ESG is the prevailing mantra for the maritime industry which includes crew’s participation
Prior, Corporate Social Responsibility (CSR) was an aspect companies placed in high regards – given it determined the volume of investments. Today, ESG has become a criteria for investors to decide if the company is worth the support – with seafarers as the barometer.
Seafarers are instrumental in ESG
ESG stands for Environmental, Social, and Governance (ESG), and is the reigning principle in the maritime industry. Interconnected with CSR, ESG measures or quantifies companies’ social efforts. CSR holds businesses accountable for their social commitments in a qualitative manner. It champions forging strong company cultures that empower employees to do social good, and embrace diversity by being kind and open-minded. It was essential to businesses because employees can benefit from working in an inclusive environment and towards a valued social goal.
ESG today is a primary concern for shipping businesses, and catalysed the hype about climate-friendly energies. COP26’s recent conclusion was disappointing due to the acute imbalance between commercial interests and multilateral relations. What the industry overlooked (again) was seafarers’ essential roles in addressing the dilemmas earlier mentioned. If all employers embrace their crew’s roles in the ESG equation, they will certainly see improvements in their balance sheets. Above all, multilateral relations will gradually improve when trade shows apparent upward improvements.
Seafarers have become the barometers of the shipping industry as a whole. Since the hot button issue of net zero cropped up, nations were either scrambling or at odds with each other on the methodologies to achieve that. Many companies started to announce plans to invest in LNG powered vessels, or embark on research and development of carbon-neutral technologies. For seafarers, that is a clear message that their employers is evolving with the times and they have more room for skills upgrading. Hence, when crew appreciates the company’s values, the employer is on the right path to effective ESG execution.
Crewing Online News Team
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