WE MINIMISE RISKS WHILE MAXIMISING OPPORTUNITIES In 2022, we partnered with a global consultant to conduct a climate risks and opportunities assessment of our businesses as part of our journey to align with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We reviewed the physical risks that might impact our businesses under the Representative Concentration Pathway 8.5 scenario, and used the International Energy Agency Net Zero Emissions 2050 scenario to assess our transition risks. We concluded that the climaterelated physical and transition risks impacting our business were minimal. However, we will continue to monitor these risks through our Enterprise Risk Management Framework and Emerging Risks Framework. We also looked into how some of our key suppliers are potentially affected by climate change. This journey to assess our supply chain risks will be undertaken continuously as the business and global environment evolves. The world’s focus on leveraging technology and innovation to address the challenges of climate change presents opportunities for the Group. As part of the TCFD journey, the Group has identified opportunities that may arise from the resulting market shifts. Read more about our environmental protection efforts and our journey in our Sustainability Report Carbon Prospecting Dashboard At the 2022 World Economic Forum – Champions for Nature event in New York, ST Engineering Geo-Insights (our satellite data and geospatial analytics business) and the Centre for Nature-based Climate Solutions of the National University of Singapore, jointly launched the Carbon Prospecting Dashboard. This dashboard is an interactive, open platform software that supports the prospecting, development and management of nature-based carbon credit projects worldwide. It enables policymakers and investors to identify high potential areas that can be developed for high-quality carbon credits by taking into account factors such as the estimated yield of carbon credits. OUR SOLAR JOURNEY ST Engineering has made significant strides in our decarbonisation journey. By 2022, we have reduced our carbon emissions by 37% and our carbon intensity by more than 50% compared to 2010. Solar PV programmes have made a significant contribution to this effort. In Singapore alone, we have installed an equivalent of over 17 football fields of solar PV panels with a combined capacity of 16.8 megawatt-peak (MWp). Our U.S. sites have also started on their solar implementation efforts. For example, our aerospace facility in San Antonio installed a 0.3 MWp solar PV system on six of its hangar roofs and is considering an expansion. We have embarked on a study to identify additional renewable energy options for our U.S. business units. This will accelerate the adoption of renewable energy and reduce our overall GHG emissions. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 69
RkJQdWJsaXNoZXIy NjMyNDM=