guidelines of the International Financial Reporting Standards (IFRS) S1 (Sustainability-related Disclosures) and S2 (Climate-related Disclosures). We have also formulated other relevant policies and established the Climate Strategy and Energy Management for the short term, medium and long term. In this regard, the Sustainable Development Committee (SDC) has been appointed to drive these strategies and determine business directions in line with the Low Carbon Transition Framework: Efficiency-driven: Enhance energy management by applying low-carbon technology in production processes and switching to renewable energy or low-carbon energy through various efforts, including 74 energy conservation projects, Stripper Column Opt imizat ion, Advance Membrane Separation Technology, renewable energy projects, etc. The goal of these projects is to reduce the amount of greenhouse gas from production processes. Portfolio-driven: Adjust the business portfolio towards low-carbon businesses by focusing on investment in three business groups: Specialty & Performance Chemicals by creating highest value products from existing businesses, markets and technology, such as low VOC coating from allnex and Vencorex, which were acquired by GC. Bio-Based Products, such as Fatty Acid Methyl Ester, Refined Glycerin, and Palm Kernel Oil Production in the Eastern Economic Corridor (EEC) Project and PLA bioplastics in the Nakhon Sawan Biocomplex Project. Circularity & Recycling by utilizing innovation and advanced production technology with the potential to transform plastic waste into quality and usable products that answer to the needs of sustainable products, such as ENVICCO: GC’s Global-Standard Plastic Recycling Plant which provides end-to-end waste management by recycling and upcycling discarded plastics through YOUTURN Platform, and Upcycling Upstyling which features the collaboration between GC and business partners to develop a comprehensive product circularity plan. In addition, GC also requries the implementation of product stewardship, which is an operational framework that applies the principles of Eco-Design and Life Cycle Assessment (LCA) as guidelines in the research and development of eco-friendly and safe products. It focuses on optimizing resource efficiency from the production process through to the disposal process. Compensation-driven: Using nature-based solutions and technology such as Carbon Capture and Storage (CCS) to manage and offset residual greenhouse gas. In 2023, GC has been studying alternative emerging carbon capture technology in collaboration with subsidiaries of PTT Group. We also aim to conserve natural resources as well as continuously restoring and strenghtening the balance of the forest ecosystem in order to store carbon and generate carbon credits to offset residual greenhouse gas from operations. In this regard, GC has been planting forests to register carbon credits in the company’s areas and in collaboration with government agencies, the private sector and communities through various projects since 2013, spanning across a total area of more than 6,000 rai. These projects include the Mangrove Planting for Carbon Credit Benefits Project in collaboration with the Department of Marine and Coastal Resources (DMCR) as wel l as the continuation of existing projects (Huai Mahad Forest Restoration Project, Eco-Forest Rayong Wanarom, Mangrove Planting Project, “The More You Plant, the Better” Project by GC x BMA). In addition, GC has signed an agreement to join the Community Forest Project initiated by Mae Fah Luang Foundation to maintain, restore, and plant forests in order to benefit from three years’ worth of carbon credits from the project’s implementation. For more information on GC’s ESG performance indicators is available at: Additional information is available in the 2023 Integrated Sustainability Report. Page 152 For more information on energy management goals is available at: Additional information is available in the 2023 Integrated Sustainability Report. Page 152 103 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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