The American Bureau of Shipping (ABS) has published the ABS ESG Blueprint report that builds upon the work ABS is doing to support clients in their sustainability reporting and assurance journeys.
The report investigates the market and institutional ESG drivers such as greenhouse gas (GHG) emissions and data privacy while covering best practices in both the marine and offshore sectors. According to the report, achieving ESG excellence requires an in-depth assessment of all direct and indirect environmental and social aspects, incorporation of governance values in the company business model and total leadership commitment to continuous improvement of sustainability performance.
The important ESG elements of sound corporate stewardship are reflected in our safety-centric culture and our commitment to excellence in all that we do. We continue to pioneer new services and solutions in data, digitalization, classification and sustainability to support our clients on their ESG journeys, and this new report is another industry-leading example of this effort
… said Christopher J. Wiernicki, ABS Chairman and CEO
As the report notes, a fundamental starting point is the appropriate stakeholder mapping — a challenging task for international businesses — and the materiality assessment through which the ESG reporting boundaries are defined. Marine and offshore companies will need to adapt to the pressing effects of climate change by assessing vulnerability and investing in resilience. They can do this by focusing on:
- Continuously increasing their sustainability performance in mitigating environmental impacts arising from their business activities, such as climate crisis, biodiversity risks, overexploitation of natural resources and uncontrolled pollution.
- Adopting social responsibility strategies, covering the internal and the external corporate environment, such as crew welfare, wellbeing, health and safety.
- Adopting the highest values of corporate governance to ensure a practical sustainability transition. The ABS ESG Blueprint is intended to provide an overview of the main drivers behind ESG — from market drivers to regulatory drivers — and provide ESG best practices for the marine and offshore industries. Understanding these drivers and best practices will assist industry decision-makers with navigating the complex, dynamic world of ESG.
Sustainable business practices are quickly becoming a key component for global success, no matter the industry. Understanding the key factors, drivers and best practices will assist maritime and offshore decision-makers with navigating the complex, dynamic world of ESG reporting
… said Panos Koutsourakis, ABS Vice President, Global Sustainability
