Our Value Framework
Our Value Framework reflects the moral compass of the company, articulating our values, as well as our vision, mission and commitments to our key stakeholders.
Our vision is to be the leading responsible energy provider in the Asia-Pacific region, from one generation to the next. Our mission is to produce and supply energy with minimal environmental impact to create value for shareholders, customers, employees and the wider community, in the context of a changing world.
These, together with our values and commitments made to our key stakeholders, are core to why sustainability is at the heart of our business. Having a set of unwavering values is critical when changes in our business environment are constantly evolving and the relevant rules or precedents to establish good or best practice may not yet exist. Under such circumstances, our values which are grounded in the fundamental principle of “doing the right thing”, can enable us to innovate and continue to be an industry leader in our region, while minimising potential emerging risks.
Conducting our business in a socially and environmentally responsible way is not just an ethical obligation – it is good for a sustainable business.
See our Value Framework and Code of Conduct
Climate Vision 2050
Much has happened since we published our Climate Vision 2050 back in 2007, ranging from the changing momentum of the international climate agreement, to advances in science and technology, to changes in social expectations.
In 2017, we undertook a review of our Climate Vision 2050 by carrying out scenario analyses to test the impact on our business of varying speeds of transition to a low carbon future in the markets where we operate, along with different choices we may make in implementing our strategy. Based on business plan projections, the regional context for energy market development and technologies that exist today, we developed scenarios of varying ambition on how our business would look under ‘slow’, ‘medium’ and ‘fast’ transition scenarios and set them against the International Energy Agency’s Energy Outlook 2016 projections for world and regional energy development. It appeared that the targets we set a decade ago have predicted the future to some degree – they were close to the ‘New Policies Scenarios’ which assumes that countries meet their Nationally Determined Contribution (NDC) targets submitted under the Paris Agreement.
Although the original targets would still seem to be valid in terms of reflecting the more realistic pace of change in our region, we believed there was room to strengthen them. We tightened our target for 2050, thus moving our trajectory a step closer towards a carbon neutral world. These new targets will of course still be challenging, even though we have considered the pace and realities of the development of energy markets in the Asia Pacific region.
Changes to the targets include:
- Tightening of our cornerstone carbon intensity reduction target from 75% to 82% by 2050 (compared to 2007);
- Developing new interim carbon intensity reduction targets of 40% by 2030 and 60% by 2040 (compared to 2007), while taking away the carbon intensity reduction target of 46% by 2035 to align with international convention; and
- Establishing a renewable energy target of 30% and a non-carbon emitting target of 40% by 2030.
In order to reflect more holistically on our generation capacity requirements, we will also begin to report our progress on these targets on a basis that includes capacity purchase, in addition to what we own. We will continue to regularly review our targets to ensure we take into consideration the momentum of change over time.
Find out our progress towards these targets
Our Sustainability Governance
We integrate sustainability-related governance into our corporate governance structure from the Board level down to the operational business unit level.
Compliance and Beyond
We comply with laws and regulations, and voluntarily follow standards that reflect our principles and values.