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Double Materiality Assessment

Sustainability remains integral to our long-term vision of enabling a clean, reliable, and inclusive energy future. Materiality assessment is a cornerstone of our sustainability and strategic planning process. Conducted once every three years, it enables us to systematically identify, evaluate, and prioritise Environmental, Social and Governance (ESG) topics that are most relevant to our business success and stakeholders.

As part of strengthening our ESG strategy and aligning with evolving stakeholder expectations, we undertook a comprehensive Double Materiality Assessment (DMA) during the year. DMA is a framework that assesses sustainability topics from both an impact and financial perspective, enabling a holistic view of material ESG issues.

Our approach was informed by leading global sustainability standards and frameworks, including the European Sustainability Reporting Standards (ESRS), Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and other benchmarks such as DJSI, MSCI and Sustainalytics. Peer benchmarking within the utilities and energy sector further ensured a robust and forward-looking outcome.

Double materiality reflects two complementary dimensions:

(i) the impact of our operations on the environment and society (impact materiality), and

(ii) the impact of sustainability-related factors on the Company’s financial performance (financial materiality).

This dual lens has enabled us to deepen our understanding of how our business both influences and is influenced by the broader sustainability landscape, particularly in the context of the global energy transition.

Assessment process

To ensure a comprehensive and structured approach, we followed a multi-step methodology:

  1. Identification of topics: A broad range of ESG topics relevant to our operations were identified through regulatory review, global sustainability trends, prior assessments, peer disclosures, and recognised ESG frameworks.
  2. Dual materiality evaluation: Each topic was assessed across financial and impact dimensions to identify key risks, opportunities, and external impacts on environment and society.
  3. Identification of Impacts, Risks and Opportunities (IROs): For each material topic, the Company systematically evaluated associated impacts, risks, and opportunities, including environmental and social impacts as well as financial implications arising from transition risks, regulatory changes, market dynamics, and emerging energy sector opportunities.
  4. Stakeholder engagement: Engagement was undertaken with employees, customers, investors, suppliers, and community representatives to incorporate diverse perspectives and expectations.
  5. Scoring and prioritisation: A structured scoring methodology was applied to evaluate and prioritise topics based on relative significance.
  6. Materiality matrix development: Outcomes were consolidated into a double materiality matrix, providing a visual representation of topic importance from both financial and impact perspectives.
  7. Leadership concurrence: The outcomes of the double materiality assessment, including the prioritised ESG topics and identified Impacts, Risks and Opportunities (IROs), were reviewed by CSO. The findings were further presented to the apex leadership under the ESG and sustainability governance agenda for validation and strategic alignment. This review ensured that the identified material topics are consistent with the Company’s long-term vision, risk management priorities, and sustainability commitments, and were formally approved for integration into business strategy, disclosures, and decision-making processes.

 

Materiality matrix

Materiality matrix

Our Material Topics

Environment
  1. Climate strategy
  2. Emissions management
  3. Energy management
  4. Continuous and affordable green power
  5. Safeguarding biodiversity
  6. Hazardous and toxic waste management
  7. Water and effluent management
  8. Product design & lifecycle management*
Social
  1. Access and affordability*
  2. Diversity and inclusion in workplace
  3. Responsible Employer
  4. Employee retention, engagement and talent development
  5. Occupational health and safety
  6. Labour management
  7. Human rights
  8. Customer relationship management
  9. Building sustainable communities
  10. Responsible supply chain
Governance
  1. Creating economic value
  2. ESG governance
  3. Risk management and BCDMP (Business Continuity & Disaster Management Plan)
  4. Ethical business conduct
  5. Transparency and accountability
  6. Digitalisation, data privacy and cyber security
  7. Regulatory compliance and landscape
  8. New business opportunities
  9. Innovation and collaborations

* ESG topics newly added based on the 2024–25 double materiality assessment.