Wong Fong Industries Limited
Climate Impact & Sustainability Data (2022)
Reporting Period: 2022
Environmental Metrics
Renewable Energy Share:35%
Total Energy Consumption:1,222,262.85 kWh/year
Water Consumption:10,880.10 CuM/year
ESG Focus Areas
- Environmental
- Social
- Economic & Governance
Environmental Achievements
- Commissioned the use of solar panels at our 79 Joon Koon factory, resulting in approximately 35% renewable energy usage.
- ISO 14001 certified Singapore factory.
- No cases of non-compliance with relevant environmental laws and regulations in FY2022.
Social Achievements
- Zero fatalities and 4 reportable workplace accidents in FY2022 (down from 9 in FY2021).
- Implemented Committed to your Health (“C2H”) programmes for employees.
- No incidence of non-compliance with regulations in FY2022 and FY2021 related to product safety.
Governance Achievements
- Complied with the principles of the Code of Corporate Governance 2018.
- No significant reported cases of misconduct, corruption, or whistle-blowing in FY2022.
- No known cases of non-compliance with relevant laws and regulations in the social and economic area in FY2022 and FY2021.
Climate Goals & Targets
Short-term Goals:
- Reduce water and energy used by 10% by FY2027 using FY2022 as a baseline.
Environmental Challenges
- Decrease in revenue from the Training business due to a decrease in the number of course uptake, primarily attributable to the reduction of training grants and a tight labour market.
- Ongoing business expansion, goodwill impairment, and inflationary pressures resulted in a decrease in profit.
- Political unrest in Myanmar making it a challenging market.
Mitigation Strategies
- Continued looking out for expansion opportunities.
- Introduction of technology and wellness courses to offset decline in hospitality courses.
- Managing inflationary pressures and increasing financing costs.
- Strategic reviews on key areas of operation vulnerable to physical climate risk and establishing an action plan to support climate mitigation efforts.
Supply Chain Management
Responsible Procurement
- Prefer ISO certified company
- Prefer environmental compliant company
Climate-Related Risks & Opportunities
Physical Risks
- Increased severity of extreme weather events
- Higher temperatures
Transition Risks
- Policy & Legal
- Resource Efficiency
- Products and Services
- Technology
- Market
- Reputation
Opportunities
- Reduced operating costs
- Increased production capacity
- Increased value of fixed assets
- Benefits to workforce management and planning
- Better competitive position
- Development of climate adaptation and insurance risk solutions
Reporting Standards
Frameworks Used: GRI Standards - Core option, TCFD
Certifications: ISO 14001 (Singapore factory), bizSAFE Level Star (WFA), bizSAFE Level 3 (WFE), ISO 9001:2015, ISO 17020:2012
UN Sustainable Development Goals
- Goal 7 (Affordable and Clean Energy)
- Goal 8 (Decent Work and Economic Growth)
- Goal 9 (Industry, Innovation and Infrastructure)
- Goal 11 (Sustainable Cities and Communities)
- Goal 12 (Responsible Consumption and Production)
- Goal 13 (Climate Action)
- Goal 17 (Partnerships for the Goals)
Mapping of material topics to selected UN SDGs; FY2022 performance against targets.