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Climate Change Policy

Eco World Development Group Berhad Climate Change Policy

 

1.0 Purpose

Eco World Development Group Berhad (“EcoWorld Malaysia” or “EcoWorld”), its subsidiaries and joint venture companies (“the Group”) recognises risks posed by climate change and its impact on our business sustainability. As such, we are dedicated to expediting climate change initiatives within our operations. The Climate Change Policy (“the Policy”) is formulated to guide the Group to effectively integrate climate actions into our business operations underpinning our vision of Creating Tomorrow and Beyond and our commitment to holistic embedment of Design, Nature and Art (“DNA”) into all of our project developments.

 

2.0 Objective

  1. To achieve net zero emissions by 2050 in alignment with Malaysia’s aspirations for emissions reduction.
  2. Strengthen the adaptation and mitigation strategies to reduce the carbon footprint of our projects and promote sustainable development.
  3. Aligning the Group’s climate resilience strategies to relevant international frameworks such as the United Nations’ Sustainable Development Goals (“UN SDGs”) and the Task Force on Climate-Related Financial Disclosures (“TCFD”).
  4. Ensure transparent communication of our climate resilience strategies to all relevant stakeholders.

    5. 3.0 Scope

    The Policy is applicable to all employees and staff members associated with EcoWorld and the Group. It encompasses our entire value chain and we urge all relevant parties to diligently adhere to the Policy and the established principles contained within.

     

    4.0 Principles underpinning the Policy

    1. Vision Statement

      The brand is about the pursuit of better, greater ways to complete people’s living experience. We strive to be thought leaders and innovators – a non-traditional business with positive economic, social and environmental impact as we continue pushing boundaries in pursuit of Creating Tomorrow & Beyond.

    2. Mission Statement
      • Create world-class Eco-Living by providing products and services that continue to exceed expectations.
      • Generate & initiate ideas that disrupt the status quo and inspire people.
      • Continuously raise the bar of excellence, through borderless teamwork across EcoWorld.
      • Unleash, support and grow everyone’s potential in Team EcoWorld.
      • Commit 2x2x5x5 = 100% energy, focus & passion in everything we do.

    5.0 Group Climate Change Policy

    The Policy consists of two strategic thrusts encompassing the adaptation to and mitigation of climate change:

    1. Climate Change Adaptation

      Climate change adaptation refers to the process of proactively and effectively responding to the impacts and risks associated with climate change. Through adaptation, we aim to implement robust climate governance practices to uphold the Group’s long-term resilience and optimise performance in the face of changing climate conditions.

    2. Climate Change Mitigation

      Climate change mitigation encompasses the Group’s actions to reduce Greenhouse Gas (“GHG”) emissions contributing to both national and global efforts to mitigate climate change. We aim to align our Group’s activities with the transition to a low-carbon economy and limit the overall impact of our operations on climate change.

    6.0 Our Commitments

    1. Climate Change Adaptation
      • Board oversight in the management of climate change-related physical and transitional risks in the Group’s operations.
      • Assessment of the impact of climate risks and opportunities on the Group’s operations at different time horizons (short-, medium-, and long-term) to strengthen resilience and capitalise on climate-related challenges.
      • Engagement with suppliers and communities in our value chain to enhance business resilience by communicating our climate commitments and promoting the adoption of low-carbon choices.
      • Integration of climate risk assessment into our Risk Management and Internal Control (“RMIC”) framework and business continuity planning.
      • Monitoring of our energy consumption to track our GHG emissions and our progress against Key Performance Indicators (“KPIs”) based on our climate targets which will be continuously enhanced.
      • Development of climate disclosures aligned with the TCFD recommendations.
      • Provide regular climate change awareness training for our internal stakeholders to enhance knowledge and capabilities in climate change mitigation, adaptation and impact reduction.
    2. Climate Change Mitigation
      • Accelerating emission reduction initiatives in the Group’s operations to achieve a 20% reduction in Scope 2 GHG emissions by 2025 and a 30% reduction by 2030 (using 2019 as our baseline year) through energy saving initiatives and sustainable design features.
      • Committing to achieve net zero by 2050 in alignment with the National Policy on Climate Change by implementing the use of energy-efficient technologies, renewable energy and nature-based solutions, where applicable.
      • Avoiding the development of land with high conservation value including peat land and primary forest reserves.
      • Expanding our efforts and building up our knowledge on carbon sequestration to aid in climate resilience.
      • Promoting a circular economy through efficient waste management, recycling and reducing the quantity of waste sent to landfills.

      3. 7.0 Administration of the Policy

      • The Sustainability Committee (“SC”) of the Group, as the custodian of this Policy, shall review the Policy and revise it where necessary, every two years at minimum, to reflect the Group’s commitment to continuous improvement.
      • The Policy has been reviewed by EcoWorld’s Sustainability Committee and approved by the Board of Directors.
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