73 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT These strategies encompass initiatives to reduce our carbon footprint, increase energy efficiency, transition towards renewable energy sources and enhance resilience to climate-related risks. We actively engage with stakeholders to collaborate on fulfilling our commitment to achieving net-zero carbon emissions, fostering partnerships that drive collective action towards a sustainable future. • Implement low-carbon strategies, energysaving programmes and utilisation of green energy • Invest in renewables and embrace the circular economy • Improve energy efficiency and further reduce operational GHG emissions • Remove carbon using nature-based solutions like reforestation initiatives • Set long-term stretched targets to drive swift and agile climate change adaptation and mitigation • Achieve company-wide strategic alignment of goals • Use quantitative metrics and performanceoriented results to measure progress and promote data-driven decision-making. • Adopt ISSB’s climate disclosure standard (IFRS S1 & S2) • Integrate climate-related risk management into Wasco’s overall risk management framework • Identify climate-related risks and opportunities and perform scenario analyses to mitigate risks • Participate in global and national sustainability initiatives, and engage in sustainability assessments conducted rating agencies like FTSE Russell Low-Carbon Strategies Performance-Oriented Results Comprehensive Management Framework Climate Advocacy and Education Wasco is an active member of the Malaysian Oil & Gas Services Council (“MOGSC”), Malaysia Gas Association (“MGA”), Malaysia Petroleum Resources Corporation, and the Federation of Malaysian Manufacturers. Through these memberships, we remain committed to addressing climate-related challenges, particularly their impact on the energy sector. Climate Change Strategy Our strategies to adapt to climate change and build resilience for a sustainable future. • Facilitate climate education and awareness through seminars and company-wide awareness programmes Our role and involvement include: • Identifying key environmental issues related to climate change, water, waste; and • Collaborating on solutions that drive sustainable improvements within Wasco and its supply chain. Wasco plays an integral role in driving change management by facilitating knowledge-sharing, policy discussions, and regulatory advancements. Through our participation, we: • Support the development of public policy and regulations that promote sustainability within the energy sector; and • Explore emerging opportunities, such as Carbon Capture, Utilisation, and Storage (“CCUS”), hydrogen technology, and renewable energy solutions, to contribute to a cleaner, more sustainable future. By leveraging our industry presence and expertise, we continue to advocate for environmental responsibility, innovation, and sustainable growth in the energy sector.
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