Danish Shipping’s has launched an ESG-network to addresses the pressing need for collaboration and knowledge sharing within the shipping industry regarding sustainability reporting.
According to Danish Shipping, Environmental, Social and Corporate Governance (ESG) is essential for companies to demonstrate their commitment to sustainable and responsible business practices and live up to costumer expectations. EU rules require large companies and listed companies to publish regular reports on the social and environmental risks they face, and on how their activities impact people and the environment, the organization notes.
What is the EU Corporate Sustainability Reporting Directive (CSRD)?
On 5 January 2023, the Corporate Sustainability Reporting Directive (CSRD) entered into force. The directive sets new and demanding standards for the information that companies must report and disclose on their environmental- and social impact. Gradually, the CSRD will be expanded to include more companies.
EU law requires all large companies and all listed companies (except listed micro-enterprises) to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment.
This helps investors, civil society organisations, consumers and other stakeholders to evaluate the sustainability performance of companies, as part of the European green deal.
Key info about the ESG Shipping Network
With impending regulations like the EU Taxonomy and the Corporate Social Responsibility Directive (CSRD), companies face uncertainty in reporting requirements. Therefore, the network aims to:
- Facilitate collaboration: By providing a platform for sharing best practices and ensuring a consistent interpretation of regulations.
- Enhance learning: Through knowledge exchange and access to resources, fostering industry-wide learning and compliance.
- Drive business benefits: Including reduced burdens, enhanced risk management, and positive societal impact.
Through this initiative, Danish Shipping aims to foster collaboration and knowledge sharing in the industry towards a more sustainable future, benefiting all stakeholders involved.
At the inaugural meeting of the network, Danish Shipping members Maersk and Clipper shared insights into their work in the ESG-field.
At Clipper we are eager to share our ESG reporting strategy and to promote a culture of knowledge sharing across the shipping industry, as collaboration and transparency are essential to overcoming sustainability challenges in shipping.
… said Robert Murray, ESG Finance Manager at Clipper
Demonstrating tangible progress in ESG is necessary to staying relevant to our customers, which are meeting increasing consumer expectations on ESG and are passing these on to their partners
… added Frederik Rementorp, Senior ESG Manager at A.P. Moller – Maersk
