Our sustainability actions are guided by what matters most
Materiality Assessment
In 2020, BW LPG engaged an independent third-party consultant to review our materiality assessment process to ensure that we are focusing our efforts on the most significant sustainability topics relevant to our business and industry. The diagram below illustrates our approach and stakeholder outreach. In 2021, we enhanced our approach through the TCFD framework to consolidate ESG matters that are most important to us.
Our internal stakeholders include our Board of Directors, Executive Management, Shore staff and Crew. Our external stakeholders include Customers, Lenders, Investors/Shareholders, Suppliers, Government and Regulatory Bodies, Shipping Agencies, Registries, Clubs or Societies, Ship Brokers and Ship Managers.
By triangulating different data sources, we mapped a materiality matrix and identified eight material topics. The material topics were identified based on stakeholder influence and BW LPG impact.
United Nations Sustainability
Development Goals
We have eight sustainability priorities across the E, S and G strategic pillars. These material topics touch directly or indirectly on the United Nations Sustainable Goals (UN SDGs). We summarise our commitment to action and what they mean in our business.
| Significance to BW LPG | What We Want to Achieve | Alignment with UNSDGs | Stakeholder Impacted | ||
|---|---|---|---|---|---|
| ENVIRONMENT | Emissions and Energy | The world needs a rapid transition to lower-carbon energy to meet the goals of the International Maritime Organisation (IMO) and the Paris Agreement. | Reduce direct and indirect GHG emissions from our operations, and support the global shift to cleaner energy. | 7, 13, 17 | Crew Employees Customers Suppliers Lenders Government and Regulators |
| Biodiversity and Waste Management | Respect the environment in which we operate, and the communities who depend on this environment for resources and livelihoods. | Ensure Zero Harm to people and the environment. This includes no net loss to biodiversity when undertaking new projects in sensitive areas. | 14,15 | Crew Employees Customers Suppliers Lenders Government and Regulators | |
| SOCIAL | Health and Safety | Creating a safe and healthy workplace with Zero Harm is our top priority. | Protect the health and safety of crew, employees and contractors. Prevent incidents through training, careful planning, identifying potential hazards and managing risks. | 3,8 | Crew Employees Customers Suppliers Government and Regulators |
| Our People | Our people is key to our success. To stay ahead of competition and be Best on Water, we need a motivated, engaged, and diverse team. | Create a workplace that is inclusive, diverse and free from prejudice. Prohibit violations and act on human and labour rights issues. | 5,8,10 | Crew Employees Suppliers | |
| Community Engagement | As we grow deep roots in the communities where we have a presence, we attract the best talent, build a strong company culture, provide meaningful work to employees and advance our reputation. | Our engagements are prioritised in areas where we can demonstrate leadership and where our knowledge and resources can make a meaningful and lasting difference for communities. | 3,4,7 | Crew Employees | |
| GOVERNANCE | Corporate Governance | Be accountable to stakeholders and insist on transparency, consistency, and high standards of integrity in all business activities. | Commit to BW LPG’s code of conduct by running our business in an honest and open manner, and insisting on the same requirements from all business partners and vendors. | 16,17 | Crew Customers Investors Lenders Government and Regulators |
| Anti-Bribery and Anti-Corruption | As a global business, we are susceptible to bribery and corrupt practices. We expect all employees, crew and business partners to uphold the highest standards of integrity, especially when operating in high-risk areas. | Our policy on bribery and corruption is made known to business partners, and training is provided to crew and employees. We play an active role in industry initiatives to eradicate bribery and corrupt practices. | 16,17 | Crew Employee Suppliers Customers | |
| Operational Excellence and Effective Management | Protect our reputation as a responsible business partner with high standards of operations and integrating risk management into our business operations. | Ensure internal controls are adhered to, and paying close attention to risk management to raise the standard of our services and supply chain. | 8, 17 | Crew Employees Suppliers Customers Investors Lenders |
Goal 3 – Good health and well-being / Goal 4 – Quality education / Goal 5 – Gender equality / Goal 7 – Affordable and clean energy / Goal 8 – Decent work and economic growth / Goal 10 – Reduced inequalities / Goal 13 – Climate action / Goal 14 – Life below water / Goal 15 – Life on land / Goal 16 – Peace, justice and strong institutions / Goal 17 – Partnership for the goals
Sustainability Approach
At the core of our sustainability approach is the purpose of BW LPG – where we work towards a Better World.
Sustainability Strategy & Governance
Guided by our Vision and Purpose, our sustainability strategy is based on three key pillars and are underpinned by our CARE values.
Engaging our Stakeholders
We identify our material stakeholders based on the impact our business has on them, and their involvement in our business
