18 September 2023
Accelerating Climate Action: ISF Publishes 2022-2023 Sustainability ReportIntercontinental Specialty Fats Sdn Bhd (ISF) is pleased to announce the release of its fourth sustainability report. The performance data presented in the report covers a 15-month reporting period from January 2022 to March 2023. This period reflects Q1 of 2022 and incorporates the financial year from April 2022 to March 2023, as ISF has shifted its sustainability reporting period from the calendar year to its financial year.
The sustainability report, themed 'Accelerating Climate Action,' has been prepared in accordance with the Global Reporting Initiative (GRI) Standards. This marks ISF's first sustainability report incorporating the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and Scope 3 greenhouse gas (GHG) emissions along its value chain.
“We recognize that climate adaptation plays a central role in the entire palm oil industry," remarked ISF CEO Takashi Ishigami upon the release of the sustainability report. The report showcases ISF's commitment to adopting impactful climate action initiatives, such as mitigating climate-related risks and reducing carbon emissions. After establishing its Scope 1 and 2 greenhouse gas (GHG) footprint for the baseline year of 2019, ISF has completed the mapping of its Scope 3 GHG footprint in 2022. This significant achievement allows the company to finalize its emissions profile in preparation for target setting. By 2030, ISF aims to reduce its GHG emissions by 34%. The report details ISF's significant progress in reducing its carbon footprint through renewable energy resources and community-led nature-based solutions. As of March 2023, 17% of ISF's energy was generated by solar panels or sourced through the Tenaga Nasional Berhad (TNB) Green Electricity Tariff (GET).
ISF also achieved significant progress on traceability to plantation in 2023. Traceability for crude palm oil increased from 72.9% to 98.6%, and traceability for crude palm kernel oil increased from 31.8% to 71.3%. A new sustainability questionnaire was introduced, and all non-RSPO and conventional suppliers are now required to complete the survey as part of an initiative to enhance traceability and supplier engagement.
Key highlights of the report include:
- Completion of TCFD and Scope 3 Indirect emissions assessments.
- Launch of a new Climate Action Roadmap as an approach to mitigate climate change risks.
- Reduction of energy and water consumption intensity against the 2019 baseline.
- ISF made significant progress on its Mangrove Rehabilitation Programme, a community-led nature-based solution (NBS) that has planted more than 2,500 mangrove saplings in Sabak Bernam, Selangor.
- Introduction of a new Labour and Human Rights Policy in 2022 and a new Migrant Worker Ethical Recruitment Guideline and Procedures, adopting a zero recruitment fees policy.
- Secured a sustainability-linked treasury programme in February 2023.
"I am proud of our sustainability achievements to date and look forward to further strengthening our commitments to reducing emissions, investing in more sustainable technologies, fostering new partnerships, and pursuing transparent reporting," concluded ISF CEO, Mr. Ishigami.
The 2022-2023 ISF Sustainability Report is now available on our Sustainability Reporting page complete with our 2022-2023 Base Data, 2022-2023 GRI Content Index, and our Climate Action Roadmap.
