SUSTAINABILITY REPORT Cont’d Climate Change Enablers In supporting the execution of our Climate Change Strategy and Roadmap, we have identified four (4) enablers that will help Press Metal achieves its climate change targets. The table below elaborates on our progress in FY2022. Climate Change Enabler Activities in FY2022 Climate Governance • Press Metal has engaged consultants to align the Group’s climate change management and governance with that of the TCFD Recommendations to strengthen climate resilience. We have identified our climate-related risks and opportunities as highlighted under Table X. in the TCFD section of this Report. • Our sustainability governance structure incorporates the delegation of the Board’s oversight on sustainability risks and opportunities to the RMC. Internal Climate-related Capacity Building • We have organised numerous trainings to build internal competency on climate-related topics such as climate risk integration, climate scenarios, and transition plans, GHG and carbon accounting, ESG roadmap workshop, and Energy Management Systems. • A total of 3,111 climate-related training hours was completed in FY2022. Internal Carbon Pricing (“ICP”) Mechanism • We are developing an internal carbon pricing mechanism (shadow price) that sets a price on the GHG emissions from our operations and to drive climaterelated investments. • The ICP mechanism shall be applied in Press Metal’s performance measurement, investment decisions strategy as well as assessing and managing the risk impact. • The internal price of carbon shall be determined based on external factors, industry peer benchmarks, and internal consultation. • The ICP mechanism is intended to serve as an important risk mitigation tool in response to potentially stringent carbon regulations, on our business. Integrated Climate Reporting System • We are currently developing a centralised climate reporting system that will enable effective monitoring and management of GHG emissions data across various subsidiaries, which includes timely data collection and consolidation, data analysis and reporting. External Collaborations and Engagements in Addressing Climate Change In FY2022, Press Metal participated as a working group member in a supplier-buyer initiative for the Voluntary Carbon Market (“VCM”), spearheaded by Bursa Malaysia, to support the establishment of the VCM in Malaysia. We provided insights into issues and opportunities as well as playing a role in recommending the key design choices for the product specifications set to be offered on the Bursa Carbon Exchange (“BCX”). Press Metal is excited to support the early buy-in by participating in the Inaugural Auction which was launched in the first quarter of 2023 by Bursa Malaysia. Press Metal has set our sights on developing and maintaining smart partnerships with renowned institutions around the world. We have signed MOU with universities to maintain the academic and research collaboration on R&D projects on energy and sustainability. To demonstrate our commitment to the National 100 million Tree Campaign under the purview of the Ministry of Energy and Natural Resources, we have also sponsored tree-planting initiatives as reforestation efforts to combat the current climate issues. Read more on our tree-planting initiatives in the Biodiversity section of this Report Read more on signed MOU in our initiatives under Talent and Labour Management section of this Report ANNUAL REPORT 2022 122
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