HIBISCUS PETROLEUM BERHAD
Malaysia | 5199.KL | Main
Reference
Report Year: 2023
Source Files: Hibiscus_Petroleum_Berhad_Annual_Report_2023-2024_Part_1.pdf, Hibiscus_Petroleum_Berhad_Annual_Report_2023-2024_Part_2.pdf
Sustainability Committee
Sustainability Committee (Members Unknown) 🟢
- Monthly meetings 🟢
Reporting
GHG Protocol, IPCC, Integrated Report 🟢
GHG Accounting
Hibiscus Petroleum demonstrates a committed approach to GHG accounting with a reported total of 6,703,195 tCO₂e for FY2024, marking a 20% reduction from the FY2020 baseline for Scopes 1 and 2. Their use of the GHG Protocol and IPCC standards ensures consistency, and third-party verification for the Anasuria Cluster under the UK ETS adds credibility. However, Scope 2 data is not individually specified, and Scope 3 emissions are unreported, limiting the completeness of their inventory. Improvement is needed in expanding disclosure across all scopes and providing carbon intensity metrics to better assess efficiency. Overall, their decarbonization targets (Net Zero by 2050, 50% reduction by 2030) are commendable but require broader data coverage to fully evaluate progress.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | 6,703,195 tCO₂e 🟢 | |
| Scope2 | Not specified ⚠️ | Scope 2 data not individually reported ⚠️ |
| Scope3 | Not reported ⚠️ | Scope 3 data not included in report ⚠️ |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported. |
Other Details
- Base year: FY2020
- Boundary inventory: Operational control across relevant countries
- Gwp basis: IPCC Fifth Assessment Report
- Standard: GHG Protocol Corporate Accounting and Reporting Standard
- Data collection approach: Quantitative data from operational assets
- Third party verification: Verified for Anasuria Cluster under UK ETS
- Carbon intensity: Not reported ⚠️
Efforts
- 20% reduction 🟢
- 200-500k tCO₂e reduction annually 🟢
- 100% clothing recycling 🟢
- Solar PV & wind turbines 🌞
- Food waste to fertilizer 🌱
Social Highlights
- RM1.41M CSR, 46,556 beneficiaries 🥗
- 29 scholars sponsored 🥗
- 900 schoolchildren trained 🥗
- 4,585 women screened 🥗
- 200 children supported 🥗
Governance
- Salary disclosure: Can't find ⚠️
- Litigation: Can't find ⚠️
Report Quality
Commendable efforts are evident in Hibiscus Petroleum’s FY2024 sustainability report with quantifiable metrics such as a 20% GHG emission reduction from the FY2020 baseline and detailed CSR impacts (e.g., RM1.41M benefiting 46,556 people) 🟢. The report aligns with recognized standards like the GHG Protocol and includes third-party verification for specific assets, enhancing credibility. Forward-looking commitments like Net Zero by 2050 and a 50% reduction by 2030 are promising. However, gaps exist with limited Scope 3 disclosure and absence of carbon intensity data, reducing transparency ⚠️. Some sections rely on generic statements (e.g., 'committed to sustainability') without measurable outcomes. The company could improve by incorporating comprehensive Scope 3 reporting, providing intensity metrics, and ensuring all claims are backed by data. Overall, the report provides a solid foundation but would benefit from deeper specificity and broader verification.
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