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Sindicatum Sustainable Resources Sustainability Report 2014 Sindicatum Sustainable Resources Sustainability Report 2014 Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 1 From the CEO Assaad Razzouk Chief Executive Officer To our stakeholders: I am pleased to confirm that Sindicatum Sustainable Resources Pte. Limited reaffirms its support for the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption. Sindicatum joined Global Compact in August 2014 and is determined to become an active supporter of the initiative. In this, our first annual Communication on Progress, we describe our actions to improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication which include our website and our annual report to shareholders. Yours sincerely, Assaad Razzouk Chief Executive Officer Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 2 Sindicatum at a glance Overview Singapore Sustainability Awards Environmental Finance 2014 2014 Market Awards Leadership in Best Project Developer Sustainability & Primary Originator 21.4 Million 4,160 GWh Clean electricity generated tCO2e Reduced Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 3 From the CEO 2 Health & Safety 30 Sindicatum at a glance 3 Goal & Targets for 2015 32 About Us 5 Training & Education 33 Our Mission 6 Diversity and Equal Opportunities 34 Our Approach to Sustainability 7 Human Rights 35 Sustainable investing 7 Targets for 2015 35 Sustainability is integral to our business 8 Environmental Performance 36 Sustainable resources are vital to a 9 Energy Consumption and Management sustainable economy 37 Organizational Structure 10 Reduction in Energy Consumption 39 Corporate Governance 12 Power Generation from Sindicatum’s Risk Management 15 Projects 39 Value Creation 17 Carbon footprint – Emissions Aspect 40 Sustainability Strategy and Reporting Reduction in GHG Emissions 42 Approach 19 Emission Reductions from our Green Stakeholder Groups 22 Projects 42 Identifying Stakeholders 22 Economic Performance 44 Sindicatum’s Stakeholders 23 Significant indirect economic impacts 44 Global Outreach 24 Awards and Accolades – 2014 47 Engagement and communication with Materiality Disclosure for “In Accordance” stakeholders 25 – Core 48 Stakeholder communication process 25 Social Performance 26 Labour Practices and Decent work 28 Benefits for Employees 28 2014 Performance 29 2015 Targets 29 Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 4 About Us Sindicatum Sustainable Resources Pte. Limited (“Sindicatum”) is a developer, owner and operator of clean energy Renewable Energy projects worldwide and a producer of Sindicatum Renewable Energy Company sustainable products from natural Pte. Ltd (Singapore) (“SREC”) develops, resources and waste. Founded in 2005, owns and operates renewable energy Sindicatum provides a one stop solution, projects in South and Southeast Asia. At developing, operating and financing the core of SREC’s track record is the projects that produce clean energy and proven ability to identify, develop, invest, sustainable resources (biogas, sustainable finance and operate small-scale biomass, water and physical renewable energy projects in its target commodities) whilst reducing greenhouse markets. A key feature of each of its gases and producing emission reduction projects is a secure supply of fuel which credits and other environmental ensures projects are not constrained in commodities. their ability to generate power or exposed A global footprint across four of the to fuel price risk. largest renewable energy markets (i.e. the Resource Efficiency US, China, India and Southeast Asia) allows Sindicatum to be close to the Sindicatum’s projects in this category aim sources of supply of natural resources and to maximize the value realized from waste as well as to the largest population natural resources so that natural capital centres in the world with rapidly rising depletion can be minimized. Efficient demand for energy. In addition, this utilization of natural capital is a pre- footprint allows an exposure to local and requisite for both a functioning global global compliance and voluntary society and the transition to an economy environmental markets and therefore the which functions within environmental ability to benefit from different outcomes limits. This concept applies equally to both in an evolving regulatory landscape. the elements of the planet’s natural capital which are renewable – such as At present, Sindicatum is headquartered 1 timber or fish stocks – and those which are in Singapore and has offices in Bangkok non renewable, at least on an (Thailand), Beijing (China), Jakarta anthropological time scale, such as fossil (Indonesia), New Delhi (India), Taiyuan fuels. (China), London (UK) and Philippines. Sindicatum’s business is organised in two divisions, Renewable Energy and Resource Efficiency. 1 http://www.sindicatum.com/ Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 5 Corporate Vision To be a publicly-listed developer, owner and operator of 2,000 MW of distributed, profitable clean energy projects worldwide from the utilization of captive natural products and waste. Our Mission Sindicatum’s portfolio of green projects Environmental standards, introduce new has a tremendous beneficial impact on technologies and provide jobs and skills the environment. These projects transfer to local communities. implement the highest Health, Safety & Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 6 Our Approach to Sustainability Sustainability lies at the heart of our business. We undertake our work because we believe in the strength of our company, our business and in the importance of what we do in a broader sense. As a result we are highly motivated to achieve our goals. Sustainable Investing Sustainability in our Business Sustainable Economy Sustainable investing The need to work within environmental increasing demand for resources) will and social limits in an increasingly continue to strain natural resources resource-constrained world is crucial to worldwide. Our investment thesis is based our investment approach and to our on the premise that such macro-trends will ability to meet the expectations of our have an important influence on the stakeholders – we believe it has a direct pricing of increasingly scarce resources link to our long-term profitable such as energy, water, agricultural performance and sustainability as resources and clean air. recognized in our Investment Approval Consequently, our aim is to produce long Process. term supplies of these sustainable The theme of “resource scarcity” is central products as well as related environmental to our strategy. We believe that, globally, commodities. economic development (and thus Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 7 Sustainability is integral to our business We recognize that all of our investments A core feature of our sustainability depend on our relationships with a wide projects is the mitigation of carbon range of stakeholders and, in particular, emissions. To date, Sindicatum’s portfolio the local communities where our projects has reduced 21.4 million tonnes of CO 2 are undertaken. Our business model equivalent and in the last year alone has therefore aims to meet the highest exported over 1,000,000 MWh of clean standards of ethical investing, energy. governance and sustainability with a strong emphasis on health and safety. Our projects, however, have more than just a beneficial impact on the We also consider sustainability to be environment. They also ensure critical to the management of our most international standards of health and crucial asset – our staff. Our aim is to safety, introduce new technologies, and promote a working environment where provide skills transfer and training while people feel they are “in it for the long- propagating the importance of the run”. We aim to ensure people feel they sustainability message on national and and their contributions are appreciated international levels. and that a proper balance between work and their life outside Sindicatum is This approach helps safeguard our future. maintained. Sindicatum Sustainable Resources Sustainability Report | Our Journey | 2014 8 Sustainable resources are vital to a sustainable economy Since the industrial revolution, natural the case of fossil fuels, create global capital has been gradually depleting and environmental risk through climate commodities from aquatic life to forests change. The traditional economic model have become increasingly scarce. What’s of resource utilisation is a linear process by more, such commodities are often which natural capital is exploited, produced from unsustainable fossil creating waste, pollution and sources, which have a finite life, and in environmental degradation: Traditional Economic Model Natural Capital Ecosystem Goods and Services Consumption Waste, Pollution and Environmental Degradation Sindicatum seeks to redress this balance commodities required for the functioning through the production of long-term of a global economy which is viable into “sustainable resources”, in order to help perpetuity. Through this we aim to help displace our reliance on unsustainable facilitate the transition to a system which
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