Yinson Annual Report 2021

58 YINSON HOLDINGS BERHAD SECTION 02 : BUSINESS REVIEW GREEN TECHNOLOGIES MARKET OVERVIEW The outlook for this business division is promising. The global green technology and sustainability market is expected to grow from USD11.2 billion in 2020 to USD36.6 billion by 2025, at a compound annual growth rate of 26.6%. The increasing focus on green technologies worldwide is driven by rising awareness about the harmful effects of GHG gas emissions, and accelerated by many government-led initiatives to encourage investments in electric mobility, infrastructure and alternative energy. Global megatrends, such as the rapid drop in costs of batteries, renewables, autonomous technologies and computer storage have also contributed to green tech’s growth. STRATEGY FOR GROWTH Yinson’s Green Technologies Division was established in September 2020, with the purpose of accelerating the transition to a net carbon-zero world through investments in green technologies, towards a better future for all. Our immediate focus is primarily in the geographical markets that we currently operate in and within the marine, transport and energy business segments. In the longer run, Yinson aims to build a digital ecosystem that will unite customers with their needs. This management model will integrate all the support services and provide a holistic infrastructure of green energy supply. Build on existing strengths by tapping into synergies between business divisions and corporate. Align with governmental incentives and strategies such as the Paris Agreement and governmental grants. Select projects that are sustainable and net carbon zero. Target megatrends such as falling costs of batteries, renewables, autonomous technologies and energy storage systems. GREEN TECHNOLOGIES DIVISION’S STRATEGY FOR SELECTING PROJECTS EIRIK BARCLAY Group Executive Vice President, New Ventures and Technology GREEN TECHNOLOGIES