Our sustainability actions are guided by what matters most
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
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.
|What This Means||What We Want to Achieve||Alignment with UNSDGs|
|ENVIRONMENT||Emissions and Energy||The world needs a rapid transition to lower-carbon energy in order to meet the goals of the IMO and Paris Agreement.||Reduce GHG emissions from our operations directly and indirectly, and advance the cleaner-energy transition in the industry.||7, 13, 17|
|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 which includes no net loss to biodiversity when undertaking new projects in sensitive areas.||14,15|
|SOCIAL||Health and Safety||Safety is a core value and creating a safe and healthy workplace with Zero Harm is non-negotiable and 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|
|Our People||Our people are the key to our success. We need a motivated, engaged, and diverse workforce to be Best on Water and lead the energy transition.||Build a diverse, inclusive and discrimination- free workplace and provide equal opportunities. Prohibit violations and act on human and labour rights issues.||5,8,10|
|Community Engagement||Prevent or minimise and manage impact from operations on livelihoods, land, environments, health and well-being of people and communities.||Help people and communities thrive by delivering cleaner energy worldwide, and supporting relevant community initiatives.||3,4,7|
|GOVERNANCE||Corporate Governance||Be accountable to stakeholders and we insist on transparency, consistency, and high standards of integrity in all that we do.||Conduct business in an ethical and transparent way in accordance with BW LPG’s values and code of conduct.||16,17|
|Anti-Bribery and Anti-Corruption||Follow proper procedures when we operate in areas where risks of bribery and corruption are high.||Provide training to crew and employees, and make our position on bribery and corruption clear to business partners. Participate in industry efforts to stamp out bribery and corrupt practices.||16,17|
|Operational Excellence and Effective Management||Protect our reputation as a responsible business partner with high standards of operations and risk management.||Ensure internal processes are well managed, paying close attention to risk management and improving the quality of our services and supply chain.||17|
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
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