Material Matters

We employ a holistic approach to identify the economic, environmental, social, and governance topics of significance to our business performance and stakeholder interests. We integrate them into our strategy to ensure the resilience of our operations and seize emerging opportunities.

Our Approach to Materiality Assessment

We have followed the double materiality assessment to identify critical ESG topics that affect the environment, people, and economy by analysing impact materiality and financial materiality.

We conducted our first such exercise in FY 2023-24 based on the European Financial Reporting Advisory Group’s (EFRAG) methodology under the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) and aligned with IFRS standards’ requirements. 16 high-priority material topics were prioritised through the materiality matrix based on responses from all internal and external stakeholders. These topics are aligned with our strategic priorities and risks and opportunities, which are integrated into our Enterprise Risk Management (ERM) framework and reviewed annually to ensure relevance. Our Board of Directors and Senior Management have reviewed and signed off the materiality matrix.

In FY 2024-25, while no fresh assessment was conducted, we revisited the topics to review and update their material impact.

Impact Materiality

We assessed our organisation’s sectoral and operational context to determine actual and potential impacts on various internal and external stakeholder groups and the environment, evaluating their materiality based on severity and likelihood.

Financial Materiality

We identified the financial risks and opportunities associated with these impacts and evaluated their materiality based on the probability of occurrence and potential financial effects.

Mapping Our Material Topics

Managing High-Priority Material Matters in Our Operating Context

Strategy

S1 Focussed on delivering renewable energy with storage solutions,

S2 Increased focus on C&I and merchant opportunities to maximise value creation,

S3 Developing RE projects at an unparalleled scale and speed,

S4 Driving operational excellence through increased digitalisation,

S5 Fully funded growth with disciplined capital management,

S6 Driving improvements across environmental, social and governance aspects

Positive

Negative

GHG Emissions and Climate Change

GRI Alignment

GRI 302, 305

SDG Alignment

Financial Implication

Impact Materiality (Impacts) and Possible Impact on Capitals

Rising GHG emissions contribute to climate change
Growing cost-effectiveness of wind and solar plants reduces dependency on fossil fuels

Financial Materiality and Possible Impact on Capitals

Risk

GHG emissions compliance may increase operational costs, while non-compliance risks may result in reputational damage
Extreme weather events can damage assets
Investments are also needed in climate action

Opportunity

New regulations and focus on RE present opportunities to expand, enter new markets, and grow market share
Investment in R&D may increase RE’s cost-effectiveness, efficiency and reliability, while reducing fossil fuel usage

Business Strategy

Policies on climate change (with Board oversight) and energy management
Completed climate scenario analysis and comprehensive climate change risk assessment (TCFD), implementing recommendations
Energy efficiency using advanced bifacial modules/trackers technologies, digital technologies and ENOC
Implemented Internal Carbon Pricing (ICP) mechanism
Working towards 65% EV adoption across the value chain by 2030
Engaged 87% manufacturing suppliers to help them set their net-zero targets

Performance against KPIs	FY 2024-25	FY 2023-24
GHG emissions avoided by renewable capacity (tCO₂e)	20.33 million	15.64 million
% EV adoption	46%	12.2%

Strategic Response

S1 S3 S6

Stakeholders Impacted

Waste Management