Tag: ESG

To successfully address ESG, the maritime industry should strive for being transparent, using common sustainability reporting frameworks, and creating benchmarks to measure progress, argues Mr. Andrew Stephens, Executive Director at Sustainable Shipping Initiative & Ship Recycling Transparency Initiative.

It is well established that for shipowners and operators to meet the IMO 2030 and 2050 greenhouse gas targets (or indeed a company’s pledge to be ’net-zero’ by a specific time), changes will be needed in how vessels are designed, built and operated, explains Alvin Forster in SeaSense column, our special column in association with the North P&I Club.

The Global Maritime Forum announced that industry leaders came together  in Zurich to launch the All Aboard Alliance with the aim to provide a platform for collaborative action to make the maritime industry more diverse, equitable, and inclusive.

The Rotterdam Port Authority announced that it has leased a site at Rijndwarsweg in Europoort to Xycle to commence construction of a plant that will convert 20,000 tons of non-mechanically recyclable plastic into high-quality sustainable raw material annually. 

World’s largest cruise company, Carnival Corporation & plc announced it has joined the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, committed to accelerating the transition toward a net-zero future for the global maritime industry. Carnival Corporation, with nine global cruise line brands, is the first cruise company to join the center’s global community.

The Poseidon Principles are now estimated to cover over 50% of the global ship finance portfolio, after DekaBank became the latest Signatory.

WFW experts provide an overview of the Poseidon Principles for Marine Insurance, which entered into force in early May,  with the aim to establish a framework to engage with the shipping industry and support net-zero insurance.

Standardization is an important step forward for ESG integration in shipping, with divergence between regional and global requirements being a critical issue to consider when thinking about implementation of ESG strategies, speakers agreed at the 2022 GREEN4SEA Forum.

During the 2022 GREEN4SEA Virtual Forum, Aishwarya Iyer, ESG Manager, RightShip, analyzed the role of ESG in shipping, and how it can affect the sector. Ms. Iyer highlighted the standards that help promote ESG, also citing the challenges that ESG pose to the maritime sector.

Shipping continued its long-term positive safety trend over the past year but Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, and managing challenging decarbonization targets, means there is no room for complacency, according to marine insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2022.