• To achieve certification to ISO 27001: Information Security Management System, which refers to IT security management system standard that is in compliance with relevant specifications, laws and regulations. • To conduct an annual drill in accordance with the Disaster Recovery Plan in the event of a cyberattack or a disaster causing system failure or equipment damage. • To establish an effective and continually developing Security Operation Center (SOC) to prevent, monitor, detect, analyze, and respond quickly to cybersecurity incidents, along with the creation of a body of knowledge for personnel to learn about effective cybersecurity. • To conduct phishing email test for the company’s employees on a regular basis to follow up on employee awareness. Employees who failed such test must undergo training to make them understand how a cyberattack can potentially cause serious damage. 2. Climate Change Risk Regulatory Risk The COP28 summit, held on November 30-December 12, 2023 in Dubai, United Arab Emirates, reached an agreement for the parties to “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade (2023-2033) so as to achieve net zero by 2050 in keeping with the science.” As a result, Thailand may accelerate the implementation of the national climate action plan under the mechanism of “National ly Determined Contributions” (NDCs) in line with the Net Zero Emission goal in 2065. IRPC, as a private sector party, who has responsibilities and is aware of such climate change risks and impacts, and is committed to achieving international and national goals in alignment with the government policy, has introduced risk management guidelines as follows: • To monitor any change in laws, regulations and government policies in conformation with international agreement, as well as to review the company’s strategies, target for reduction of greenhouse gas emission to align with government policies. • To reduce energy consumption and use energy more efficiently in its production process by setting the target to achieve Top Quartile ranking on the Energy Intensity Index (EII). • To transition the source of electrical energy toward renewable energy and alternative fuels, such as installing a 21-megawatt floating solar system to produce electricity to enhance energy stability at the IRPC industrial zone. There is an investment plan to expand the solar capacity by another 37.2 megawatts. • To conduct Business Portfolio rebalancing, focusing on developing new businesses through low-carbon projects or new ventures. • To convert petroleum products into petrochemical products in line with the market trend arising from the proliferation of electric vehicles at the expense of internal combustion vehicles, which will adversely affect sales volume of fuels, the company’s main product category, in the foreseeable future. • To design new eco-friendly products based on the Circular Economy concept by means of recycling to help reduce waste while cutting back on greenhouse gas emissions from the use of such products. • To implement reforestation carbon offset projects to absorb greenhouse gases in collaboration with the Mae Fah Luang Project and the PTT Group, in an area of 20,000 rai. • To study the use of carbon capture technology to reduce greenhouse gas emissions. 103 Risk Management 56-1 ONE REPORT 2023
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