HENGYUAN REFINING COMPANY BERHAD
Malaysia | 4324.KL | Main
Reference
Report Year: 2023
Source Files: HRC_Annual_Report_2023.md, HRC_Sustainability_Report_2023.md
Sustainability Committee
Sustainability Steering Committee (Unknown pax) 🟢
- Net Zero 2050 strategy 🟢
- ESG oversight 🟢
Reporting
GRI, Separate Report 🟢
GHG Accounting
HENGYUAN REFINING COMPANY BERHAD shows a commitment to GHG emissions reporting with Scope 1 and Scope 2 data disclosed for 2023, aligning with their net-zero aspiration by 2050. However, key gaps exist, such as the absence of absolute emission figures, Scope 3 data, and a defined base year, limiting transparency. The lack of third-party verification and unspecified standards (e.g., GHG Protocol) further weakens credibility. Strengths include their focus on operational control boundaries and flaring emissions management. To improve, they should provide absolute emission data, disclose Scope 3 emissions, adopt a recognized standard, and seek third-party verification to enhance trust and accountability in their reporting.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | Reported 🟢 | Specific data not provided in absolute terms ⚠️ |
| Scope2 | Reported 🟢 | Specific data not provided in absolute terms ⚠️ |
| Scope3 | Not reported ⚠️ | Scope 3 emissions not disclosed ⚠️ |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported. |
Other Details
- Base year: Not specified ⚠️
- Boundary inventory: Operational control 🟢
- Gwp basis: Not specified ⚠️
- Standard: Not specified ⚠️
- Data collection approach: Not specified ⚠️
- Third party verification: Not verified ⚠️
- Carbon intensity: Reported, not verified ⚠️
Efforts
- Energy Masterplan 🟢
- Cleaner energy tech 🌞
- 3R waste practices 🟢
- Shift to renewables 🌱
Social Highlights
- Employee ESG training 🥗
- Community engagement 🥗
- Low Carbon City support 🥗
- Limited data available ⚠️
- Limited data available ⚠️
Governance
- Salary disclosure: Can’t find ⚠️
- Litigation: Can’t find ⚠️
Report Quality
Commendable foundation in HENGYUAN REFINING COMPANY BERHAD's 2023 sustainability report with a clear commitment to net-zero by 2050 and alignment with GRI standards 🟢. The report highlights strategic initiatives like the Energy Masterplan and cleaner energy exploration, supported by a robust governance structure. However, significant gaps exist in quantifiable data, such as absolute GHG emission figures and Scope 3 reporting ⚠️. Generic statements like 'committed to reducing emissions' lack measurable outcomes or timelines, reducing impact. Forward-looking commitments are present but vague without specific targets. To enhance credibility, the company should incorporate third-party verification, provide detailed metrics on emission reductions, and set interim milestones for their net-zero goal. Overall, the report offers a solid base but requires deeper specificity and evidence to truly reflect sustainability performance.
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