Tag: Environmental Social Governance (ESG)

Among the main effects of the COVID-19 pandemic was that it changed radically the industry’s status quo, highlighting working conditions in shipping. Meanwhile, global awareness of the adverse effects of climate change globally has put the environment at the top of the agenda in controversial industries, such as shipping and the energy sector. What are the main issues expected to attract the attention of maritime leaders in the near future?

The Global Centre for Maritime Decarbonisation (GCMD) and the law firm Ashurst have formalised their partnership by signing a Coalition Partnership Agreement, committing to a long-term collaboration to accelerate the maritime industry’s decarbonisation efforts. 

McKinsey published its 2021 ESG Report, presenting a framework that outlines specific ambitions and actions that will enable the world to accelerate sustainable and inclusive growth.

SAFETY4SEA “Shipping ESG500 Survey” sets out an index illustrating the progress that ESG (Environmental, Social, Governance) has made so far within the maritime industry, revealing that industry’s ESG performance stands at 49.1%. With slow but steady steps, the figure shows that the industry is on the right track for embracing ESG strategies.

Materiality Matrix enables an organization to define which ESG (Environmental Social Governance) initiatives are worth to invest in.

Addressing ESG factors can help organizations manage their environmental and social imprint and determine their business risks and opportunities. In addition, the United Nations' Sustainable Development Goals (SDGs) are increasingly being recognized as a beneficial framework for responsible investment as the business world shifts its focus more intensively on ESG.

Mr Lars Lange, IUMI Secretary-General, refers to the important work that IUMI’s ESG Working Group has undertaken for raising awareness for the increasing importance of marine insurance specific ESG issues.

In an exclusive interview to SAFETY4SEA, Mr. John Sypnowich, Chair of the Maritime Anti-Corruption Network (MACN) discusses ESG in the context of the shipping industry’s fight against corruption in the maritime supply chain.

Although the Environmental related issues seem to be well cared by shipping organizations to successfully achieve the green transition; Society and Governance need to be appropriately integrated into the industry’s policies. However, the industry is not giving much priority to the Governance parameter, giving ground mainly to the “E” and “S” of ESG, the SAFETY4SEA ESG Climate Survey revealed.

A new generation leadership with more gender equality and competence on the field of ESG will make the difference, argues Mr Bjørn Kjærand Haugland, co-founder and Chief Executive Officer of Skift Business Climate Leaders.