sustainable energy management experience for customers. Powered by EnergyTech, IoT and AI, GET enables building owners to make smarter decisions that improve the overall building performance, sustainability and occupant well-being. Building managers and developers can also purchase RECs through SP to achieve their decarbonisation goals. As SP continues to expand our energy solutions, we believe that smart cities are the next stage of the evolution and the future of a sustainable and green economy. We are committed to developing our energy of our energy services at scale, promoting convenience and sustainability to our consumers, and empowering them with tools to build a greener and more sustainable world. Our key digital solutions include: DISCLOSURES People and the Community GET TENANTCARE GET™ TenantCare is a smart submetering solution designed to help landlords and property owners efficiently manage tenant energy consumption. Powered by SP Digital’s advanced metering infrastructure, GET™ TenantCare simplifies operational challenges involved in utilities management while providing accurate billing and metering. In 2021, four new building owners (Jurong Point 1 & 2, Ang Mo Kio Hub & One Marina Boulevard) adopted this solution. GET INSIGHTS Launched in April 2021, this utilities monitoring and insights dashboard allows facilities management teams and tenants to manage, monitor, report, analyse and optimise utilities usage while also helping identify wastage, achieve cost savings, and reach their sustainability targets. With access to real-time consumption information, adjustments can easily be made to improve energy efficiency. In 2021, six new customers implemented this solution to gain better insights into their utilities usage, reduce these costs and, achieve their energy efficiency targets. SMART METERS AND THE SP APP SP has deployed smart electricity meters in all households. We have installed over 648,000 smart meters nationwide as of March 2022. Through the SP app, residents can monitor their electricity usage every half hourly. Electricity, gas and water consumption can be tracked through a time chart, giving users a better picture of their energy usage patterns. This enables residents to quickly implement energy-saving measures to reduce costs and achieve their green goals. Today, consumers are empowered with sustainability tools via the SP app, on top of the usual energy monitoring feature. The app integrates the utilities bill payment channel, EV charging, My Green Credits, GreenUP™, and My Carbon Footprint to cater to differing needs of the users. With more than 1.5 million app downloads, customers are submitting their meter readings, viewing their bills and paying them directly via the SP app. Customers can pay with credit cards and enjoy The SP app enables a greener lifestyle with features providing you with insights to help reduce your utilities consumption, ways to go green through your purchases when you’re out and about, and even a special calculator to tabulate your carbon footprint. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 32 rebates and rewards offered by banking partners for bill payments through the app. We have processed over 5.6 million transactions through the app since 2019, offering customers greater convenience. When they are ready to charge their vehicles, EV owners can log onto the app and search for the nearest charging location, scan the QR code on our charging points, and make payment conveniently. Households can also learn more about their carbon footprint by measuring it on the app and purchasing RECs to green their energy usage. Consumers learn more about sustainability through our GreenUP™ platform on the app – a fun way to earn retail rewards by adopting sustainable practices and lifestyle changes. Beyond smart electricity meters, SP rolled out Singapore’s first large scale smart metering project to supply, install and manage around 300,000 smart water meters across seven locations islandwide from early 2022. We are supplying, installing, and operating smart water meters for businesses and households, and will leverage our wireless communications network and develop supporting IT infrastructure for the retrieval and management of water meter data. This data is crucial to helping homes and businesses better understand their consumption patterns and aims to support the sustainable use of our water resources for decades to come. RENEWABLE ENERGY CERTIFICATES SP provides a one stop Renewable Energy Certificates (RECs) service platform to allow both small and large scale customers to achieve their green targets with ease. Customers can utilise RECs to make clean energy usage claims for GHG scope 2 reporting. With SP, customers can choose from a variety of RECs across Asia. In 2021, we saw a 40-fold increase in transacted volume compared to the previous year. SP REC Platform Security Convenience Cross Border Empowerment Savings MY GREEN CREDITS A feature on the SP app that was launched in October 2020 to provide all with easy access to green their electricity, My Green Credits promotes accessibility to RECs as they are sold in multiples of kilowatt-hour (kWh). This allows residential consumers and individuals to “green” any percentage of their monthly electricity consumption. The purchase of these certificates drives awareness of renewable energy and allow customers to achieve their green goals and to play their part in helping Singapore transit to a low carbon economy. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 33 GREEN BUILDINGS Climate-friendly and energy-efficient buildings are crucial to achieving the Paris Agreement’s goal of keeping global warming under 2°C, and preferably under 1.5°C. Yet there are many challenges associated with the design and management of these buildings. Ever rising demand for energy services– particularly electricity to power cooling equipment, appliances and connected devices – has been outpacing energy efficiency for many years. At SP, we are committed to addressing these challenges by helping to accelerate digitalisation and by embracing the IoT, AI and other innovative digital technologies. We are confident that Singapore can achieve smarter, healthier, and more sustainable buildings and we are investing in creating solutions that will help in this endeavour. Singapore Institute of Technology SP and the Singapore Institute of Technology (SIT) are building the country’s first multi-energy urban microgrid at the university’s campus in Punggol Digital District. The microgrid will integrate electricity and thermal energy into a unified smart energy network through multiple phases of execution. The new SIT campus will also be powered by solar energy, generated by building-integrated photovoltaics and thermal sources. SP also plans to install energy storage technologies, a microgrid controller, and smart metering to optimise consumption and reduce carbon emissions. The campus will serve as a living lab for future test-bedding of innovative solutions that will help Singapore decarbonise and become more sustainable. Singapore’s largest private microgrid at Singapore Institute of Technology Photo credit: Singapore Institute of Technology DISCLOSURES FOCUS AREAS SUSTAINABILITY GOVERNANCE SUSTAINABILITY STRATEGY ABOUT THIS REPORT People and the Community Energy as a Service Sustainable energy solutions Grid 2030 34 MAXIMISING SPACE AND MINIMISING ENERGY One of SP’s core strengths is our ability to combine many of our solutions and in an integrated manner to achieve optimal energy efficiency, sustainability and decarbonisation. To develop sustainable infrastructure and space optimisation in landscarce Singapore, SP has embarked on a journey to construct Southeast Asia’s first large-scale underground electrical substation at Labrador. The 230 kV substation, scheduled to be completed in 2024, occupies a land size of three hectares, or about the area of four football fields. Aboveground, a 34-storey super low energy commercial building will be built. Labrador Tower, is a showcase of all of SP’s sustainable energy solutions and has recently achieved certification in June 2022 as a Green Mark Platinum Super Low Energy (SLE) building under the Singapore BCA Green Mark Certification Scheme. This award highlights its best-in-class energy performance, use of renewable energy and other intelligent energy Labrador Tower - achieved Green Mark Platinum Super Low Energy (SLE) certification in June 2022 management strategies. The building incorporates energy-saving features such as a smart air conditioning system, high-performance façade, optimal building orientation and floor plates. With its various sustainable features, Labrador Tower is expected to use at least 40 per cent less energy annually compared to other conventional similar-sized buildings. Combining a 255 kWp rooftop photovoltaic system, the GET Control, an efficient chiller plant, thermal energy storage and electric vehicle charging stations, these sustainable energy solutions work with regular building systems like lighting and controls to achieve the SLE certification. With the SLE certification for Labrador Tower with SP’s suite of solutions, SP hopes to answer the government’s Green Plan which targets 80 per cent of buildings to be green, 80 per cent of new buildings to be SLE and an 80 per cent improvement in energy efficiency by 2030. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community Smart air conditioning system High-performance façade Optimal building orientation ABOUT THIS REPORT Grid 2030 35 Environmental awareness SP is committed to doing our part for Singapore’s environmental sustainability by raising awareness through various initiatives and platforms such as My Carbon Footprint, GreenUP™ and Eco boards. Launched in 2020, My Carbon Footprint on the SP app enables everyone in Singapore to gain a deeper understanding of what a carbon footprint is and how much carbon emissions they emit. By answering a few simple questions about the user’s daily routine, their annual carbon emissions are calculated. Accessed via the SP app and the web version, users can keep track of their emissions, using a monthly tracking chart that will be released in the second half of 2022. This feature allows users to view their emissions trends in a single glance and enables them to be more precise when purchasing any carbon offsets or RECs that can reduce their monthly carbon emissions. Another feature on the SP app is GreenUP which provides a fun and engaging way to help customers adopt a more sustainable lifestyle. Daily challenges such as going meatless and using reusable cups aim to help users reduce their carbon emissions and earn rewards. Users have completed over 9 million challenges since its launch in September 2019. Building on the success of this initiative, in 2021, we worked with more than 45 like-minded partners to create the GreenUP sustainability programme to create various challenges to help app users adopt green habits such as forgoing disposable cutlery when ordering food. We are also partnering popular consumer brands such as Amazon, Foodpanda, Huggs coffee and many more, to promote more conscious buying through various green challenges and integrating sustainable habits into our customers’ lives. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 36 People and the Community We are committed to safe operations and we work diligently to protect the health and safety of employees, customers, visitors and contractors at all of our operations. We achieve this by providing thoughtful, targeted training to our team so that they have the skills and knowledge needed to help us become Asia Pacific’s leading sustainable energy solutions player. Health and safety Safety Performance: Zero Zero Fatalities Fatality rate 0.42 Lost Time Injuries Frequency Rate 7 At SP, safety is our highest priority and we strive for zero accidents. The commitment to safety stems from our top management. They play an instrumental role in developing and committing to a safe working culture. Over 500 management staff conduct site safety inspections to bring the message of safety to all staff and contractors. In FY21/22, we recorded almost 30,000 inspections (physical and remote monitoring) conducted at our work sites. We achieve this using SP’s Occupational Health and Safety Management System which was developed based on the ISO 45001 framework and covers all of SP’s Singapore operations. This system is subject to regular annual reviews including an internal and external audit by ISO 45001 auditors as well as a safety & health management review by our Management Safety Committee (MSC). Should any areas for improvement be identified during these reviews, they are followed through to completion. SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES ABOUT THIS REPORT Sustainable energy solutions Energy as a Service People and the Community Grid 2030 7 Lost Time Injury Frequency Rate per million manhours. Includes staff and contractors’ injuries with more than 1 day lost time. 37 Eight key risks associated with the nature of our work include: Excavation & Trenching Traffic Management Working at height Lifting Operation DISCLOSURES People and the Community Confined Space Hot Works Electrical/Gas Works Slips, Trips & Falls Any incidents, including near misses, that occur within SP’s premises or as a result of work activities performed by the group and/or its contractors are reported to the MSC. The person involved in or is witness to the incident shall notify the reporting officer as soon as reasonably practicable. The reporting officer then notifies management and the MSC of the incident within one hour. The location of any incident is immediately secured ensuring that only authorised persons can enter the incident location. No equipment, material or other evidence of the incident is removed unless deemed necessary to prevent further injury or damage or upon instruction by management. Photographs at the scene of any incident are taken and attached to an incident report. An investigation team is formed to investigate incidents and establish accountability and make recommendations to prevent a recurrence. Progress is regularly reported to the MSC on addressing these risks via established risk control activities, namely safety inspections by the Management team, Group Safety and Health (GS&H) and independent HSE inspectors, project safety reviews for all SP projects, and thrice-yearly risk assessment workshops conducted by sections with the departments, supported by GS&H officers. Overall health and safety management is governed by the MSC which is chaired by the Chief Risk Officer and comprises senior management representatives of each business unit. The respective business units have their own Health, Safety and Environmental (HSE) committees chaired by senior management to provide health and safety leadership in those units. Units that have formed HSE Committees, comprising senior management, middle management, and ground staff from the various operational entities. To ensure relevant information on occupational health and safety is readily available to our staff, we utilise a Safety Information Management System that is available to all staff to access information on health and safety via our intranet. Documentation relating to ISO 45001 is available to staff via the portal. We also host regular communication sessions and on-site training, such as monthly section communication sessions to share up to date health and safety information to ground staff, ‘Safety Pauses’ for contractors to communicate key issues with contractors and share best practices, and on-site safety inspection training for new management inspectors. Additional health and safety information is regularly communicated to staff and contractors via various platforms, such as mass email, yammer, safety alerts, circulars, town halls and briefings. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS Grid 2030 Sustainable energy solutions Energy as a Service 38 We have also developed a comprehensive workplace health programme which is based on the WHO model for healthy workplaces. The programme has been developed with the objective of occupational disease prevention and personal health promotion and is backed by the Union of Power and Gas Employees (UPAGE) and supported by the joint efforts of the MSC, the workplace health programme committee, and the ReCharge committee. Beyond our Occupational Health and Safety Management System, we host numerous voluntary health promotion services and programmes for our staff. Highlights include: • An annual health screening, which is available to all staff at no charge. This provides staff with an assessment of their current health status such as cholesterol levels, BMI, and diabetes risk so that they are aware and able to take timely action where required. The data collected is also taken into consideration when developing their work plan for the following year. • A lifestyle survey was conducted with staff as part of our health promotion initiative. The outcome of the survey guides the development of programmes, targeted at everyone’s interest areas, such as physical or mental health workshops or smoking cessation programmes. • We have a network of Care Ambassador volunteers who are trained to aid staff who are suffering from mental health issues. Care Ambassadors undergo formal training to prepare themselves for their roles. • Turning-23 (Weight Management) Programme was launched for all staff to assist in managing their BMI. $100 vouchers are given to staff who achieve a 10% weight reduction and additional $20 vouchers are given to staff who attend all associated group exercises and workshops. • Mental Health Week, organised in Oct 2021, in conjunction with World Mental Health Week aimed to create awareness of mental health issues and to reach out to staff who may need assistance in managing their mental health. • Launched a one-stop Online Health Portal – With the increasing isolation and inactivity due to the work-fromhome arrangement, it became even more important to bring our health resources online expeditiously. GS&H and HR set up a one-stop e-depositories on health matters and a line-up of activities (LIVE WELL and ReCharge) and publicity of programmes over the company intranet, common TVs in offices and on screensavers of individual laptops. We also hosted several physical and mental health workshops, launched “Zoom with ActiveSG Masters” for staff to work out at home daily, held monthly bite-size talks to equip participants with self-help tips, and more. To ensure all our staff and contractors are aware of and maintain SP’s standards for health and safety, training is provided through a variety of means. All new staff are required to attend a safety induction e-training course when joining the company. Annually, a safety e-learning refresher course is rolled out to all staff to provide more in-depth learning about safety in various work environments and mitigation measures to address key safety risks. There is an assessment at the end of each module to reinforce key concepts and learnings. In addition, Site Safety Inspection Training is delivered to SP Project Officers and Management Staff to enhance their skills in identifying safety hazards and understanding safety regulatory requirements relating to actions undertaken by each operation. These skills are required when conducting a safety inspection at SP worksites. For contractors, a mandatory safety course conducted in the native language of foreign workers called Safety@SPPG has been provided since 2014. The objective is to raise safety awareness and to equip them with the necessary skillsets and knowledge to carry out works safely at sites. All workers are required to undergo Safety@SPPG before deployment onto SP worksites. In 2021, the course was extended to include practical stations, covering high-risk work activities, to enhance the learning experience of the participants. We also rolled out a new Project Safety Management Course in January 2022. Targeted at all Contractor Project Managers, Workplace Safety and Health Officers, Project Coordinators and Supervisors the course is designed to build their capabilities and enhance site safety management skills. The training also helps them to better understand SP safety requirements and the importance of working safely. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 39 Training and development 3,574 179,000 50 7.1 100% Number of employees (as of end Mar 2022) To prepare our company for growth now and in the future, we have trained our employees in “Core” and “Future-Ready” programmes in the key areas below. Examples of the programmes are: Safety • Defensive driving and riding • Condition monitoring of switchgear • Singapore’s gas network • Online Condition Monitoring for Transmission and Distribution Equipment • Operation and Maintenance of Energy Storage System (ESS) • Distributed Energy Resources Management System (DERMS) • Trends for Microgrid • OT/loT Cybersecurity Network Reliability Cybersecurity • Advanced Penetration Testing • Advanced Malware AnalysisTrends for Microgrid Total Training Hours Network Reliability Average training hours per employee per year Core programmes Customer First • Go-the-extra-mile service • Project a positive and professional image Future-ready programmes Electric Vehicle Charging • Introduction to Electric Vehicle (EV) and EV Charging System • Electric Vehicle Charging System • Grid Connected Electric Vehicles Data and Artificial Intelligence • Al and Machine Learning • Data Science and Artificial Intelligence Average training days per employee per year Functional-Specific • Project management • Chilled water terminal system • Foundational Workshop on Energy Efficiency • Power BI • PowerApps Development 23 of our staff received a regular performance and career development review 8 • Effective communication • Operational teamwork and collaboration Energy Efficiency App Creation Soft-skill SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Sustainable energy solutions Energy as a Service People and the Community To ensure that our employees continued to be upskilled during the pandemic, courses were converted to virtual platforms such as e-learning or blended training approaches. For our other training providers and Singapore Institute of Power and Gas, trainers adapted their course materials to enable virtual delivery. For transition programmes for employees going into retirement, reporting officers engage them about six months prior to re-employment to discuss possible arrangements, and training needed should they be redeployed to a different job role. There is also flexible work arrangements subject to operational needs extended to returning retirees, for example shorter workweeks as a transition to eventual exit. ABOUT THIS REPORT Grid 2030 8 Including all men, women, executives and non-executives 40 Community engagement Our initiatives for the community are aligned with our mission – to improve quality of life and create sustainable solutions for the community, today and for future generations. We recognise that we have a responsibility to demonstrate our contribution to the community by educating them on energy efficiency practices and providing innovative products and services with adequate support to help them meet their decarbonisation targets. As the world learns to live with the Covid-19 pandemic, SP is committed to helping communities in need through sustained philanthropy, and skills-based volunteering. Collectively in the past year, we have contributed $4.5 million to various community causes, education, and industry initiatives. A key initiative is SP’s $1.35 million donation to the Institute of Technical Education to establish the SP Group Engineering Study Award. The award provides monthly financial support to 450 engineering school students from low-income families over three years. This initiative builds on SP’s contribution over the years, through book prizes for ITE’s electrical engineering students and job exposure as part of its commitment to nurturing the next generation of technical officers and engineers for Singapore. SP Power Packs amounting to $1.1 million for 10,000 low-income families A $1.35million donation to ITE Education Fund We increased by five-fold the reach of our annual SP Power Packs charity drive, committing $1.1 million for 10,000 lowincome families to receive bags of food and essential items to guard against Covid-19, such as Antigen Rapid Test kits, sanitiser, hand wash, wet wipes, and vitamins. Through the SP Heartware Fund, we have supported programmes for vulnerable seniors to promote active ageing and prevent social isolation. At Toa Payoh West – Thomson, we have provided more than 13,000 meals for seniors. SP Kids at Heart, set up last year, has benefited 2,000 KidSTART pre-schoolers from low-income families through educational tools, books, toys, and electronic devices such as tablets and internet routers to support online and home-based learning. Our staff volunteers, known as SP Heart Workers, have continued to drive outreach activities such as packing and delivering Power Packs and SP Kids at Heart learning packs and organising festive gatherings and grocery shopping for seniors. Our teams have also supported nationwide activities, including Temasek Foundation’s pandemic response programmes by manning the public hotline, as well as the Ministry of Health’s Covid-19 helpline to address queries from patients and the public. In total, our staff have contributed more than 63,000 hours towards these activities. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES Grid 2030 Sustainable energy solutions Energy as a Service People and the Community 41 Disclosures Contribution to SDGs SDG Target by 2030 7.1 Energy access SDG 7 AFFORDABLE AND CLEAN ENERGY Ensure universal access to affordable, reliable and modern energy services 7.2 Renewable energy Increase substantially the share of renewable energy in the global energy mix 7.3 Energy efficiency Double the global rate of improvement in energy efficiency SDG 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE Initiatives to support the targets Clean and Smart Energy - Leveraging on the climate opportunities in the provision of low carbon solutions, aligning with the SDG 7 targets: • Increasing electric vehicle charging stations • Enabling access to the Open Electricity Market by empowering customers with options for electricity packages and to enjoy savings • Renewable energy imports from the region • Deploying solar PV projects • Encourage use of Renewable Energy Certificates for clean energy claims • Launch of My Green Credits™ on the SP app to enable households to match their electricity consumption with an equivalent amount of green energy produced • GET™ TenantCare • Utilities Monitoring & Insights • Deploying smart technology and SP app to access half-hour electricity usage • Spreading environmental awareness through Eco-Boards, GreenUP and My Carbon Footprint • Deploying smart technologies for Tengah smart energy town Reliable and Sustainable Infrastructure – Ensuring resiliency in the infrastructure through addressing the climate risks to uphold reliability of our services in alignment with relevant SDG 9 targets: SUSTAINABILITY GOVERNANCE FOCUS AREAS DISCLOSURES TCFD Emissions audit statement 9.1 Reliable infrastructure Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all 9.4 Sustainable infrastructure Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities • Investing in network infrastructure upgrades • Deploying smart grid technologies • Asset Health Digital Twin to monitor equipment health – prototype in place • Constructing the first large-scale underground substation in Southeast Asia to optimise space in land-scarce Singapore • Deploying district cooling and energy-saving solutions • Developing urban micro-grid • Capacity upgrades for the Interconnector between Singapore and Peninsular Malaysia to support a regional grid energy import pilot • Developing DERMS to enable the effective integration of renewables • Developing a utility-scale energy storage system SUSTAINABILITY STRATEGY ABOUT THIS REPORT Contribution to SDGs 42 Task Force on Climate-related Financial Disclosures (TCFD) TCFD’s Core Element Governance TCFD recommendations Describe the board’s oversight of climaterelated risks and opportunities. Describe management’s role in assessing and managing climaterelated risks and opportunities. SP Group’s Approach The Board is committed to integrating sustainability into SP Group’s strategic directions and plans. The Board Risk Committee was established by the Board and is responsible for the oversight of the climate risks faced by the group. The Board Executive Committee (ExCo) assists the Board and provides advisory supervision on SP’s sustainable strategy, material ESG topics and targets. The Executive Leadership Team (ELT) reports to the ExCo and is headed by the Group Chief Executive Officer (GCEO). The ELT’s role is to oversee and manage material sustainability initiatives. The Group Risk Management identifies and analyses the climate-related risks faced by SP and reports to the Committee every quarter. Addressed in Sustainability Review Board’s role, pg [10] Management’s role and internal controls, pg [11] FOCUS AREAS DISCLOSURES Emissions audit statement The Strategy and Sustainability team monitors climate change issues and gives regular updates to the ELT. Risk Management Describe the organisation’s processes for identifying and assessing climaterelated risks. Describe the organisation’s processes for managing climaterelated risks. The Strategy and Sustainability team and Risk Management team had jointly conducted a climate risk assessment to identify material climate risks under different climate scenarios. The risks identified were then integrated into the Enterprise Risk Management (ERM) Framework. The Board Risk Management Committee is supported by the Group Risk Management (GRM) and provides oversight of the business risks that the group faces. The implementation and management of the ERM Framework are undertaken by the GRM and ERM workshops on material risks are held across business units. “Top-Down” and “Bottom-Up” approaches are adopted across the entire group so management and employees communicate and participate in effective risk management. Group risk management, pg [12] Group risk management, pg [12] SUSTAINABILITY GOVERNANCE TCFD Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management. The Group Risk Management then reports to the Board Risk Management Committee and provides updates on the risk management activities of the group’s operations. All risks that are considered material to operations and are considered as strategic business risks and managed under the Enterprise Risk Management (ERM) Framework, including risks that arise from climate change. Physical and transitional risks are closely monitored by the related business units and escalated to the Risk Management Committee when necessary. Climate risk assessment and scenario planning, pg [13-15] SUSTAINABILITY STRATEGY ABOUT THIS REPORT Contribution to SDGs 43 Task Force on Climate-related Financial Disclosures (TCFD) TCFD’s Core Element TCFD recommendations Describe the climaterelated risks and opportunities the organisation has identified over the short, medium, and long term. SP Group’s Approach The adoption of two United Nations Sustainable Development Goals (SDG) shows the group’s support of the global call to action that all would enjoy peace and prosperity by 2030. SP had conducted our first climate risk assessment in FY21/22 based on a net-zero and business-as-usual scenario, where short to long term horizons were considered. The adoption of TCFD’s reporting framework was done in FY21/22, focusing on the physical and transition risks and opportunities that occur with climate change. Addressed in Sustainability Review Sustainability strategy, pg [8] Climate risk assessment & scenario planning, pg [13-15] DISCLOSURES Emissions audit statement Strategy Describe the impact of climaterelated risks and opportunities on the organisation’s businesses, strategy, and financial planning. Strategy 2030 aims to create a low carbon, smart energy Singapore and be a regional leader in sustainable energy solutions. SP provides a full suite of solutions to customers and businesses to assist them in their sustainability journey. Our sustainable energy ecosystem, pg [6] FOCUS AREAS Matrices and Targets Describe the resilience of the organisation’s strategy, taking into consideration different climaterelated scenarios, including a 2°C or lower scenario. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. Describe the targets used by the organisation to manage climaterelated risks and opportunities and performance against targets To strengthen the sustainability resiliency of our strategies, SP has done a detailed study on two climate change scenarios. Of which, one scenario is considered a net-zero scenario, where warming temperatures are kept below 2°C. To demonstrate our commitment to sustainability, SP is committed to reducing our own emissions and also helping our customers achieve their green goals through digital solutions, energy-efficient technologies and accelerating the transition to renewable energy. The TCFD reporting framework was adopted in FY21/22 to address the increasing demand for clear, comprehensive and high-quality information on climate-related risks and opportunities. To track the progress of our goals, metrics have been provided since the base year of FY19/20. SP has been reporting our Scope 1 and 2 GHG emissions since FY19/20, in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. To ensure that our GHG emissions data is aligned with international best practices, we had our data externally validated in accordance with ISO 14064-3:2019, ‘specification with guidance at the organisational level for quantification and reporting of greenhouse gas emissions and removals’. Corporate strategy 2030 aims to create a low carbon, smart energy Singapore and be a leading player in sustainable energy solutions by 2030. Climate risk assessment & scenario planning, pg [13-15] Sustainable energy solutions, pg [22-29] Energy as a Service, pg [30-35] Metrics and targets, pg [16] Metrics and targets, pg [16] Emissions audit statement, pg [44] Sustainability strategy, pg [8] ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Contribution to SDGs TCFD 44 Emissions audit statement LRQA Independent Assurance Statement Relating to SG Group’s GHG Report for the Financial Year 2021/22 DISCLOSURES Emissions audit statement Terms of Engagement This Assurance Statement has been prepared for SP Group. LRQA Limited (Singapore Branch) (LRQA) was commissioned by SP Carbon Solutions Pte. Ltd. to assure SP Group’s GHG Report for the financial year 2021/22 (hereafter referred to as “the Report”). The financial year is from 1 April to 31 March. FOCUS AREAS The Report relates to direct GHG emissions and Indirect GHG emissions from imported energy. Management Responsibility SP Group’s management was responsible for preparing the Report and for maintaining effective internal controls over the data and information disclosed. LRQA’s responsibility was to carry out an assurance engagement on the Report in accordance with our contract with SP Impact Pte Ltd. Ultimately, the Report has been approved by, and remains the responsibility of SP Group. LRQA’s Approach Our verification has been conducted in accordance with ISO 14064–3:2019, ‘Specification with guidance for verification and validation of greenhouse gas statements’ to provide limited assurance that GHG data as presented in the Report have been prepared in conformance with ISO 14064–1:2018, ‘Specification with guidance at the organizational level for quantification and reporting of greenhouse gas emissions and removals’. To form our conclusions the assurance engagement was undertaken as a sampling exercise and covered the following activities: • conducted site visits covering SP Group’s key activities: • SP Group’s HQ building, including data centre at 2 Kallang Sector, Singapore 349277, • Substation for electricity transmission and distribution, • National Gas Control Centre (NGCC), Onshore Receiving Facilities, pressure regulator station and metering station for gas transmission and distribution, • Central warehouse, and • District cooling plants; • reviewed processes related to the control of GHG emissions data and records; • interviewed relevant staff of the organization responsible for managing GHG emissions data and records, both during the site visits and at a sample of overseas locations; • reviewed activity data at the summarised source data, both during the site visits and at a sample of overseas locations; • interviewed relevant staff of the organization responsible for managing GHG emissions data and records; • verified historical GHG emissions data and records at an aggregated level for the financial year 2021/22; and • verified the emission factors used for fossil fuel, lubricant oil/grease, fugitive sources, electricity with the source reference and confirmed its appropriateness. ABOUT THIS REPORT SUSTAINABILITY STRATEGY SUSTAINABILITY GOVERNANCE Contribution to SDGs TCFD Page 1 of 2 45 Level of Assurance & Materiality In accordance with our contract agreement, the assurance was conducted at a limited level of assurance at a materiality of 5% for Categories 1 and 2. The opinion expressed in this Assurance Statement has been accordingly formed. DISCLOSURES Emissions audit statement LRQA’s Opinion Based on LRQA’s approach nothing has come to our attention that would cause us to believe that the GHG emissions for Category 1 direct GHG emissions and Category 2 indirect GHG emissions from imported energy disclosed in the Report as summarized in Table 1 below are not materially correct, and that the Report has not been prepared in conformance with ISO 14064–1:2018. FOCUS AREAS Signed Dated: 28 June 2022 Cindy Zhang LRQA Lead Verifier LRQA Limited (Singapore Branch) 18 Cross Street, #02-101, Suite S2039, Singapore 048423 On behalf of LRQA Limited 1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES, United Kingdom SUSTAINABILITY GOVERNANCE TCFD LRQA reference number: SNG00000324 Table 1. Summary of SP Group, GHG Emissions Report FY2021/22 Scope of GHG emissions Tonnes CO 2 e Direct GHG emissions (Category 1) 78,173 Indirect GHG emissions from imported energy (Category 2, Location-based) Indirect GHG emissions from imported energy (Category 2, Market-based) 423,225 419,959 Location based and Market based are terminologies from Annex E of ISO 14064- 1:2018. This Assurance Statement is subject to the provisions of this legal section: LRQA Group Limited, its affiliates and subsidiaries and their respective officers, employees or agents are, individually and collectively, referred to in this clause as LRQA. LRQA assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or howsoever provided, unless that person has signed a contract with the relevant LRQA entity for the provision of this information or advice and in that case any responsibility or liability is exclusively on the terms and conditions set out in that contract. The English version of this Assurance Statement is the only valid version. LRQA assumes no responsibility for versions translated into other languages. SUSTAINABILITY STRATEGY AB