Climate Change Data

METECH INTERNATIONAL LIMITED

Climate Impact & Sustainability Data (2022-07 to 2023-12)

Reporting Period: 2022-07 to 2023-12

Environmental Metrics

Total Carbon Emissions:69.92 tCO2e
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:69.92 tCO2e
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:239.55 MWh/year
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:13.98 tCO2e/employee

ESG Focus Areas

  • Emissions
  • Impact on Environment and Natural Resources
  • Climate Change
  • Health and Safety
  • Employment Practices and Compliance
  • Staff Training and Development
  • Business Conduct and Ethics
  • Economic Performance

Environmental Achievements

  • Encouraging employees to switch off lights, computers, and electrical appliances when not in use; Conducting regular maintenance of equipment to optimise energy efficiency; Perform process optimisation to improve energy efficiency in our production; and Integrating energy-efficient fixtures and fittings, such as LED lights and smart lighting solutions.
  • Promoting energy efficiency and conservation within its office premises. This commitment is exemplified through the use of energy-efficient LED lightbulbs

Social Achievements

  • Offering a wide range of training courses, programs, and educational opportunities
  • Maintaining a safe work environment by requiring employees to strictly adhere to safety rules and procedures during their work. Conducting regular safety awareness campaigns and providing training.

Governance Achievements

  • Introduced various sustainability measures to ensure the seamless integration of effective and robust governance practices into our decision-making processes and risk management strategies.
  • Established a Whistle Blowing Policy to actively encourage employees and third parties to report any potential improprieties

Climate Goals & Targets

Long-term Goals:
  • Set a long-term emissions reduction target that aligns with global climate objectives, aiming for carbon neutrality or net-zero emissions by 2050
  • Achieve net zero GHG emissions
  • Attain long-term financial stability and profitability by integrating sustainability into core business strategies
Medium-term Goals:
  • Align the medium-term target with broader sustainability goals and international frameworks, such as the Paris Agreement
  • Create a comprehensive strategy encompassing various initiatives, and partnerships to achieve the medium-term target
  • Include disclosure of quantitative metrics and targets
  • Reduce energy consumption to achieve overall net zero GHG emissions target
  • Include disclosures of the quantitative impact of identified climate-related risks
  • Include disclosure of Scope 3 emissions
  • Set quantifiable targets for energy efficiency to reduce the carbon footprint and lower operating expenses
Short-term Goals:
  • Maintain or reduce GHG emission (Scope 2) levels and emission intensities
  • Promote employee awareness towards emission reduction initiatives
  • Regularly monitor and report on progress
  • Monitor energy usage in our office premises and across our value chain
  • Promote more energy saving habits and initiatives
  • Regularly track progress and assess the effectiveness of the initiatives
  • Maintain zero incident of non-compliances with regulatory standards related to the health and safety of employees, customers, and workplace
  • Maintain zero incidents related to work-related injuries, fatalities, or ill-health
  • Maintain low employee turnover (30%)
  • Maintain gender, age, and regional diversity of workforce
  • Maintain average monthly turnover rate below the industrial average of 1.3 resignations per month.
  • Maintain zero incidents of non-compliance and violations with the Singapore Code of Corporate Governance 2018
  • Maintain zero incidents of non-compliance and violations with Code of Business Conduct and Ethics
  • Maintain zero incidents of material non-compliance with all other applicable law and regulations.
  • Ensure human rights concerns and directive are recognised at the Board level and adopted through the value chain through risks and impact identification, prevention, and mitigation
  • Maintain a healthy and positive financial position

Environmental Challenges

  • Numerous issues relating to the joint venture subsidiary, Asian Eco Technology Pte. Ltd. (“AET”) which the Group’s former joint venture partner, X Diamond Capital Pte. Ltd. (“XDC”) and XDC’s appointed directors in AET had failed to address.
  • Significant decrease in revenue was mainly attributed to the numerous issues relating to the joint venture subsidiary, Asian Eco Technology Pte. Ltd. (“AET”) which the Group’s former joint venture partner, X Diamond Capital Pte. Ltd. (“XDC”) and XDC’s appointed directors in AET had failed to address, which led to subsequent legal actions taken against XDC that had adversely impacted the operations of the core business.
  • Absence of revenue as well as the increased operating costs of the lab-grown diamond factory, and the write down of plant and machinery, provision for inventory loss and professional fees arising from issues with XDC.
Mitigation Strategies
  • The Company, under the new Board, will embark on a transformative journey into new businesses, benchmarking against international global trends.
  • The Company will pursue new business opportunities while taking into consideration the current worldwide challenges faced relating to climate issues, environmental preservation, and social and geopolitical expectations.
  • The new Board is committed to pursuing investment prospects in promising new ventures to bolster stability, diversity, and overall Company performance.
  • The Company is exploring how it can be transformed into new uses in emerging high-tech applications, which may gradually open new market opportunities and drive further growth for the industry.
  • The Company will collaborate with new investors either to expand this business or venture into renewable energy projects.
  • The Group raised approximately S$1.61 million in the past few months after the conclusion of FP2023 through a combination of (i) an equity share placement of approximately S$612,000 and (ii) a debt of S$1.0 million in a form of interest-free loan. These funds are intended for general corporate and working capital purposes, to improve the Group’s cash flow, supporting working capital requirements of the Group, and to bolster the Group’s financial position.
  • Implementing cost cutting measures
  • Expediting and shortening the receivables collection period and monetising its non-core assets of approximately S$1.0 million.
  • Concurrent discussion and negotiation for collaboration opportunities with various strategic partners to generate short-to-midterm revenue

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Rigorously assesses potential trading partners to ensure they align with principles of global citizenship, sustainability, and corporate responsibility.
  • Seeks out suppliers who adhere to best practices and regulations within the realm of sustainability and maintain a credible reputation.

Climate-Related Risks & Opportunities

Physical Risks
  • Rising mean temperatures
  • Increased pressure on cooling and air conditioning, leading to increased operation and maintenance costs
Transition Risks
  • Capital investments into technology development
  • Cost of adoption
  • Increased cost of electricity
  • Increased cost of raw materials to produce lab-grown diamonds
Opportunities
  • Optimising energy efficiency and water conservation in our office and operations can lead to expenditure reductions
  • Increased energy resilience
  • Use of lower-emission sources of energy such as hydrogen
  • Enhanced competitiveness
  • Offerings with lab-grown diamond can attract younger customers looking for environmentally friendly products

Reporting Standards

Frameworks Used: GRI Universal Standards 2021, TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Lab-grown diamonds

Awards & Recognition

  • Not disclosed