and long-term, it is clear that the world’s focus on leveraging technology and innovation to address climate change presents opportunities for the Group. Maximising Opportunities Amongst our diverse sustainability-linked offerings is a range of climate-focused products and solutions. The three focus areas of our sustainabilitylinked businesses include: • Reducing GHG emissions – Our products and solutions reduce emissions by saving fuel, reducing waste, minimising road congestion and boosting energy efficiency • Solving urban and city challenges – Our Smart City deployments and Internet-ofThings (IoT) -based connected solutions optimise operational efficiency and improve energy savings. We also develop and deploy sustainable hybrid and electric transportation solutions • The circular economy – We design, build, operate and maintain sustainable waste management and waste-toenergy facilities that support eco-friendly waste disposal, management and wastewater recycling. Additionally, our aircraft and ship conversions provide a new lease of life through repurposing and reuse, thus saving significant resources We reviewed our climate change opportunities in both our existing business areas as well as emerging ones in 2022. We identified opportunities in energy management and efficiency, recycling and reuse, and are also exploring technology-enabled carbon verification solutions. A major focus in our 2022 climate risk and opportunity study is in commercial aerospace. The risk of the rising cost of carbon, the opportunities in resource and operational efficiency, as well as the shift towards greater adoption of Sustainable Aviation Fuel (SAF) are strong drivers for the commercial aerospace industry to decarbonise. For that reason, we began our TCFD journey with a focus on commercial aerospace. The opportunities identified build on existing capabilities in our commercial aerospace business. We continue to refine our suite of solutions to meet our customers’ decarbonisation goals and rising demands to transition to a lowcarbon economy. This includes growing the scope of circular economy-friendly businesses such as our Passenger-toFreighter (P2F) conversions, as well as advancing opportunities for materials recycling and reuse. This enables us to continue to partner with our customers on their decarbonisation journeys. One of the key functions identifying and coordinating climate-related opportunities is our GTO. Its roles include technology scanning and trend identification, Research and Development (R&D) data gathering and analysis, and the formulating of group-wide initiatives. This leads to the development of new products, technologies and solutions for our global markets. GTO works in close partnership with GEC, business area leaders, the Group Strategy and Sustainability OUR SUSTAINABILITY APPROACH 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. 20 ST ENGINEERING SUSTAINABILITY REPORT 2022
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