Caring for the Planet Integrated Annual Report 2024 SECTION 5 • DELIVERING SUSTAINABLE VALUE FOR OUR STAKEHOLDERS 133 • Transitioning to renewable energy for aluminium production. • Utilising GHG contractual instruments for renewable energy to support decarbonisation and increase the deployment of low-carbon energy. • Introducing low-carbon aluminium products to help customers reduce their carbon footprint. • Offsetting unavoidable GHG emissions through climate protection projects. The Climate Change Policy is accessible at https://pressmetal.com/investor-relations/corporate-governance.php. We benchmark practices against industry best standards to align our actions in meeting the market expectation. This ongoing evaluation identifies areas for enhancement and ensures that sustainability commitments remain aligned with evolving market expectations and environmental priorities. Setting GHG Emissions Reduction Targets In FYE2024, Press Metal transitioned from a carbon-neutral ambition to a net-zero emissions target by 2050. Recognising our responsibility for climate action, we incorporated Scope 3 upstream GHG emissions into our climate targets as they fall within the Group’s influence, while Scope 3 downstream GHG emissions generally remained outside the Group’s control. These targets, benchmarked against our GHG emissions intensity 2020 baseline of 10.3 tCO2e/ tAl, were structured across three (3) key horizons: The revision of our climate targets has demonstrated our continuous dedication to climate action. These commitments, outlined in our revised Climate Targets, apply to all manufacturing operations under our operational control. Our Baseline Recalculation Policy provides the framework for reviewing and, where necessary, updating our GHG emissions reduction targets in response to significant changes, including: • Structural developments such as mergers, acquisitions, or divestments • Enhancements in emissions factor methodologies or data accuracy • Organisational or operational boundary changes • Discovery of material errors affecting baseline calculations Charting GHG Emissions Reduction Pathway As part of our broader climate change strategy, we adopted a net-zero emissions target that aligned with the global objective of limiting temperature increases to 1.5°C and reinforced our pathway for reducing GHG emissions across our operations. To achieve our short-, medium- and long-term GHG emissions reduction targets, we modelled our Scope 1 and 2 GHG reduction pathways based on the availability and commercial readiness of existing technologies. This pathway, developed with reference to the International Aluminium Institute (“IAI”)’s Aluminium Sector Greenhouse Gas Pathways to 2050 and considered a range of factors, including energy resources, raw material availability, government policies, investment opportunities and the pace and cost of technology adoption. We actively explore multiple pathways to further reduce our carbon footprint including transitioning to renewable energy sources, improving process efficiencies, optimising energy use, and deploying advanced technologies to drive sustainability across our operations. Note: Targets for reduction of Scope 3 GHG emissions intensity includes Categories 1, 3, and 4 only. Reduce GHG emissions intensity (Scope 1, 2, 3) by 15% Reduce GHG emissions intensity (Scope 1, 2, 3) by 30% Achieve net-zero emissions Short-term (by 2025) Mid-term (by 2030) Long-term (by 2050)
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