MISC 2050 MISC 2050 MISC Group is committed to achieving net-zero GHG emissions by 2050 within both our own operations and across our value chain through the following climate strategy Retrofitting carbon removal technologies on existing vessels (remaining lifespan of 15 years) and fleet renewal to low methane slip LNG dual-fuel vessels MISC 2050 is our strategic response to the risks and opportunities we have identified as various possible scenarios of the future as we seek to build the Group’s resilience in the face of unpredictable external forces leading to 2050. Climate change, resource scarcity and waste generation form the key threats faced by the world. Even with diminishing land, water scarcity and rising sea levels due to climate change, the world is also clearly gearing up towards Green Economy. LEVERAGING ON OUR EXPERTISE AND CAPABILITIES TODAY TO ACHIEVE MISC 2050’S VISION MISC 2050 addresses how the Group can translate opportunities identified into a fundamentally strong business proposition by leveraging on our current strengths and expertise in the maritime industry, as well as reskilling our people with the required competencies and expertise to drive our successful execution of identified opportunity pillars. NET-ZERO GHG COMMITMENT MISC 2050 is a strategic roadmap which lays out our 30-year journey in reimagining the economic and social role of MISC come the year 2050. More specifically its goal is to identify and develop new opportunities that will enable us to build new businesses and asset portfolios to be added to our present business portfolio mix by capitalising on energy transition opportunities as the world evolves towards a circular economy. As the global community seeks to bring about a net-zero future, we are witnessing the stepping up of commitments worldwide to combat climate change, as well as the acceleration of energy transition and circular economy. All these pose significant risks to MISC if left unaddressed, as it would limit our growth ability in the longer term. Towards future proofing our business as one that is a significant contributor in a green planet, MISC is implementing our long-range strategy, MISC 2050, to thrive in the global circular economy of 2050. We are pursuing the strategic objectives of MISC 2050 alongside our current five-year rolling business plans that focus predominantly on our current business portfolios. • Common macro trends identified from imagining world scenarios in 2050 – climate change, resource scarcity and waste generation. • Two opportunity pillars were identified where MISC have the “right to play” and “right to win”. Progressively converting our fleet and ensuring all newbuilds are zero-carbon emission vessels from 2030 or sooner if possible Continuously deploying digital energy-efficient technologies and increasing operational efficiencies Increasing the use of renewable energy on our vessels, offshore assets and land operations OUR ROADMAP TO A SUSTAINABLE FUTURE OUR STRATEGIC FOCUS As a maritime player, MISC is well placed to become the connector bridging the land-based economy with the Green Economy through the following means: Offshore Business, Gas Assets & Solutions and Petroleum & Product Shipping – leveraging on their experience in owning, operating and leasing largescale maritime assets Marine & Heavy Engineering – constructing eco-friendly assets that support the Green Economy Integrated Marine Services and Port Management & Maritime Services – using their marinerelated engineering and operating expertise to explore new possibilities in the Green Economy WHAT IS MISC 2050? Where We Can Turn Opportunities Into Business Cases Leverage on our strengths/ capabilities and prioritise/focus on these following areas: •• maritime-based and asset leasing business model •• repurpose existing maritime assets in the industry •• expand our present skill sets by reskilling and retooling our people MISC 2050 V I S I O N Design, Own & Lease Construction Operation & Maintenance (O&M) Sea to Shore Interface Talent Reskilling & Retooling GAS ASSETS & SOLUTIONS PETROLEUM & PRODUCT SHIPPING OFFSHORE BUSINESS MARINE & HEAVY ENGINEERING INTEGRATED MARINE SERVICES PORT MANAGEMENT & MARITIME SERVICES MARITIME EDUCATION & TRAINING RENEWABLE ENERGY VALUE CHAIN WASTE-TOVALUE CHAIN Transportation of LNG & Ethane Transportation of crude oil & petroleum products Offshore floating EPCICODD solutions EPCIC and fabrication services Ship management & maritime consultancy Port and terminal management & operations Maritime training academy For more details on our Net-Zero GHG Commitment, please refer to our Sustainability Report 2022. Generating funds and resources within the medium-term to drive our longer-term objectives Driving our transformation into a resilient and financially-sustainable business model that can thrive in a circular and net-zero economy come 2050 Tapping into new growth opportunities and venturing into new businesses and asset portfolios that we are adding to our current business portfolio mix CROSS VALUE CHAIN DEPENDENCY FOR BOTH ENERGY AND RESOURCES RENEWABLE ENERGY VALUE CHAIN WASTETO-VALUE CHAIN OPPORTUNITY AREA - PILLAR 1 OPPORTUNITY AREA - PILLAR 2 The two opportunity pillars we have identified are as follows: ǸǸ Renewable Energy Value Chain as the building block to manage climate change challenges with the maritime sector playing a key role ǸǸ Waste-to-Value Chain as critical in tackling resource scarcity and emissions as well as repurposing maritime assets THROUGH OUR DUAL-FOCUSED APPROACH, MISC IS: Strategic Review Strategic Review 55 54 MISC Berhad Integrated Annual Report 2022
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