OUR JOURNEY TO CLIMATE ACTION We recognise the critical importance of addressing climate change and its profound impact on the global environment, economies, and communities. As a leading player in the agricultural sector, we are acutely aware of our responsibility to mitigate our environmental footprint and contribute to sustainable practices. This section outlines our commitment to transparency and accountability in our climate-related disclosures, detailing our strategies, actions, and performance in managing climate risks and opportunities. By adopting comprehensive climate-related reporting, we aim to provide our stakeholders with a clear understanding of how we are aligning our operations with global climate goals, thereby ensuring the long-term resilience and sustainability of our business. GOVERNANCE Recognising the significant impact of climate change on our operations, BPlant has integrated climate considerations into our decisionmaking processes. These initiatives are directed by strategies overseen by the Board of Directors and supported by the Sustainability Committee and Management Sustainability Committee. • The Board oversees the Group’s sustainability strategies, policies and performance, including those that are climate-related and convenes on a quarterly basis • The Board reviews and approves ESG KPIs including those that are climate-related • The SC and MSC recommend sustainability strategies and initiatives to the Board, including those that are climate-related • The SC and MSC review and monitor the implementation of sustainability initiatives and sustainability performance, including those that are climate-related Board of Directors Management STRATEGY During the 2023 reporting period, we made substantial progress in identifying and understanding potential climate-related risks, impacts, and opportunities at the Group level to assess their influence on our value chain. The following table categorises these potential risks, impacts, and opportunities into Transition Risks and Physical Risks. Transition Risks Transition Risk Potential Impact Potential Opportunities Policy and Legal Medium term (6-10 years) to long-term (>11 years) • Regulations imposed for regulatory environmental compliance • Potential incurred costs from penalties and fines • Accomplishment of long-term best practice management to prevent non-compliance Technology Short term (1-5 years) to long-term (>11 years) • Challenges in R&D to determine better planting and harvesting technologies • Difficulties in the adoption of new technology and new low-carbon production process options • Additional costs for R&D • Incurred upfront costs from investments in new technology and its implementation • Better yields upon adoption of improved planting and harvesting • Cost and resource savings upon successful implementation of new low-carbon production Integrated Report 2023 145
RkJQdWJsaXNoZXIy NTkwNzg=