Shipping industry gradually towards sustainability reporting
March 15, 2010
Maersk is not the first shipping company publish such report, but given its size and reputation it may signal a slow and gradual change in an industry that is rather conservative in adopting sustainability. It is however yet to be seen whether Maersk will contribute to a broader understanding in the industry that no major shipping company can ignore this type of reporting and must come to terms with it.
The report itself is a rather robust piece of work in view of the fact that it is a first attempt of the company. It highlights the broad spectrum of sustainability and provides an adequate insight in the governance of the risks and opportunities as well as dilemmas. The company even showcases a socio-economic impact assessment of its activities in Lagos, Nigeria (pages 48 and 49). Since we are very much involved in this kind of impact assessments we would have appreciated a bit more transparency on the methodology and also we would like to know whether Maersk has included scenarios in their study.
Whether the Maersk initiative will indeed bring change in the shipping industry is yet to be seen. There is often a big difference between asset (ship) owners and the companies chartering the assets. The responsibility for sustainability is often ignored by both sides. It is simply not on their compass.
So far only some big brands / integrated companies are adopting sustainability, whereas the more anonymous yet dominant parties seem to believe they can afford not to bother. This shows that sustainability is still primarily regarded as a reputation or branding issue. In a sector that is dependent on fossil fuels, faces rising oil prices, where energy efficiency can make a difference and that has social and governance issues to deal with, it is time for more companies to make a more comprehensive business case. We believe sustainability contributes to improvement of a shipping company’s bottom line. Reputation effects should be appreciated as a secondary effect.
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