BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX supervision of the Water Management Taskforce and the Supply Chain Management Taskforce to achieve water stewardship, resilience, and maximum efficiency in production. GC also fosters the participation of stakeholders to minimize impacts of water scarcity and maintain an adequate reserve for consumption. As droughts are increasingly intensified by climate change and the demand for water among the industrial sector, the agricultural sector , and communi t ies has been r ising continuously, GC’s production may be faced with a water crisis, both in terms of amount and quality. In effect, GC assesses water risks to identify water stress areas, using the Aqueduct Water Risk Atlas, so as to reduce the need to draw freshwater from natural sources and decrease water consumption in the production process as well as monitor the water situation in reservoirs and promote water conservation in collaboration with the public and industrial sectors and communities to conserve water and preserve water quality. In addition, GC discloses its water management and impacts in a transparent manner, in line with the international requirements of the GRI Standards and CEO Water Mandate. As a result, GC has also been awarded, for the second consecutive year, the highest rating of A in Leadership Level under the assessment framework of the Carbon Disclosure Project (CDP) for its commitment to water security initiatives. Product Stewardship GC seeks to operate a customer-centric business and create green products that are safe to consumers and in line with the concept of circular economy, while also taking into account social and environmental impacts throughout the product life cycle so as to meet consumer needs, elevate the quality of life, and foster sustainable growth. As a result of climate change and the COVID-19 pandemic in the previous years, customer behaviors and needs shifted towards products that were safe for health and the environment. In response, GC developed products to cater to the needs of customers and consumers by adopting the Eco-design Guidelines and the Eco-design Criteria, based on the ISO 14062 standard, along with the principle of product life cycle assessment to minimize social and environmental impact across the value chain. Furthermore, GC established the B-to-B Touch C Plan with the goal of creating value to products in accordance with the concept of circular economy and making such value accessible to consumers (C) through business-to-business collaborations (B-to-B) between converters and brand owners as well as partners across the value chain. In addition, GC developed a strategic plan for product stewardship to serve as guidelines for its product development. Under this plan, GC takes into account environmental impacts and increases the safety of the products through its life cycle by conducting a Life Cycle Assessment (LCA) for all products so as to better serve customer needs for environmental friendly products in the future. In addition, all GC Group’s products have been certified with the Carbon Footprint of Products (CFP) and Carbon Footprint Reduction (CFR) label from the Thai land Greenhouse Gas Management Organization (Public Organization) (TGO) under the Ministry of Natural Resources and Environment. GC also has also encouraged all companies under GC Group to have all their products certified with the Water Footprint label by the Water and Environment Institute for Sustainabi l ity, the Federation of Thai Industries. Furthermore, GC has been selected as the first piloting company to apply for Carbon Footprint of Circular Economy Product (CE-CFP) Certification in Thailand to promote an increase of the manufacturing of products following circular economy principle using resources efficiently and result in a reduction in greenhouse gas emission both on the industry level and national level, and serve as a mean to increase the ability of Thai industry to compete in the global market and get ready to face trading measures on a long-term basis both at ASEAN level and international level. 3.4) Expanding Sustainable Environmental Management to GC’s Networks GC has integrated environment management by cooperating with stakeholders both within and outside the organization. GC has set up environment working team comprising environment specialists of the Group Company to work as a strong network on environment management, as well as cooperating with the government sector on national projects, for example, cooperating with the government agency and petrochemical business operator in Map Ta Phut area to formulate the Code of Practice to control Benzene, 1,3-Butadiene and was selected a model to participate in and develop the Zero Waste to Landfill standard enhancement project of the Department of Industrial Works to set national standard for industrial business operators. 179
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