59 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT Sustainability-related risks and opportunities are identified, assessed, and managed using Wasco’s Risk Management Framework, in alignment with how all other risks are addressed. The Board and Senior Management actively consider, review, and monitor these risks and opportunities as part of our strategic planning, investment decisions, and regular financial and operational performance reviews throughout the year. Key Risks Key Opportunities By proactively addressing sustainability risks and capitalisng on emerging opportunities, we can enhance our resilience, drive innovation, and strengthen stakeholder trust, ultimately securing long-term success. Hence, by integrating sustainability into our business strategies, we can navigate uncertainties, enhance our competitiveness, and contribute to a more sustainable future. Environmental: Climate change, resource scarcity, and stricter regulations can disrupt operations and increase costs. Environmental: Investing in renewable energy, sustainable sourcing, and circular economy practices can reduce costs, mitigate risks, and strengthen brand value. Social: Workplace safety concerns changing consumer expectations, and lack of diversity can harm reputation and employee engagement. Social: Strong labour practices, ethical sourcing, and inclusive branding can improve employee retention and customer loyalty. Governance: Evolving regulations require adaptive approaches. ESG non-compliance, unethical conduct, and cybersecurity threats can lead to legal and financial consequences. Governance: Transparent reporting, ethical business conduct, and data-driven decision-making can attract investors, enhance governance credibility, and ensure regulatory compliance. Financial: Rising compliance costs, investor divestment, and supply chain disruptions can impact profitability. Financial: Access to green financing, efficiency improvements, and long-term value creation through sustainability initiatives can boost financial performance. Market: Changing consumer demand for low-carbon products can lead to stranded assets and increased business risks. Market: Sustainability-driven innovation and transition initiatives open new market and job opportunities in the green economy. Technology: High upfront costs of low-carbon technologies pose transition challenges for carbonintensive operations. Stakeholder: Collaborating with business partners and leveraging Wasco’s sustainability leadership enhances project execution and emission reduction efforts.
RkJQdWJsaXNoZXIy NDgzMzc=