69 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT Progressively, we will regularly review, and where necessary, update roles and responsibilities to support the ongoing integration of climate risks and opportunities into our business strategies and financial planning. To further strengthen Wasco’s climate governance, we are committed to continuously enhancing the monitoring and reporting mechanisms aligned with the implementation of the climate-related financial disclosures framework. These efforts will be systematically embedded within our broader sustainability governance structure. Moving forward, the BUs will play a key role in monitoring and overseeing the risk assessment of climate change-related matters, ensuring alignment across the organisation. Strategy Wasco is committed to producing in a manner that safeguards people, the environment, and the communities in which we operate - an approach that includes mitigating the risks associated with climate change. We recognise the severe short- and long-term business risks that climate change presents and are dedicated to addressing them by enhancing the efficiency of our operations. Our climate change strategy involves close collaboration with employees and supply chain partners to implement energy-saving processes and conduct comprehensive climate change risk assessments. Wasco’s GHG inventory is tracked monthly through an internally developed dashboard. This tool provides insights into key metrics such as emission intensity, primary GHG emission sources, and other indicators that guide our GHG reduction strategies. Through the SSC, our management team formulates approaches to reduce our environmental footprint. Senior Management, together with the respective Heads of BUs, reviews GHG data monthly to ensure the effective implementation of reduction initiatives. The Board also receives quarterly updates on Wasco’s climate performance and progress. To support our business planning, we categorise climate-related risks across distinct time horizons, which help in identifying and addressing risks more effectively. Short-Term (2020-2026) In the short-term (2020-2026), our primary focus will be on continuing efforts to reduce GHG emissions, ensuring high-quality climate reporting, and conducting a comprehensive climate risk assessment. These efforts will serve as the foundation for informed decision-making, strategy development, and setting clear climate-related targets. Wasco is also committed to gradually adopting the IFRS S1 & S2 standards by initially incorporating the four content pillars and 11 recommendations of the TCFD reporting framework into our climate disclosures. This phased approach will enable us to build robust strategic plans and more effectively assess the potential business implications of climate-related risks and opportunities. We remain sure and steadfast in our ambition to achieve Net Zero emissions for Scope 1 and 2 by 2026. In line with this, management will prioritise establishing clear climate strategies, roles, and responsibilities to support our medium- and long-term goals. Medium-Term (2027-2030) Long-Term (2031-2050) • Develop a GHG reduction strategy and conduct climate risk assessments to guide climate strategy and target setting. • Achieve Net Zero for Scope 1 and 2 emissions • Enhance business resilience to climate transition risks • Align GHG reduction strategy with the national net zero target and drive climate action across the value chain Short -Term (2020-2026)
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