CLIMATE ACTION INITIATIVES (CONT’D) Climate-related Disclosures (Cont’d) Risk Management The processes for identifying, assessing, and managing climate-related risks are integrated within the Group’s Enterprise Risk Management (“ERM”) procedure. • The Group’s ERM framework is aligned with ISO 31000:2018, which guides the identification, analysis, evaluation and monitoring of risks, including climate-related risks and opportunities. • Climate-related risks are identified through the Group’s risk identification, risk analysis and evaluation processes, taking into account the Group’s offshore and marine operating environment. • In FYE 2025, the Group identified climaterelated risks across transition and physical risk categories. • Transition risks were assessed with reference to the Group’s climate-related scenario analysis based on the NGFS Phase IV scenarios, particularly in relation to carbon pricing pathways and the potential implications for operating costs, investment planning and business strategy. • Physical risks were identified qualitatively based on the Group’s exposure to acute weather events and longer-term climate trends that may affect offshore operations, asset condition and operational continuity. • These climate-related risks were assessed across the Group’s defined short-term (2025– 2030) and long-term (2031–2050) time horizons and prioritised based on their likelihood, potential impact and alignment with the Group’s risk appetite. Risk Management Identification of Climate-related Risks 53 Annual Report 2025
RkJQdWJsaXNoZXIy NDgzMzc=