97 SUSTAINABILITY REVIEW | BUILDING ENVIRONMENTAL AND CLIMATE RESILIENCE Yinson’s commitment to the clean energy transition We have always believed in a future where energy is clean, accessible, affordable and reliable for everyone. However, providing energy security and affordability to as many people as possible today is just as vital, bringing them along through the transition. Our objective at Yinson is to foster a technologically advanced ecosystem powered by clean energy. We are committed to making these clean and innovative solutions affordable and accessible to everyone, as we believe this is a crucial step towards a fair and equitable transition to a net zero world. In line with our 30 by 30 commitment, we aim to have 30% of our total equity investment in non-oil-based FPSO activities by 2030. This bold commitment demonstrates our dedication to strategically direct capital towards supporting the energy transition agenda as reflected by initiatives taken by our businesses. Yinson Production: Low-carbon energy initiatives Yinson Production is navigating an ever-changing landscape towards a low-carbon economy by undertaking impactful initiatives, including: • Offshore Post-Combustion Carbon Capture: On track with the first installation of a pilot-scale post-combustion carbon capture plant aboard FPSO Agogo. • Direct Air Capture: We are collaborating on megatonne-scale Direct Air Capture (“DAC”) projects for CO2 storage. • Green and Blue Ammonia Floating Production Units: We are exploring the development and operation of offshore assets for producing low-carbon products like green and blue ammonia using renewable energy or natural gas. • Liquid CO2 Floating Storage Injection: We are exploring collaborations to develop carbon sequestration hubs for decarbonisation services to cross-border customers. • Energy from Waste: Yinson is exploring projects to harness renewable energy from discarded biomass materials. Case study: Building the carbon value chain, pg 30. Yinson Renewables: Expanding our capacity of clean power Established in 2019, Yinson Renewables is actively growing its healthy wind and solar project pipeline across Asia Pacific, Europe and Latin America. Currently, we have three operating assets in India – Rising Bhadla 1 & 2, and Nokh Solar Park, with a total installed capacity of 460 MWp. We have also completed the acquisition of the Matarani Solar Project in Peru, with a 97 MWp capacity, which is expected to commence operations by the end of 2024. In accordance with our 30 by 30 commitment, we are targeting renewable energy generation of 5,600 GWh per year by 2030. Yinson Renewables, pg 76 - 80. Yinson GreenTech: Building an integrated, energy-efficient and technologically advanced transportation ecosystem Since its establishment in 2020, Yinson GreenTech has made good progress in creating an integrated, energy-efficient land and marine transportation ecosystem that is powered by technology. Yinson GreenTech aims to develop green technologies to make them more affordable and accessible for businesses and consumers. To date, chargEV has installed over 400 EV chargers in Malaysia and Singapore, with the aim of 3,000 chargers installed by 2030. drivEV has also expanded its fleet of EVs to over 200 vehicles. In the year under review, marinEV achieved a significant milestone with the launch of two prototype electric vessels. Yinson GreenTech, pg 81 - 87.
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