STX Group expands its APAC presence to drive global supply chain decarbonization and energy transition

  • STX Group further boosts corporate climate action at the core of the APAC region, enhancing value for clients and offering pioneering environmental markets and decarbonization services
  • Building on a strong track record as a trusted partner to APAC companies to stimulate the energy transition amid evolving regulations and headwinds for renewable power switch
  • STX Group executed 450 TWh worth of renewable energy transactions in 2022, nearly twice the power consumption of Australia and over eight times of Singapore’s

 

SINGAPORE (January 17, 2024)STX Group, a leading, global environmental commodities trading and climate solutions firm, today announces the expansion of its operations and services in the APAC region through the firm’s office in Singapore. The move comes as a result of the region’s growing importance in supply chain and global decarbonization efforts, reinforces the STX Group’s commitment to accelerate the energy transition and corporate climate action across the region.

The city-state’s vibrant business ecosystem, role in industrial supply chains and global financial hub status make it a cornerstone in the global decarbonization battle. Singapore’s pioneering implementation of the first carbon pricing scheme in Southeast Asia and the growing uptake of energy certificates position it as an optimal marketplace to promote environmental commodities markets and climate solutions.

Once a key region for the origination of environmental commodities, Asia Pacific increasingly sees large companies across all sectors take a growing role in acquiring environmental commodity products, such as renewable energy certificates and carbon credits and integrating them in their decarbonization strategy. The region holds a significant responsibility for global decarbonization, accounting for 53% of global primary energy consumption and responsible for 51% of global emissions. STX Group, with its integral knowledge across the three scopes of emissions and deep roots in local business, brings a unique value proposition to accelerate change for native companies and global firms with operations in Southeast Asia.

STX Group, along with its corporate climate action division STRIVE by STX, plays a central role in the global energy transition and offers tailored solutions for companies to decarbonize their operations through various environmental products including green power procurement, energy efficiency and carbon markets. The company can seamlessly provide end-to-end services for companies in their net-zero journey, along with access to the largest portfolio in the environmental commodities market, and pioneering experience in compliance carbon markets.

“We see great potential in the APAC region to build a more sustainable future and we are excited to witness the corporates tapping into the impactful solutions offered by environmental markets to transform liabilities into business opportunities.  Our goal is to support our global corporate clients in advancing the decarbonization of their supply chains within the region, while simultaneously providing local companies with impactful solutions to drive sustainable change. In addition to promoting environmental commodities, we build upon pioneering carbon markets experience to help companies address sweeping regulations such as new ETS schemes, CBAM, scope 3 emission reporting or the new Singapore carbon tax,” said Aymeric de Conde, Head of STRIVE by STX in APAC.

Net zero race won or lost in APAC: Singapore as a global heavyweight for decarbonization

Asia Pacific is deemed crucial in the global push for global economy’s decarbonization, given its substantial industrial footprint and potential to drive significant reductions in emissions. Along with the increasing pressure from consumer and investors, the implementation of the Carbon Pricing Act 2018 in Singapore, plans for hydrogen trading, and the complex Carbon Border Adjustment Mechanism (CBAM) pose complex regulatory challenges for corporates in the region while showcasing a clear commitment to environmental progress.

The World Economic Forum’s estimation of a US$4.3 trillion revenue opportunity by 2030 in sustainability efforts underscores the economic potential in APAC. However, corporate switch to renewable power is uniquely complex in the region, as highlighted by RE100, with limited renewables access, prohibitive costs, and a shortage of certificates. Reporting requirements for entities grow increasingly intricate on a global scale, yet companies are elevating their transparency and dedication to organizations like Science Based Targets or the Climate Disclosure Project (CDP).

STX Group stands ready to guide companies through these challenges and continues its global expansion from the strengths of a global footprint and local roots and client industry expertise. In 2022, STX Group drove globally the generation of 450 TWh of renewable energy, equivalent to nearly twice the power consumption of Australia (250 TWh in 2022) and over 8 times Singapore’s (54.7 TWh).