63 VALUE CREATION AT YINSON GS1 Operationalise ESG At Yinson, we recognise that delivering on our ESG targets is key to enabling us to contribute materially to global energy security, ensuring the sustainability of the business and delivering sustained returns to our shareholders and supply chain. To achieve this, Yinson has placed ESG considerations at the core and we are operationalising ESG wherever possible – whether through business operations, strategies, financing, risk management or new business opportunities. Foundationally, Yinson has established a robust sustainability governance structure that focuses on integrating ESG considerations into all decisions. To make this more prominent, members of the Sustainability Committee and Management Committee have key performance indicators set against sustainability metrics, with their remuneration tied to their performance against these targets. In the context of climate action, we remain committed to achieving carbon neutrality by 2030 and net zero by 2050. We are aggressively working to lower the emissions of our current fleet, and are very careful to only select projects for our future fleet that will lower our overall fleet carbon intensity in line with our projections and targets. We also recognise that our suppliers play an important role in helping us achieve our aspirations. As such, in the year under review, we further enhanced our Vendor Registration Platform (“VRP”) with the addition of an ESG module. The module includes a more detailed set of ESG questions that are benchmarked to global reporting standards, allowing us to measure our suppliers’ ESG maturity and engage with them. Going forward, despite the challenges associated with ensuring that ESG remains at the forefront of our business, we remain deeply committed to this agenda. We will continue to explore new technologies and better ways of working to ensure that we are effectively operationalising ESG. Our commitment to corporate social responsibility As a responsible corporate citizen, we are aware that we play a crucial role in positively impacting communities and the environment via our CSR efforts. We have set our goals to initiate and maintain a sustainable transformation by concentrating our initiatives on empowering communities and environmental preservation. In FYE 2023, we invested approximately RM1.89 million across 21 CSR projects impacting 23 communities, and our employees volunteered 120 CSR hours through STRATEGY REVIEW proactive participation. Notable highlights include impacting more than 5,915 Ghanaian students at various schools in the region where we operate, 65 scholarships awarded through our Yinson Scholars Programme to date and 81.5% positive growth in academic mastery through the Teach For Malaysia Tutoring Programme. GS2 Forefront of innovation & disruption We believe that innovation and digitalisation are key to developing game-changing ways of working. We look at this from three contexts. Firstly, how digitalisation can improve our processes and core products so that we are able to create value more effectively. Secondly, how new technologies and innovations play an integral role in advancing climate action and the energy transition journey. Thirdly, how these innovations future-proof our business as we develop technologically advanced solutions that can be implemented across a wide range of industries beyond our own in time to come, allowing us to diversify our offerings in line with the evolving landscape. We have made significant strides in all these contexts and we believe that as a result, we are ahead of our competitors in delivering clean energy solutions. Through YGT, we are working to disrupt the electrification of land and sea transportation via the development of smart green assets and charging infrastructure, enhanced through digital platforms and analytics. Collaborating with a like-minded community of investors, partners, industry peers and clients, such as Gentari, EV Connection, LHN Group, AEON Group, Starbucks, Wasco Energy and Dinamikjaya Motors, has allowed us to widen EV adoption nationwide and across borders, towards the goal of making green transport the new norm. Our investments into technology start-ups such as Shift Clean Energy, Zeabuz, Gotsurge, Oyika, Lift Ocean, eMoovit and MooVita have allowed us to integrate these technologies into our green assets, turning them into advanced smart assets with the potential to disrupt. One of our key technologies that will shape the outlook of the offshore production industry and bring us closer to our own net zero aspirations is the Zero Emissions FPSO Concept. We are leading the industry in terms of digital twin technology, which we believe will eventually allow us to automate many FPSO operations, optimising safety and operational performance greatly while lowering costs. Our pioneering low emissions design on FPSO Agogo, which also includes the world’s first offshore CCS pilot, is expected to pave the way for widespread industry adoption and establish our standing in the carbon management space.
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