Top-performing Singapore firm accused of greenwashing

The Sembcorp Tuas solar farm in Singapore. Temasek-backed Sembcorp has two outstanding sustainability-linked bonds totalling S$975mil. — Bloomberg

SINGAPORE: One of Singapore’s best-performing stocks this year – an energy company backed by state investor Temasek Holdings Pte – is under fire for trying to avoid higher interest payments to bondholders that kick in if the company fails to meet emissions targets.

In order to reduce its official carbon footprint, Sembcorp Industries Ltd sold two coal-fired power plants to an Omani group for US$1.5bil (RM7.1bil).