Operationally, we continued to expand our reach through our service centres, field personnel, and installations, emphasising Wasco’s dedication to service excellence and customer satisfaction in the biomass energy sector. In 2023, three Lost Time Incidents (“LTIs”) were recorded in our Bioenergy Services operations. The team will continue to focus on enhancing Bioenergy’s Health, Safety, and Environment (“HSE”) management practices to align more closely with the Group’s safety objectives. For further insights into Wasco’s commitment to health, safety, and the environment, stakeholders are encouraged to refer to the Sustainability Report included in the Integrated Annual Report on pages 44 to 91. Through transparent reporting and accountability, we reaffirm our commitment to sustainability and responsible corporate citizenship. Outlook for Bioenergy Services Biomass Waste Energy Generation In recent years, the outlook on biomass waste energy generation has become increasingly optimistic, buoyed by technological advancements, policy support, and a growing recognition of the importance of sustainable and renewable energy sources. Biomass energy, derived from organic materials like wood, agricultural residues, and organic waste, holds immense promise in diversifying energy sources and fostering a greener and more sustainable energy landscape. Technological Advancements and Innovations Biomass power plants are embracing cutting-edge conversion technologies such as gasification and pyrolysis, aimed at enhancing energy efficiency and reducing emissions. Integration of biomass power generation into waste-to-energy projects is gaining traction, enabling the conversion of organic waste materials into electricity and heat, thereby addressing waste management challenges while generating energy. Biogas produced from organic waste materials in anaerobic digesters is emerging as a significant source of biomass energy, offering a sustainable means of energy production while mitigating waste. Policy Support and Government Initiatives Governments worldwide are rolling out incentives and policies to promote biomass power generation as part of their renewable energy agendas. These initiatives are pivotal for fostering the growth and expansion of biomass energy projects. For instance, the Malaysian government’s Low Carbon Nation Aspiration 2040 (“LCNA”) aims to significantly increase bioenergy production from 1 million tonnes of oil equivalent (“Mtoe”) in 2018 to 4.7 Mtoe by 2040, demonstrating Malaysia’s commitment to renewable energy. In Indonesia, the government’s decision to increase its biodiesel mandate from B30 to B35 in 2023, with plans for further increments to B40 in the near future, underscores the nation’s strong commitment to expanding its biofuel production. This initiative not only boosts domestic demand for biodiesel but also enhances the country’s position as a key player in the global bioenergy market. Similarly, countries like Mexico, Colombia, and Ecuador are actively promoting biofuel production through the adoption of biofuel mandates, recognising biofuels as a viable and sustainable alternative to conventional fuels. These policy measures not only stimulate biofuel demand but also create new opportunities for investment and growth in the bioenergy sector on an international scale. Chairman and Managing Director/ Group CEO’s Statement 37 Wasco Berhad
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