EMBRACING SUSTAINABILITY AT OUR CORE As touched upon above, sustainability has become a vital cog of every global organisation. Today’s businesses, investors and customers are more likely to base their decisions on the commitment and track record of a company in delivering socioeconomic value and protecting natural environments, making it missioncritical that we remain ahead of expectations. Our approach is to treat sustainability not merely as a compliance issue but see it as an enabler for improved business performance. As an example, we have plans to install solar panels within SilTerra’s operations. This not only reduces our carbon footprint – in line with our efforts to become a net zero emissions company by 2050 – but drives long-term cost efficiency in production, with the potential to sell excess energy generated back to the grid for profit. This pursuit of shared valued is echoed by our collaboration with Cerulean Winds Limited, a specialist in creating solutions for oil and gas decarbonisation. Through our partnership, we are working to develop a first-of-its-kind floating wind turbine that will power Ping’s Excalibur FPSO vessel in the UK upon launch. In the hard-to-abate energy sector, this promises to be a defining breakthrough, and its geographically flexible nature means that we may potentially be able to sell the solution to other players in the oil and gas sector. These highlights merely scratch the surface of our extensive work across the ESG spectrum, with continuous and purposeful efforts from our teams to improve employee health and safety, drive higher standards in product quality and support sustainable community development. For more information, read our Sustainability Statement from page 110 to 141. Casting our eyes towards FY2024, we look forward to taking further steps on our sustainability journey, guided by our Sustainability Framework. Our upcoming climate risk assessment will provide us with a comprehensive view of the risks and opportunities associated with climate change and our transition to low-carbon operations, informing more effective and holistic decision-making on business practices and potential investments. Meanwhile, we will also conduct a Group-wide human rights risk assessment to identify potential risks related to human rights violations across our various jurisdictions. This assessment will be key to minimising the severe downside consequences that any non-compliance may cause and will earmark us as a responsible organisation within the global arena. The Launch of DARE, 27 February 2024 Integrated Report 2023 07
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