MISC BERHAD 124 INTEGRATED ANNUAL REPORT 2023 125 www.miscgroup.com ANCHORING SUSTAINABILITY SECTION 10 As a leading provider of international energy-related maritime solutions and services, MISC Group is at the forefront of shaping the future of the industry. We actively participate in pivotal industry discussions, leveraging our expertise and experience to contribute innovative solutions alongside other industry leaders. Our commitment extends to fostering a deeper understanding and implementation of sustainable practices through active engagement with a diverse range of stakeholders. We are members of industry associations where we play a proactive role in various industry forums, conferences, events and partnerships. Call to Action A multi-stakeholder task force by the Getting to Zero Coalition, comprising members from the entire maritime ecosystem. Signatory to the Call to Action for shipping decarbonisation. Carbon Disclosure Project (CDP) A not-for-profit organisation that oversees the global disclosure system used by investors, businesses, cities, states and regions to effectively manage their environmental impacts. Disclose our carbon management strategies, policies and procedures to CDP on an annual basis. Getting to Zero Coalition A partnership between the Global Maritime Forum (GMF), Friends of Ocean Action and the World Economic Forum in developing zero-emission vessels by 2030 and furthering international shipping’s decarbonisation in line with the IMO’s aspirations. Collaborate with maritime partners to jointly develop an ammonia-fuelled tanker that supports the shipping industry’s drive for a decarbonised future. Principles/Charters Description Our Position Climate-Related Trade Associations and Principle/Charter Maritime Anti-Corruption Network (MACN) A global business network that advocates a corruption-free maritime industry, promoting fair trade for greater societal good. Align our contributions to MACN with the SDGs, particularly Goal 16 (Peace, Justice and Strong Institutions) and 17 (Partnership for Goals). Membership Description Our Position Other Trade Associations and Memberships For more information, please refer to the List of Associations and Principles on page 55 in MISC’s 2023 Sustainability Report. Section Description Reference Governance • Established an effective governance structure, led by the Board and supporting committees, to provide oversight, evaluate and manage climate-related matters and their associated risks and opportunities • Disclosed the frequency of Board meetings per year to discuss and deliberate on sustainability and climate-related issues Sustainability Report (please refer to page 73) Strategy • Ensured alignment with IMO’s decarbonisation goals, targeting a 50% reduction in GHG intensity by 2030 and Net-Zero GHG emissions by 2050. This commitment extends across our value chain • Established approach involving short to medium-term growth through our business plans, prioritising business demands and actively addressing climate change risks • Identified Time Horizons: - Established short, medium and long-term time horizons, aligned with regular business planning cycles, with asset lifespan and business impact evaluation taken into consideration - Ensured short planning cycles mirrored industry changes, enabling prompt adaptation to evolving needs • Disclosed strategic plans to manage climate-related risks and opportunities Sustainability Report (please refer to pages 74 to 79) Risk Management • Identified nine significant climate-related physical and transition risks and opportunities based on driving forces • Categorised climate-related risks and opportunities systematically, emphasising those with high importance based on their impact, significance and stakeholder interest • Material risks and opportunities identified will be integrated into our strategic priorities within our business plan Sustainability Report (please refer to page 80) Metrics and Targets • Identified performance indicators and benchmarks to manage climate-related risks and opportunities: - Medium-term target: 50% reduction in GHG intensity (for shipping operations) by 2030 - Long-term target: Net-Zero GHG emissions by 2050 Sustainability Report (please refer to page 81) MISC’s climate-related financial disclosures aim to describe the impact of climate change on our operations, outlining the strategy for mitigation and resilience. For more information, please refer to the MISC’s 2023 Climate-Related Financial Disclosures Report and Climate-Related Financial Disclosures section on pages 73 to 81 in MISC’s 2023 Sustainability Report. CLIMATE-RELATED FINANCIAL DISCLOSURES MEMBERSHIPS AND ASSOCIATIONS Anchoring Sustainability Anchoring Sustainability
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