Many countries have announced targets to reduce greenhouse gas emissions and established more intense climate change policies, such as implementing carbon taxation, using carbon tax as a trade barrier tool through the Carbon Border Adjustment Mechanism (CBAM), encouraging the use of electric vehicles and clean energy, etc. These have prompted global leading petrochemical companies to respond to government policies and announce the Net Zero Carbon Emission Target in response to sustainable development. GC has announced our target to reduce greenhouse gas emissions (scope 1 and 2) to net zero by 2050 based on a clear action plan. We have also developed and implemented new technology that emits low-carbon in the production process while expanding eco-friendly businesses to seize opportunities from the growing demands for eco-friendly products and become a leader that plays a role in global sustainability. Complying with new environmental rules, regulations and standards may raise GC’s production costs, affecting competitiveness and sustainability in future business operations as well as impact stakeholder trust in our business. However, the implementation of measures to achieve the Net Zero Emission Target is also considered GC’s opportunity to step up as the leader in sustainable business conduct. • Establish Sustainability Governance Structure at the director, management, and operational levels to govern and supervise the overview of decarbonization efforts and the achievement of short-term, mediumterm, and long-term goals in 2050. Apart from the Board of Directors, the Sustainable Development Committee (SDC) has been set up at the management level with responsibility to oversee decarbonization performance and make investment decisions to generate benefits for GC. The SDC also closely monitors government measures, laws, rules, and regulations associated with greenhouse gas emissions control. At the operational level, specific working groups have been appointed to drive 7 relevant areas of operations: (1) Asset & Efficiency Improvement, (2) Low-Carbon Power & Heat, (3) Portfolio Evolution, Driving established strategies to success is essential to the achievement of long-term corporate goals. However, the more complex and rapidly changing business environment may affect such endeavor. Therefore, GC closely monitors trends, external factors, and business environment to enable the timely management of risks and adaptation to changes. Strategic Risk Factors Climate Action Towards Net Zero Risk Mitigation Measures Business Impacts Strategic Risk Factors (4) Circularity Business, (5) New Technology & CVC Implementation, (6) Offsetting, and (7) Decarbonization Center of Excellence. • GC has participated in the Thailand Voluntary Emission Trading Scheme (Thailand V-ETS) to prepare for the trading of Thailand’s greenhouse gas emissions rights. • Consider adopting Internal Carbon Pricing as a factor of consideration for investment and define specific criteria for greenhouse gas emissions reduction projects. • Encourage technological cooperation, especially Carbon Capture and Storage (CCS) and renewable energy, among companies under PTT Group. Additional Information ISR 2021 page 109-123, 141-165, 167-172 One Report 2021 page 84 80 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED บริษัท พีทีที โกลบอล เคมิคอล จำ �กัด (มหาชน)
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