SUSTAINABILITY REPORT Cont’d To steer Press Metal towards meaningful management of our environmental footprint, we have set measurable targets to track and assess our progress and performance as listed below: z Reduction of GHG emissions intensity (Scope 1 and Scope 2) by 15% from the 2020 baseline by 2025 z Reduction of GHG emissions intensity (Scope 1 and Scope 2) by 30% from the 2020 baseline by 2030 z Achieve carbon neutrality by 2050 z Achieve 95% waste diversion rate by 2026 z Zero (0) landfill waste by 2030 z Reduction of water withdrawal intensity by 5% from the 2016 baseline by 2023 z Reduction of water withdrawal intensity by 10% from the 2016 baseline by 2030 2020 baseline for GHG emissions intensity: 2.4 tonnes CO2-eq/ tonne of aluminium 2016 baseline for water withdrawal intensity: 3.1 m3/ tonne of aluminium CLIMATE CHANGE GRI 3-3, GRI 305-1, GRI 305-2, GRI 305-3, GRI 305-4, GRI 305-5 Why is this important? According to the World Economic Forum’s (“WEF”) Global Risks Report3, climate change is one of the top five (5) global risks, demanding urgent attention from all stakeholders. In tackling climate change, we need to be agile to adapt our business model against potential long-term climate risks and impacts on the business. At the same time, we strive to identify opportunities to reduce our carbon footprint across our value chain and energy consumption to mitigate climate change. Furthermore, consumers are shifting preferences in favour of low-carbon products4. Increasing interest towards lowcarbon aluminium which forms a fundamental building block of many products and innovations such as aviation, packaging material for food and beverages, household products and automotive to facilitate sectoral decarbonisation has opened the doors for businesses that meet the pathway’s prerequisites. It is crucial to gain a comprehensive understanding of the potential risks and opportunities that are presented by climate change. This requires the establishment of robust and resilient climate strategies, as well as the setting of reduction targets while understanding the financial implications that climate change may cause, and leveraging these risks and opportunities to create long-term value. This requires a thoughtful approach to scenario planning, and a commitment to adaptation strategies as new technologies and trends emerge. 3 The Global Risks Report 2023 18th Edition 4 Fastmarkets 3 November 2022 – “Low-carbon aluminium demand expected to grow exponentially by 2030, McKinsey says” ANNUAL REPORT 2022 116
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