PSA International announced the launch of its inaugural Sustainability Report 2020 titled “Green Horizons: Enabling a Better World Through Sustainable Port and Supply Chain Solutions”.
The Report reflects the PSA Group’s commitment as a business to build a more resilient and sustainable port and supply chain ecosystem, and drive accountability and continual improvement in its sustainability performance. The Group aims to reduce its absolute carbon emissions by 50 per cent by 2030 (against a 2019 baseline year) and progressively achieve net zero carbon emissions by 2050. Its target covers Scope 1 and Scope 2 emissions as classified by the Greenhouse Gas (GHG) Protocol standard.
Mr Peter Voser, Group Chairman of PSA, shared, “Launching our first Sustainability Report this year is both timely and significant. As we look to recover and emerge stronger from the pandemic, PSA has a unique opportunity to contribute to a more resilient and sustainable global economy. We believe that sustainability is not merely an option but our responsibility. It is also imperative to ensure the longevity and resiliency of our business, enabling growth without compromising on the needs of future generations or destroying the environmental systems on which we rely.
“I would like to thank all of our people and our partners for being with us on this journey, and am hopeful that our collective efforts will contribute towards securing a better future for everyone.”
Mr Tan Chong Meng, Group CEO, said, “This Report reflects our commitment and ambition to be a global leader in climate action and to drive sustainable growth in the port and logistics industry. On top of building our digital capabilities to enhance supply chain resilience, we are also striving to innovate new cargo solutions to enable greener logistics choices for supply chain users, especially shippers who are similarly concerned about climate change.
“In an increasingly connected and interdependent world, no business or country alone can tackle a virus, enable trade or reverse environmental degradation. PSA is in a unique position to influence and drive sustainable change beyond our operations, across global supply chains. We are actively driving greater collaboration within the industry, for we believe that collective action is key to any sustainable change.”
PSA has made investments and spearheaded innovations to bring about rapid decarbonisation of its operations. Several significant strides have already been made, including progressive electrification of its equipment and test-bedding of alternative energy vectors like hydrogen. Tuas Port in Singapore will also showcase the latest climate technologies, and set the standard for sustainable port operations.
Anchoring these efforts is the Group’s Sustainability Strategy Framework presented in the Sustainability Report – a framework derived from a rigorous assessment of the Environmental, Social and Governance (ESG) factors that are material to PSA’s business and stakeholders. The framework focuses on the strategic priorities of: Taking Climate Action, Transforming
Supply Chains, and Nurturing A Future-Ready Workforce, underpinned by a commitment to steward responsible business practices across the Group consistently and coherently.
PSA’s Sustainability Report aligns to international reporting frameworks, including Global Reporting Initiative (GRI) Standards and the Task Force on Climate-related Financial Disclosures (TCFD), to ensure robust and comprehensive reporting. To accelerate progress across the most material ESG factors facing its business, PSA has set ambitious targets and will continue its pursuit of innovations and partnerships to achieve them. The Report highlights these commitments and PSA will track and chart its sustainability progress.
The Sustainability Report is available at www.globalpsa.com/sustainability-report.