0 9 8 C A P I T A L A B E R H A D Introduction (cont’d.) Tackling Climate Change: Path towards Net-Zero We are committed to ensuring not only that we build a sustainable airline but that we apply the same principles to all businesses under the Capital A umbrella. This year, we made great progress towards a net zero future through the following new initiatives: • Expanded the emissions-tracking scope of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to include all domestic flights • Developed financial models to analyse the impact of introducing carbon offsetting and sustainable aviation fuel utilisation to air fares • Developed a blueprint for achieving net zero emissions • Acce l e rat ed t he Gr oup ’ s d i g i ta l transformation to enhance efficiencies and safety processes while reducing our carbon footprint across our network • Identified our climate-related risks and opportunities to begin our alignment with the Task Force for Cl imate-related Financial Disclosures (TCFD) framework Moving forward, we will continue to increase awareness of sustainabi l i ty and the importance of climate change across our business operations. At the same time, we will strive to adopt more practices that can further minimise our carbon footprint. Details of our initiatives are avai lable in the Environment section of this report (pages 120-136). The 26th annual summit of the United Nations Climate Change Conference of the Parties (COP26) held in November 2021 concluded with all parties agreeing to keep the 1.5 degree temperature rise cap alive and to scaling up action on dealing with climate impacts. Responding to the urgency for global climate action, our sustainability priorities now include strengthening our climate strategy while continuing to ensure the health and safety of guests and employees for as long as Covid-19 remains pandemic. We are fully aware of the heavy scrutiny on the aviation industry’s carbon emissions. In the last two years, along with pandemicinduced travel restrictions across the world, our carbon emissions dropped by more than 90% while waste generation was reduced to a minimum. However, the situation will reverse once the travel industry recovers, hence we reviewed our climate strategy to put in place mechanisms and processes that will help deliver the aviation industry’s target of net zero by 2050. Given that Capital A is now a diversified group, we also began the process of identifying key ESG issues relevant to our new lines of business. We are committed to ensuring not only that we build a sustainable airline but that we apply the same principles to all businesses under the Capital A umbrella.
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