28 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 The scorecard reveals our areas of strength which we will continue to champion, such as in the aspects of governance, diversity, community engagement, human capital development and investments into our green businesses. At the same time, it draws our attention to areas where we will invest into improving, such as our carbon intensity. Our actions in these areas are discussed in our Business Reviews, from pg 68 - 91, and in our Sustainability Review, from pg 92 - 130. Yinson has always set ambitious ESG and sustainability targets. We know that realistically, not all of them can be achieved. However, setting those targets has held us accountable and driven us to operationalise ESG in a way that has strengthened the foundations of our business immensely. Setting those targets have also matured us as a business as we learned from our mistakes, contributing to stronger decision-making processes overall. PARTNERSHIPS – A LAUNCHPAD TO CREATING AND UNLOCKING VALUE Throughout our journey, strategic partnerships have been key to our ability to transform from one phase to the next. Our partnership with PTSC Vietnam, back in 2011, facilitated our entry into the port logistics, which later led to the cobuilding of our very first FSO and FPSO units. Our partnership with a Japanese consortium, consisting of Sumitomo Corporation, Kawasaki Kisen Kaisha, JGC Corp and the Development Bank of Japan, launched us onto the global FPSO stage. Solid financial partnerships with local and global banks, as well as with our longstanding major shareholders, have enabled the tremendous growth of our capital base, thus fuelling the growth across all our portfolios. Our renewables business has successfully built and progressed a strong project pipeline, thanks to the robust relationships built with local partners who are familiar with the nuances of the local operating territory. In New Zealand, for example, where we have several wind projects under development, our local partners play the important role of helping us understand the country’s unique culture and history, especially the local community’s relationship with its land. This has helped us develop an engagement strategy that is relevant and adds value to all parties. The nascent green technologies scene in ASEAN presents considerable gaps that our green technologies business is eager to fill. But to achieve pace, we need co-collaborators that are willing to share the risks and learn alongside us. We are pleased that Yinson GreenTech has established a wide range of partnerships including governmental bodies, industry peers, R&D institutions, commercial offtakers and financial partners, and we will continue seeking such like-minded partners in order to achieve our shared goals. The Goal Zero Consortium, in which we partner with 12 other industry experts to develop and commercialise a fully electric harbour craft, is a great example of such a partnership, with every party contributing towards a solution that is best in class in every sense of the word. We officially launched the Hydromover prototype in November 2023, which is Singapore’s very first fully electric cargo vessel. Climate change is a key driver for the energy transition as the world strives to achieve net zero by 2050. Within that same timeframe, world population is expected to increase by another 1.7 billion, driving up demand for stable and affordable energy, especially in developing nations in Asia and Africa. So, while the energy transition presents the greatest risks of our lifetime if it fails to be inclusive, it also presents great opportunities. We believe that the most effective way to ensure the world reaches net zero by 2050, without sacrificing energy security, is by building strong partnerships across all spheres. Here, we acknowledge the critical role that governments must play in setting policies and goals that provide favourable conditions for corporates, international organisations, NGOs, think tanks, communities and individuals to play their own roles in the transition. Our rallying call is “let’s partner”. We will indeed be stronger together. INVESTING IN INNOVATION = INVESTING IN OUR FUTURE We see investing in innovation as a strategic imperative as it is the engine that drives growth, and an important indicator of a company’s resilience. Being at the forefront of innovation allows us to directly create more value for our stakeholders, as it brings about solutions that are more reliable, efficient and relevant. Moreover, it attracts talent, fosters collaboration and drives economic growth. A culture of innovation is a must in order for us to respond quickly to market challenges and opportunities. Yinson’s allocation to innovation has been exponential in recent years. We encourage our people to innovate in every aspect of their roles, and this is reflected in an overall culture of innovation and efficiency across the company. Here, I discuss our key innovation initiatives in the form of four case studies as highlighted on the following pages.
RkJQdWJsaXNoZXIy NDgzMzc=