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ST Engineering
ST Engineering

TCFD Analysis Summary

Our current analysis is as follows:

  • The physical risk to our productive assets and our people is low. We have put in place a process to regularly review facilities against extreme climate and weather events
  • We expect minimal impact on our business in the transition to a low carbon economy. We will continue to monitor emerging issues including the evolving regulatory and carbon tax environment
  • The world’s focus on leveraging technology and innovation to address climate change presents opportunities for the Group. This is aligned with our target to increase our sustainability-linked revenue to over S$3 billion by 2026

We have updated our Group ERM framework to incorporate climate-related considerations. We have also launched the Emerging Risks Framework to identify, analyse and recommend actions on emerging risks on the longer-term horizon. Our GTT will drive and coordinate efforts across our businesses to leverage the unique opportunities presented.

TCFD Approach

ST Engineering recognises the impact of climate change to the Group and our stakholders. Hence, we support the efforts to address it both globally and locally where we operate. This includes referencing the Taskforce for Climat-Related Dicsclosures (TCFD) sector-based recommendations for our Sustainability Reporting.

Our TCFD Journey

 

2021

  • Started TCFD journey
  • Ensured inclusion of climate change in our business areas’ strategies
  • Conducted preliminary physical climate risk assessment on significant operating site globally
  • Set target to reduce emissions by 50% by 2030 compared to 2010 base year

 

2022

  • Assessed key areas in existing practices against TCFD disclosure requirements and implications
  • Conducted climate scenario analysis for material portion of our business
  • Incorported findings into strategy, decision making and ERM approach

 

2023

  • Continuous assessment and monitoring of risks and opportunities
  • Actioning on selected mitigation plans and opportunities
  • Implemented an internal shadow carbon price on major capital expenditure
  • Established roadmaps for development of product carbon footprint on our major products and services
  • Stock take and determine approach to achieving net zero

 

Moving Forward

Conduct regular climate risks and opportunities review

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