We continue to monitor and quantify the operational costs and investments in our various capitals with the financial tool that was introduced in 2021. The table below gives an overview of the costs of our resources, activities, processes, programs, initiatives, and tools that protected our capitals and generated value for the Company and our stakeholders.

2023 marks First Gen’s largest investment in our Manufactured capital at 55.2 percent. The investment covered the acquisition and construction of our infrastructure, the maintenance and upkeep of our facilities, and the various renovations and improvements made to our buildings and equipment. This also includes the costs associated with remodeling our facilities to accommodate flexible working arrangements and our other investments in building the resiliency of our assets.

Investment in our Intellectual capital has gone up significantly from 1.6 percent in 2022 to 26.5 percent in 2023. This is primarily due to the increase in costs of permits, licenses, and rights to use the infrastructure of the Floating Storage and Regasification Units (FSRU) and tugs for LNG, as well as the prices of the FGPC for its Foreshore Lease and Easement. Other investments under this capital include intellectual property, software and tools, IT systems, cybersecurity, ISO certifications and other accreditations, research and studies, strategy planning, and branding and marketing.

First Gen’s investments into our Human capital in 2023 decreased to 13.6 percent (compared to 23.7 percent overall share in 2022), primarily due to the winding down of our company-wide COVID-19 programs and initiatives. The rest of our investments in this capital are employee-centric and include: salaries and non-medical benefits for employees, skills development, capacity building, and employee engagement events. We have also continued with our vaccination program, occupational health and safety training, medical and mental health programs, and activities targeted at improving overall employee well-being.

Natural capital investments comprise 2.6 percent of our overall ESG investments this year. These investments include land acquisition and maintenance, material resources, environmental research, and projects for efficiency and conservation of energy and water. It also accounts for waste management projects, GHG reduction initiatives, activities related to securing permits for the use of natural resources, biodiversity projects, and environment-related CSR projects.

The remaining 2.1 percent of our investments cover our Social and Relationship capital, consisting of CSR activities, community work, stakeholder engagement, membership fees, the acquisition of local permits, customer and investor-related costs, and other philanthropic works.

In order for First Gen’s mission to thrive, the Company shall continue to embed the capitals in our businesses and operations. At the same time, we will be moving forward with the careful monitoring of these capitals and ensuring that they work together to achieve our goals. First Gen will press on to efficiently utilize these capitals to guarantee value creation and preservation not only for the Company, but also for our customers, co-creators, communities, investors, regulators, and the planet.