35 LEADERSHIP MESSAGES GROUP CEO REVIEW However, energy demand does not develop uniformly. It is affected by factors such as availability, infrastructure, market competition and government policies. Therefore, we cannot deploy one single blanket approach to meeting energy security needs across different sectors and geographies. Some advanced countries already meet close to 100% of their energy needs with renewable energy, whereas many developing nations are much further away. For these developing nations, transitioning away from fossil fuels too fast may affect the stability of energy supply – something that can disproportionately affect poorer economies, leading to economic slowdown, decreased quality of life and many other societal concerns. The graphic below summarises how Yinson’s businesses contribute to energy security, environmental sustainability and energy affordability. We have always said that we believe in a future where energy is clean, accessible, affordable and reliable for everyone. But I also want to emphasise that we believe in the here and now – that providing energy security and affordability to as many people as possible today and throughout the transition is just as vital. In fact, I believe that it is impossible to achieve a sustainable future if we are not inclusive now and throughout the transition. The need to reduce GHG emissions and other negative environmental impacts associated with energy production and its use. YR and YGT help to drive the transition to a clean energy ecosystem. In the meantime, YP is at the forefront of efforts to lower the emissions of offshore production operations to net zero. Ensuring there is enough energy supply to meet demand, and that energy delivery is reliable. Through YP and YR, Yinson can supply both traditional and alternative forms of energy to the energy mix according to localised energy demand, keeping the supply stable and accessible throughout the transition. ENERGY SECURITY ENERGY AFFORDABILITY ENVIRONMENTAL SUSTAINABILITY Ensuring that energy prices are reasonable and that people can afford to pay their energy bills. YP and YR help to keep energy costs low throughout the transition by contributing to a stable energy supply, suited to the economics and infrastructure of the communities where we operate.
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