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Review and Verification of Sustainability Performance Target and KPI for Sustainability-linked Loan
September 15, 2022
All Projects, Carbon & Sustainability
TEMBUSU Asia Consulting (TAC) was appointed by a client to perform a review and verification of the Sustainability Performance Target (SPT) and Key Performance Indicators (KPI) baseline for a Sustainability-linked Loan.
The client is a global multi-disciplinary contractor that undertakes the detailed engineering, procurement, fabrication, construction, and onshore pre-commissioning & commissioning of offshore topside modules and facilities for FPSOs (floating production storage and offloading vessels), FSOs (floating storage and offloading vessels), FLNGs (floating liquefied natural gas vessels), FSRUs (floating storage and regasification units) and Fixed Platforms, onshore modules for land-based plants for the Oil and Gas industry, as well as offshore and onshore renewables and green energy sectors.
With a growing focus on Environmental, Social and Governance (ESG) agendas, the client strategically embeds sustainability into its business model while seeking incentives from sustainable financial products that are available in the capital market. In this project, GHG emissions reduction was identified as its SPT, as an independent party TAC performed the review of its SPT and KPI identification and verify its GHG inventory baseline in accordance with the International Standard ISO 14064-3:2019. Based on the verified baseline, the client has committed to reducing its GHG emissions intensity targets by a substantial amount in the next 5 years. This target is well-aligned with the Science-based Target of 1.5°C.