American Bureau of Shipping (ABS), has published Offshore Sustainability Insights, a report about the current sustainability status of the offshore industry from across the globe.
In particular, this report serves as a primer for offshore decarbonization, ESG trends, sustainable financing tools and carbon pricing.
As explained, ESG is important for the oil and gas industry as momentum continues to build to promote renewable energy, sustainability and the energy transition, as investors, governments and individuals remain focused on issues such as climate change, labor standards, diversity and corporate governance.
A clean energy future is underway, and the transition process will change most every aspect of energy companies’ assets and operations. Drivers of decarbonization include:
- Equipment, technology, and operational cost reductions
- Government policies and regulations
- Employee, customer, and community demands
- Investor pressures
We found pressures on the offshore industry to improve its carbon footprint were coming from all directions, including the investment community. ABS has a key role to play in supporting the industry through the clean energy transition.
…said Miguel Hernandez, ABS Senior Vice President, Global Offshore.
The ABS insights series is designed to help offshore clients quickly assess the sustainability landscape and understand what factors might impact their projects and assets. Pressure for change is affecting the entire offshore supply chain and will require a holistic approach to make significant impact.
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While the oil and gas industry is concerned with climate change and is taking steps to reduce its GHG emissions, the real pressure to adapt and disclose is coming from the investment industry. Investors struggle with the lack of uniform standards for measurement and disclosure of emissions from the oil and gas industry.
According to ABS, market trends are explored by asset type such as floating production storage and offloading units (FPSOs), offshore support vessels (OSVs) and offshore wind vessels. The report also considers how, despite investing in decarbonization strategies, the offshore industry remains challenged to implement further sustainability measures.
ABS has world-class capabilities in understanding emissions technologies and developing decarbonization strategies thanks to our global network of sustainability centers. We know the reality of decarbonization is that many companies are at different stages of the journey. These reports offer solutions and advanced understanding of the issues for our clients as they develop and expand their programs for greenhouse gas (GHG) reduction.
…said Panos Koutsourakis, ABS Vice President, Global Sustainability.
