Maritime Sustainability Insights
Recently, the maritime industry has experienced a notable upswing in the drive toward sustainability. A significant development in this direction is the European Union's expansion of Corporate Social Responsibility (CSR) practices to encompass a broader spectrum of companies across Europe, with reporting set to commence from 2024. As shipping companies progressively adopt sustainable practices, here is a brief blend of insights and essential practices to bring in this transformative era of leadership.
The Three Pillars of Sustainability
Sustainability revolves around three pillars: economic, social, and environmental. In the maritime context, embracing these pillars has become synonymous with forward-thinking leadership.
1. Economic Sustainability:
A focus on economic sustainability involves setting strategic objectives and action plans to reduce environmental footprints. It centres on sound financial decisions for long-term viability. It involves transparent financial structures, ethical practices, and a commitment to inclusive and enduring economic growth. This ensures profitability while aligning with broader social and environmental responsibilities.
2. Social Sustainability:
The call for diversity and inclusion within the maritime industry resonates strongly. Organisations are recognising that resolutions to enhance diversity not only make business sense but also contribute to innovation, personnel satisfaction, and overall organisational performance.
3. Environmental Sustainability:
As the industry aligns with the UN's sustainable development agenda, organisations are urged to embed the Sustainable Development Goals (SDGs). On top of this, there is a growing drive towards a commitment to decarbonisation efforts, education to mobilise action, and partnerships for sustainable development. Notably, the industry is witnessing an alignment as outlined in the International Maritime Organization's (IMO) initial strategy to diminish greenhouse gas (GHG) emissions from ships, the industry is striving for a 40% reduction in carbon intensity by 2030 and an ambitious 70% reduction by 2050, compared to 2008 levels.
But where should you start?
Key Starting Practices for Maritime Organisations:
1. Collaborate for achieved innovation
In areas where it may be too costly to innovate, find current advances that are implementable into your company already. This can include looking into current research advances or partnerships with innovative technology companies.
2. Innovation
When innovation is an option, create a culture of innovation by encouraging changes in organisational methods, business practices, and management strategies.
3. Create Partnerships
Integrate stakeholders, develop coherent policies for sustainable development, and foster engagement and buy-in among potential partners. This includes research institutes for up to date, applicable research for growth.
4. Education for Mobilisation
Promote sustainability policies through training sessions and seminars to educate and mobilise employees. Without everyone on board, sustainability will just stay a dream.
5. Embrace Diversity
Enhance business sense, innovation, and organisational performance by offering new opportunities for women, ethnic minorities, and workers without an academic degree.
6. Decarbonisation Targets
Initiate strategic objectives and action plans for reducing environmental footprints, aligning with IMO's decarbonisation strategy. As a starting point, start to track and calculate your environmental impact of your company.
7. Embed the SDG and Reporting
Embrace the UN's sustainable development agenda and integrate the 17 Sustainable Development Goals (SDGs) into business practices. As you move further, ensure you embed sustainability practices from the bottom up to allow for alignment throughout your company.
8. Aim Towards a Circular Economy
Embrace the principles of reducing, reusing, and recycling to transition towards a more circular economy.
9. Be Transparent
Prioritise transparency through clear and accurate communications, especially in your sustainability reporting.
10. Envision and Prepare for the Future
Most importantly, think ahead enables organisations to generate fresh ideas, reduce costs, increase profits, and enhance their overall image. This includes focusing on adapting for the changes we have ahead, both physically and economically.
Conclusion: A Unified Voyage Towards Sustainability
As the maritime industry flows towards sustainability, ensuring these insights and key practices as a starting point, helps create a unified vision for a sector that is not only economically viable but socially inclusive and environmentally responsible. By embracing these practices, the industry can navigate sustainability with resilience and purpose, ushering in a new era of leadership.
It all starts with taking the first step. If you want to know more, contact us.