West P&I Club has released its first ESG & Sustainability Report, which sheds light on the organization’s efforts to advance sustainability and ESG (environmental, social, and corporate governance) matters in the industry.
he term ESG was first conceived in 2005 in a landmark study titled “Who Cares Wins”. The Club’s first ESG and sustainability report outlines success will increasingly be driven by “Who Care Wins”. West also presents the progress made by West on ESG matters, its future aims and how it plans to help Members on this journey.
West’s report explains the changing nature of shipping, with cargo carrying capacity doubling since 2005 in an industry that accounts for up to 90% of global trade. This creates three challenges for the Club’s Members:
- People and safety,
- Environmental impact
- Technology / digitalisation
The report also focuses on West’s ESG-related initiatives, showing how in recent years it has committed to the United Nations’ Sustainability Development Goals (UN SDGs).
Every business has a crucial role to play in the transition towards a sustainable future and West’s strategy places emphasis on the environment, social responsibility, legal integrity and a commitment to maritime resilience.
… said Tom Bowsher, Group CEO
Actions include supporting seafarers’ physical and mental wellbeing, accelerating gender diversity and introducing training programmes for West employees. Moreover, the Club has moved to more sustainable premises to help combat climate change, provided Members training on new fuels and technologies to support their decarbonisation transition, and advised them on how to protect the marine environment.
Other actions taken by West include creating a dedicated ESG Department and ESG Committee exclusively made up of staff; establishing its operational carbon footprint by commissioning carbon emissions reports on all offices; introducing the West Mentoring Programme; and taking a zero-tolerance stance to greenwashing.
The Club also contributes to ESG investment funds, promotes ethical business practices among its workforce and is a member of the Maritime Anti-Corruption Network.
Furthermore, West has launched a mentorship programme, which is open to all employeeS. The primary objectives of the West Mentoring programme will be to:
Support induction of new members of staff and the transition of existing members of staff into new roles
Foster collaboration across the Club and knowledge sharing between departments
Better support succession planning
Promote the development of new skills
E nable staff to realise career development plans
The mentorship programme has been formulated as an effort to invest further in our people and empower all employees through their career progression. We also hope to use this initiative to empower the younger generation and create the opportunity to build a better infrastructure for gender equality.
Gina Panayiotou, ESG Manager at West P&I pointed out that shipping is paramount for a sustainable world and we have a duty to sustain it sustainably.
At West, we aim to proactively guide and support Members on this journey and our first ESG and sustainability report aims to highlight how ESG and sustainability is not only a moral case, but also a powerful business one.
… said Gina Panayiotou
In an exclusive statement, Gina Panayiotou had said to SAFETY4SEA that for ESG to succeed it has to be fully immersed with the business strategy, so if all organisations had within their Board, ESG and change management experts, greater gender equality and age diversity, talent acquisition specialists, innovation and tech experts, that is when we would see and be able to reap the true benefits of ESG and the profound effect it can have on the performance of our sector.