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.
Identification of key ESG issues facing the maritime industry.
Peer Evaluation and Benchmarking
A peer benchmarking exercise was conducted across industry peers, investors, lenders and ESG rating agencies to determine a list of key relevant ESG topics.
Online surveys were distributed to internal and external stakeholders to gather their inputs on what ESG topics matter most to them. The stakeholders included:
- Board of Directors
- Executive Management
- Shore staff
- Government and Regulatory Bodies
- Shipping Agencies, Registries, Clubs or Societies
- Ship Brokers
- Ship Managers
By triangulating different data sources, we mapped a materiality matrix and identified 12 key material topics. The material topics were identified based on stakeholder influence and BW LPG impact.
United Nations Sustainability
We have 12 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 summarize our commitment to action and what they mean in our business.
|Our Sustainability Priorities||What This Means||UNSDG|
|ENVIRONMENT||Emissions to Air||Reduce GHG emissions across our fleet and lead the maritime industry to a more sustainable future||13|
|Energy Management||Optimise vessel efficiency and voyage operations||7,13|
|Ship Recycling||Support the maritime industry’s efforts to make ship recycling|
more responsible and transparent
|Spills to Sea||Protect ocean health by proper waste management and minimising spills to sea||14,15|
|SOCIAL||Community Engagement||Uplift communities by increasing access to LPG as a cleaner source of energy||3,7|
|Health and Safety||Safeguard safety of all crew and employees with a balanced work-life culture||3,8|
|Employee Relations||Recruit, develop and retain a skilled workforce with fair employment practices||3,8|
|Diversity and Inclusion||Treat everyone with dignity and respect and encourage a diverse and inclusive culture||5,8|
|GOVERNANCE||Governance and Compliance||Conduct our business ethically and responsibly in full compliance with all|
laws and regulations
|Operational Excellence and Effective Management||Optimise business processes through innovation and quality management||16|
|Uphold business integrity and stand against bribery and corruption in the maritime industry||16|
|Generate sustainable economic value for our stakeholders||8|
Goal 3 – Good health and well-being / Goal 5 – Gender equality / Goal 7 – Affordable and clean energy / Goal 8 – Decent work and economic growth / Goal 13 – Climate action / Goal 14 – Life below water / Goal 15 – Life on land / Goal 16 – Peace, justice and strong institutions
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