Capital Product Partners published its first ESG Report, setting out the impacts of its operations on the Environment, People and Society.
n this report, the data and information included, demonstrate the performance of its fleet as of December 31st, 2020 consisting of 14 vessels, while the data presented for 2019, for comparative purposes, refer to its last year’s fleet of 11 vessels.
Approach to ESG
Capital Product Partners recognizes that sustainable transport is a major challenge during these times.
Since our Company has a global presence, we have placed a strong focus on incorporating ESG practices within our broader business strategy and objectives
For this reason, the company focuses on the following areas:
- Protect the environment, the marine ecosystem & take action on climate change.
- Protect the health & safety of our people & operations & support the community.
- Maintain highest ethical business conduct & corporate governance standards.
Moreover, as part of their stakeholder engagement process, Capital incorporated two key questions to gain a better understanding of how some of our key internal leaders, business partners, as well as external stakeholders, perceive the overall ESG framework and its importance over the next years.
The outcome confirms the importance of ESG in the shipping industry. More specifically, the environmental component of ESG seem to play a more significant role for our stakeholders, while 100% of them agree on the fact that the overall set of environmental, social and governance issues are of growing importance and will be of growing significance in the future.
United Nations Sustainable Development Goals
Capital Product Partners includes these ambitious goals in its strategy and is dedicated to promoting sustainable development, while closely cooperating with other stakeholders in the maritime industry.
More specifically, Capital meets the IMO’s GHG emission reduction targets and the United Nations Sustainable Development Goals, by:
- Implementing the best operational practices to optimize our ships, by increasing energy efficiency and reducing carbon footprint, ensuring that we promote marine environmental protection and sustainability.
- Encouraging long-term and loyal relationships with our employees and enhancing their environmental awareness (both onboard and ashore), in order to incorporate sustainability in the daily work environment.
- Supporting the social prosperity and promoting the sustainability of the container shipping industry.
- Ensuring transparent and constructive communications with our key stakeholders, in order to understand their needs, address their concerns, and build long-term relationships to better manage the challenges, and capitalize upon the opportunities of a highly cyclical and volatile market.
Capital Product Partners follows an ESG approach fully aligned with the existing environmental regulations in industry’s best practices, aiming to monitor and minimize our emissions to the environment.
The key elements of the policy are:
- An Environmental Management Systems (EMS) in accordance with ISO Standards 14001:2015, 50001:2018, and 45001:2018 and all other applicable requirements by interested parties and rules.
- Reduction of the environmental impacts of our operations through the maximization of energy efficiency and minimization of GHG emissions, discharge, and waste and set of specific targets.
- Implementation of control mechanisms aiming at pollution prevention, shown in our comprehensive Environmental Management System.
- Incorporation of methods for reducing waste and decrease utilization of natural resources, which are part of our SEEMP.
- Implementation of a Waste Management system.
Providing a quality service, protection of the environment, energy conservation and reduction in our GHG emissions following industry’s goals and targets are of fundamental importance for us
said Capital Product Partners, adding that it has implemented a variety of energy efficiency measures, initiatives, systems and improvements to reduce the vessel’s fuel consumption and CO2 emissions.
These measures and initiatives include:
- Energy Saving by changes in ship design or installations.
- Energy Saving by vessels’ operations.
- Energy Efficiency Management Audits.
In 2020, our 14 vessels emitted 813,648 tonnes of CO2, while in 2019, when our fleet consisted of less vessels (11 vessels), the CO2 emission in total were 597,471 tonnes
In addition, In 2020, Capital Product Partners managed to reduce its fleet average SOx emissions by 41% compared to 2019, despite the fact that its fleet increased by three more vessels this year.
Finally, in 2020, Capital Product Partners’ 14 vessels emitted a total of 21,173 tonnes of NOx. In 2019, when its fleet consisted of less vessels (i.e. 11 vessels), the NOx emissions were 15,124 tonnes.