Sustainability Report Managing Climate Change Risks and Opportunities Wasco’s commitment to producing in a way that helps protect people, the environment and the communities where it operates includes mitigating the risks of climate change. We recognise the devastating effects and associated short- and long-term business risks that climate change presents. Wasco is committed to addressing this issue and to avoid the impact of climate change by improving the efficiency of our operations. Our climate change strategy includes working with employees and supply chain partners on energy-saving processes and a complete climate change risk assessment. The Group’s greenhouse gas (“GHG”) inventory is tracked on a monthly basis via a dashboard that we developed internally. From the dashboard, metrics such as emission intensity, top GHG emission source and more are analysed and inform our GHG reduction strategies. Through the Sustainability Steering Committee, our management team devises strategies to manage and minimise our environmental footprint. The senior management team, along with the respective Heads of Business Units (“BUs”), regularly review GHG emission data on a monthly basis and effectively execute GHG reduction plans. Additionally, the Board receives quarterly updates on the Group’s progress in this regard. Climate-related risks and opportunities are identified, assessed and managed using Wasco’s Risk Management Framework in the same way as all other risks. The Board and senior management consider, review and monitor climate-related risks and opportunities as part of our strategic planning process, investment decisions, and regular financial and operational performance reviews throughout the year. Risks Opportunities Regulatory and Policy Risks • Changes in environmental regulations and policies can impact operations, compliance costs, and market access. • Climate change related disclosures and regulations that could impact our regulatory reporting. Energy Transition Services • Diversify by offering services related to renewable energy, carbon capture, and energy efficiency. • Support clients in transitioning to cleaner technologies. Market Risks • As the world shifts toward cleaner energy sources, demand for oil and gas services may decline. • Fluctuations in oil and gas prices can affect project viability and revenue. Market Opportunities • Positive differentiation in the market for long-term value creation for the benefit of stakeholders. Operational Risks • Extreme weather events (e.g., floods, extreme heat) can disrupt operations, damage infrastructure, and lead to downtime. Innovation and Technology • Develop and provide innovative solutions for emissions reduction, digitalisation, and sustainable practices. • Effective management of climate change risks results in less wastages and contribute to overall cost savings for the Group. 68 Integrated Annual Report 2023
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