Climate Change Data

Thai Vegetable Oil Public Company Limited

Climate Impact & Sustainability Data (2022, 2023)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:832,000 tCO2e/year (Scope 1: 9,986; Scope 2: 41,054; Scope 3: 722,072)
Scope 1 Emissions:9,986 tCO2e/year
Scope 2 Emissions:41,054 tCO2e/year
Scope 3 Emissions:722,072 tCO2e/year
Renewable Energy Share:1.09% (56,021 GJ from solar)
Total Energy Consumption:5,102,363 GJ/year
Water Consumption:150,497,000 m3/year
Waste Generated:57,542 tons/year
Carbon Intensity:0.035432362 tCO2e per unit (Scope 1 and 2)

ESG Focus Areas

  • Economic Sustainability
  • Social Sustainability
  • Environmental Sustainability
  • Governance

Environmental Achievements

  • Reduced plastic pellet usage by 350,000 kg per year by revamping 1-liter oil bottle design and removing plastic cap seals.
  • Used recycled paper for 1-liter vegetable oil boxes, reducing paper usage by over 70,400 kg per year.
  • Reduced weaving thread usage in animal feed meal bags by over 12,517 kg per year.
  • Certified by the Thailand Greenhouse Gas Management Organization (TGO) with a carbon footprint for the organization.
  • Improved waste utilization rate from 91% to 94%.

Social Achievements

  • Provided financial assistance to employees for 4 months during economic downturn.
  • Supported nearby communities through various activities and projects (e.g., providing medical supplies, supporting youth education, community career training).
  • Achieved a TRIR (Total Recordable Injuries Rate) of 0.25, lower than the industry average of 1.0.
  • More than 70% of factory workers are from Nakhon Pathom.
  • Launched the “Happy Workplace” project to enhance employee engagement.

Governance Achievements

  • Received an “excellent” CG score of 5 stars from the Thai Institute of Directors Association (IOD) for the 3rd consecutive year.
  • Received the 1st renewal of membership certification from Thai Private Sector Collective Action Against Corruption (CAC).

Climate Goals & Targets

Long-term Goals:
  • Achieve Carbon Neutrality by 2045 and Net Zero Greenhouse Gas Emissions by 2060.
Medium-term Goals:
  • Reduce waste from the production process by the amount of waste that was used for the total waste not less than 90% by 2027.
Short-term Goals:
  • Reduce the carbon footprint of products by at least 2% or receive a carbon footprint label for the main product ‘1-liter-bottle of Angoon oil’ by 2024.
  • Reduce electricity consumption to less than 30 units per ton of beans in the extraction plant and less than 30 units per ton of crude oil in the refinery plant by 2024.
  • Reduce water consumption to 0.71 cubic meters per ton of beans by 2024.
  • Reduce fuel from chaff to less than 255 kilograms of chaff per ton of steam by 2024.
  • Achieve 100% of main suppliers acknowledging and fully signing the Suppliers Code of Conduct by 2024.

Environmental Challenges

  • Fluctuations in foreign exchange rates.
  • Uncertainty about product costs.
  • Climate change and natural disasters.
  • Decreasing domestic soybean production.
  • COVID-19 pandemic impacting supply chain.
  • Cyber risks.
Mitigation Strategies
  • Using forward contracts to mitigate foreign exchange risk.
  • Developing contingency plans for natural disasters.
  • Implementing a personal data protection policy.
  • Implementing ESG criteria in supplier selection.
  • Closely monitoring the COVID-19 situation and planning raw material procurement accordingly.
  • Establishing policies and measures for information system security.

Supply Chain Management

Supplier Audits: 100% of new suppliers in 2022 passed ESG screening and self-declaration.

Responsible Procurement
  • ESG criteria used in supplier selection.
  • Supplier Code of Conduct covering human rights, labor, environment, and anti-corruption.

Climate-Related Risks & Opportunities

Physical Risks
  • Climate change and natural disasters (drought, flooding)
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 9001, ISO 22000, Halal, Kosher, ISO 14001, ISO 45001, ISO 50001, Green Industry level 3

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Goal 1: No Poverty
  • Goal 2: Zero Hunger
  • Goal 3: Good Health and Well-being
  • Goal 6: Clean Water and Sanitation
  • Goal 7: Affordable and Clean Energy
  • Goal 8: Decent Work and Economic Growth
  • Goal 10: Reduced Inequalities
  • Goal 12: Responsible Consumption and Production
  • Goal 13: Climate Action
  • Goal 15: Life on Land
  • Goal 16: Peace, Justice and Strong Institutions

TVO's initiatives contribute to these goals through various programs and operations.

Sustainable Products & Innovation

  • Revamped 1-liter oil bottles
  • Recycled paper packaging

Awards & Recognition

  • Sustainability Disclosure Award 2022
  • ESG100 Securities Companies 2022 (7th consecutive year)
  • Thailand Sustainability Investment (THSI) 2022 (6th year)
  • ASEAN Asset Class Publicly Listed Companies 2021
  • Annual General Meeting of Shareholders Assessment Project (AGM Checklist) score of 100
  • Thailand’s Most Admired Brand 2022 (Angoon brand)
  • CSR-DIW Award Continuous 2022 (3rd consecutive year)
  • CAC Membership Certification

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:44,568 tCO2e/year
Scope 1 Emissions:9,080 tCO2e/year
Scope 2 Emissions:35,488 tCO2e/year
Scope 3 Emissions:694,933 tCO2e/year
Renewable Energy Share:85%
Total Energy Consumption:1.5 GJ/ton soybean
Water Consumption:0.9 m3/ton soybean
Waste Generated:45,889 tons/year
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Climate Change
  • Energy Management
  • Water Management
  • Waste Management
  • Human Rights
  • Employee Development
  • Safety and Occupational Health
  • Community Development
  • Corporate Governance
  • Sustainable Supply Chain
  • Anti-Corruption

Environmental Achievements

  • Reduced greenhouse gas emissions by achieving 100% waste utilization and zero waste to landfill since 2020.
  • Reduced plastic usage in 1-liter vegetable oil bottles by 4 grams per bottle, resulting in a reduction of 350,000 kilograms of plastic per year.
  • Reduced paper usage in 1-liter vegetable oil packaging boxes by over 75,000 kilograms per year.
  • Reduced thread usage in animal feed bags by more than 11,500 kilograms per year.
  • Reduced external water consumption by over 40,000 cubic meters annually through 3Rs initiatives.
  • Utilize renewable energy for over 85% of total energy consumption.

Social Achievements

  • No work-related lost time injuries for 3,678,544 working hours.
  • Total Recordable Incident Rate (TRIR) of 0.47, lower than the industry average of 0.8.
  • Implemented the “Happy Workplace Project” to enhance employee well-being.
  • Average employee training hours of 17 hours per person per year.
  • Employee engagement rate of 61.27%.
  • Organized 25 community development projects with an average satisfaction rating of 98.4%.

Governance Achievements

  • Achieved a 5-star rating in Corporate Governance by the Thai Institute of Directors Association (IOD).
  • Zero cases of bribery, corruption, or code of conduct violations.
  • 100% of new suppliers in 2023 passed ESG criteria and signed the Supplier Code of Conduct.

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero greenhouse gas emissions by 2060.
Medium-term Goals:
  • Achieve carbon neutrality by 2045.
Short-term Goals:
  • Reduce GHG emissions by 20% by 2035.
  • Reduce water usage to 0.85 cubic meters/ton soybean by 2024.
  • Increase average employee training hours to 18 hours/person/year by 2024.
  • Achieve 100% acknowledgment and signing of the Supplier Code of Conduct by 2024.
  • Achieve 100% assessment of Code of Conduct by 2024.

Environmental Challenges

  • Climate change and natural disasters impacting raw material supply.
  • Foreign exchange rate volatility affecting product costs and profits.
  • Cybersecurity threats.
  • Declining soybean cultivation in Thailand.
  • Global impacts affecting soybean importation (weather, geopolitical conflicts, transportation).
Mitigation Strategies
  • Regular review and update of emergency and business continuity plans.
  • Utilizing hedging instruments to mitigate foreign exchange rate volatility.
  • Investing in robust IT security measures.
  • Initiating a soybean species planting experiment project to increase yields.
  • Closely monitoring global situations and planning raw material procurement strategically.
  • Conducting on-site inspections of soybean plantations.

Supply Chain Management

Supplier Audits: 100% of new suppliers passed ESG criteria and self-declaration questionnaires in 2023.

Responsible Procurement
  • ESG criteria in supplier selection.
  • Supplier Code of Conduct.
  • Self-declaration questionnaires.
  • On-site ESG audits.

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events impacting raw material supply.
Transition Risks
  • Regulatory changes related to climate change.
Opportunities
  • Development of energy-efficient products and processes.

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 9001, ISO 45001, ISO 14001, FSSC 22000, Halal, Kosher

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Goal 1
  • Goal 2
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 6
  • Goal 7
  • Goal 8
  • Goal 9
  • Goal 10
  • Goal 12
  • Goal 13
  • Goal 17

Various initiatives contribute to these goals as detailed in the report.

Sustainable Products & Innovation

  • New packaging reducing plastic and paper usage.

Awards & Recognition

  • 5-star CG rating from IOD
  • AA level Sustainable SET ESG Ratings
  • ESG100 Securities Companies
  • Excellent score of 100 points by the Annual General Meeting (AGM Checklist)
  • CSR-DIW Continuous Award 2023
  • CAC Membership Certification
  • Thailand’s Most Admired Brand 2023
  • Sustainability Disclosure Award 2023
  • Best-Case Award by DIPROM, Eco Flying Project