WASCO BERHAD 44 CHIEF STRATEGY OFFICER’S STATEMENT Dear Valued Stakeholders, At Wasco, sustainability is more than an operational imperative—it guides our strategic decisions, operational priorities, and how we deliver lasting value. As we reflect on 2024, I am pleased to present our Sustainability Report (“SR”), which captures the commitment, transparency, progress, and tangible impact delivered by our dedicated teams across Wasco. PROGRESSING TOWARD NET ZERO AMID INCREASED ACTIVITIES Throughout 2024, we continued to advance steadily toward our goal of achieving net-zero Scope 1 and 2 emissions by 2026. While heightened operational activities—particularly at our Qatar facility—led to an increase in total emissions this year, amounting to 44,780 tCO2e of Scope 1 and 2 emissions, we responded proactively by strengthening our emissions management strategies and preparing for renewable energy expansion. In 2025, we plan to install new solar infrastructure at key sites, including Kuantan, Shah Alam, Kota Kinabalu, and Batam. Our renewable energy reliance remained steady at 27%, supported by ongoing solar power generation exceeding 1,120 MWh and our continued subscription to Tenaga Nasional’s Green Electricity Tariff. RAISING THE BAR IN ESG In 2024, we significantly raised the bar in our ESG commitments, reinforcing our accountability and credibility across key sustainability areas. With the launch of the National Sustainability Reporting Framework (“NSRF”), we conducted a gap analysis of our SR against the NSRF requirements. Where possible, we have begun incorporating these requirements in our current SR. GOVERNANCE Through rigorous internal reviews, audits and independent third-party assurances, we strengthened the accuracy and transparency of our critical ESG metrics, including renewable energy usage, greenhouse gas emissions (Scope 1 and 2), water management, energy consumption, and occupational safety. Our Board Sustainability Committee provided diligent oversight throughout the year, reviewing our ESG strategies and ensuring their alignment with IFRS S2 climate-related disclosure standards, further enhancing our overall sustainability accountability. SUSTAINABILITY REPORT ADVANCING SUSTAINABILITY WITH PURPOSE AND ACCOUNTABILITY SUSTAINABLE TRANSITION FINANCE FRAMEWORK In a pioneering move, Wasco introduced ASEAN’s first Sustainable Transition Finance Framework, strategically integrating our financial and sustainability objectives. Under this innovative framework, we secured a USD25.0 million sustainability-linked loan, with an initial drawdown of USD10.0 million specifically supporting sustainabilitydriven infrastructure improvements at our Batam yard. This groundbreaking initiative reinforces our accountability, positioning Wasco as a regional frontrunner in sustainable finance. CIRCULARITY MOVEMENT We accelerated our circular economy efforts in 2024, achieving significant waste reduction through impactful recycling initiatives. Notably, we transformed polyethylene and polypropylene waste from our coating processes into reusable resin, slashing purging material costs by 81.0%. Additionally, our active participation in community recycling programmes saw us transforming plastic bottle waste into textiles and collecting over 205 kg of electronic waste, underscoring our commitment to responsible resource use and waste reduction. COMMUNITY ENGAGEMENT AND SAFETY EXCELLENCE We continued fostering strong community engagement, investing approximately RM0.8 million in impactful initiatives that benefited nearly to 12,000 individuals across Southeast Asia and East Africa. These activities received the active support of our employees, who collectively contributed approximately 11,800 volunteer man-hours. Safety remained paramount as we achieved an exceptional Lost Time Incident Rate of 0.05, significantly outperforming industry benchmarks for the year.
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