Managing Director of the State Trading Organisation (STO) Shimad Ibrahim has stated that converting the state-owned company to a carbon-neutral company by 2050, is an objective. Several efforts have been exerted aiming to achieve the overarching goal. As such, STO revealed that it has decided to conduct business activities and operations utilising eco-friendly strategies.
Speaking at the Annual General Meeting (AGM), held in the Neeri Lounge of the Noovilu Seaplane Terminal at Velana International Airport (VIA), Managing Director Shimad affirmed that this is a realistic and an achievable goal. He added that STO will comply with the policies of corporate governance. Shimad disclosed plans to reduce the poisonous gases which are released during operations, by 25%.
Highlighting the ongoing efforts to convert STO into a carbon-neutral company, Shimad stated that efforts are underway to ensure that the transports utilised in the company's operations align with the guidelines of the International Maritime Organisation (IMO). Additionally, he underlined the current works being done to ensure home improvement goods such as air conditioners and refrigerators sold by the company, fit into the standards set by the Ministry of Climate Change, Environment and Energy. STO revealed that majority of the products fit into the Hakatheri standards.
Hakatheri programme was initiated by the ministry, to ensure that the electrical appliances were quality products of the same standard. The programme was developed under the Strengthening Low Carbon Energy Island Strategies Project implemented by the ministry in collaboration with the United Nations Environment Programme (UNEP) and with the assistance of the Global Environment Facility (GEF). It aims to reduce the emission of greenhouse gases from buildings and reduce energy wastage in the sector, while increase the usage of eco-friendly energy systems. The Hakatheri label, which indicates the energy consumption of electrical appliances, were affixed to air conditioners sold by STO in 2022.