75 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information SUSTAINABILITY REPORT Key Actions to Achieve Net Zero • Assessing Grid Connectivity Feasibility: – Conducting a technical and infrastructure assessment to determine the feasibility of connecting WCME Qatar to the national grid. – Engaging with local energy providers and regulatory bodies to understand grid availability, connection requirements, and potential renewable energy options. • Transitioning to Renewable Energy: – We are actively shifting from fossil fuelbased power sources to grid electricity, with a strong emphasis on integrating renewable energy into our operations. – This includes expanding solar energy adoption across key facilities, such as: – WCM Kuantan – PTWEI Batam – WPS Kota Kinabalu – Wasco Thermal Shah Alam – WPE Teluk Panglima Garang (with plans for further solar capacity expansion) • Optimising Energy Efficiency: – We plan to actively implement diesel-toelectric equipment conversions where feasible, replacing diesel-powered machinery with electrified or energy-efficient alternatives to minimise fuel consumption and emissions. This initiative has already been implemented during Quarter 4 2024 at PTWEI Batam, and we are considering adopting a similar approach at WCME Qatar while transitioning to grid power. – Additionally, we are enhancing fuel management and consumption tracking to optimise diesel usage during the transition phase. – We are also integrating energy-saving technologies and best practices across our operations. • Enhancing Carbon Sequestration Through Wasco Forest Soil Carbon Stock: – Reforestation through Wasco Forest plays a crucial role in Carbon Sequestration: Protecting and expanding forested areas within Wasco-managed sites to increase soil carbon storage capacity. – Soil Carbon Assessment & Monitoring: Conducting regular soil carbon stock assessments to quantify and track our carbon sequestration progress. Taking Collective Climate Action Sustainability is a shared responsibility. By working together with industry partners, clients, and stakeholders, we can drive meaningful change and contribute to a net zero future. We encourage other businesses to take action and join the journey toward sustainability. Wasco remains committed to leading by example, ensuring that our business growth aligns with environmental responsibility. We will continue enhancing our climate strategy as part of our climate resilience development. Among the measures we plan to take include: • Assessing climate risks based on factors such as useful life of assets and infrastructure, expected time of occurrence of climate impacts, internal strategies, as well as alignment with external commitments and regulatory frameworks. • Conduct climate scenario analyses to evaluate potential impacts under two projected climate conditions and across different time horizons. These analyses help us assess the resilience of Wasco’s climate strategies against diverse climate scenarios and underlying assumptions. • Conducting IFRS S1 & S2 quantitative analyses and using the relevant outcomes to formulate action plans. The action plans will be used to address climate matters that are aligned with Wasco’s Net Zero Carbon Roadmap and will be integrated into our corporate strategy and financial planning.
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