Value Creation Is The Bedrock Of Our Business ANNUAL INTEGRATED REPORT 2022 95 Sustainability Review PROGRESS AND ACHIEVEMENTS SCIENCE-BASED TARGET INITIATIVE In 2021, we became the first agribusiness company in Malaysia to commit to the SBTi and net zero ambition. We are among the 1,748 companies to commit to Business Ambition 1.5˚C by 2050, an urgent global call to action led by the SBTi in partnership with the United Nations Global Compact (UNGC) and the We Mean Business coalition1. Our commitment to the SBTi will enable us to: Define and promote best practices in emission reductions and net zero targets in line with climate science Provide technical assistance and expert resources to companies with SBTi targets following the latest climate science Bring together a team of experts to provide companies with independent assessment and validation of targets Our biogas power plant converts POME into renewable energy, reducing our carbon emissions and promoting a cleaner environment. SPOTT RANKING PILLAR 3: PROTECTING THE ENVIRONMENT CLIMATE ACTION WHY IT IS IMPORTANT Climate change is one of the most pressing issues globally, as extreme weather events continue to impact global supply chains, business activities and daily lives. This has led to global calls for all nations, industries and communities to take immediate steps to support the climate action agenda. Since the plantation business is our core business, we acknowledge that our operations are heavily exposed to climate risks. As such, we have committed ourselves to the SBTi since 2021 to step up our climate action. This will enable us to contribute to global efforts of limiting global temperature rise to 1.5˚C compared to pre-industrial levels and achieve net zero emissions by 2050. We will also be guided by our Climate Action Plan to accelerate our transition to a net zero emissions future. Our commitment also supports the national climate agenda to become a carbon neutral country by 2050, as well as Malaysia’s Nationally Determined Contribution (NDC) to reduce 45% of Greenhouse Gas (GHG) emissions by 2030 as part of the nation’s commitment to the Paris Agreement. 1 Science-Based Targets Dashboard, March 2023 (https://sciencebasedtargets.org/companies-taking-action).
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