We believe in the future of LPG and its potential to improve the lives of people around the world
At the core of our sustainability approach is the purpose of our Company – where we work towards a Better World. We want to take the lead in transitioning the world towards cleaner energy, and in the process, be a trusted, transparent and reliable partner for our stakeholders.
Sustainability Strategy and Governance
Guided by our Vision and Purpose, our sustainability strategy is based on three key pillars and are underpinned by our corporate values – to be Collaborative, Ambitious, Reliable and Enduring. Our Sustainability Commitments are integrated into the business with regular oversight from the highest level of the organization.
We have three strategic pillars within our Sustainability strategy – on the Environment; we will be a responsible maritime stakeholder. On Social; we will make a meaningful and positive impact on society. On Governance; we will uphold responsible and transparent business practices.
Our Board of Directors oversees ESG strategies, risks and initiatives. Our Audit Committee monitors progress of ESG initiatives and ensures integrity of reporting. Our Executive Leadership Team formulates ESG strategies and drives initiatives, and everyone at BW LPG work together to set targets and KPIs, assess risks, develop policies and procedures, and execute initiatives
All hands on deck
A cross-department team within BW LPG, represented by various Heads of Departments and senior colleagues of the Company, meet regularly to discuss our sustainability approach and focus topics. This is led and supported by the entire Executive Management Team with their deep maritime experience.
Aligned with UN’s SDGs
BW LPG is aligned with the United Nations’ (UN) Sustainable Development Goals (SDGs) which cover a wide spectrum of issues not included in financial analysis but yet have financial relevance. These are increasingly integrated into our investment processes and decision-making. These factors influence how we respond and adapt to changes in the market and society, and significantly impact how we are viewed as a responsible business operator.
Aligned with TCFD, SASB and GRI standards
In 2021, we expand our climate change-related disclosures in alignment with Task Force on Climate-related Financial Disclosures (TCFD) recommendations to help stakeholders better understand the impact of climate change on our business and our strategy to manage this. In 2020, we reported in accordance with the Global Reporting Initiative (GRI) Reporting Standards, as well as the Sustainability Accounting Standards Board (SASB), and published our inaugural standalone Sustainability Report. From 2017-2019, our sustainability reporting made reference to the GRI Reporting Standards, marking our first steps towards a more comprehensive examination of our Company’s practices, and in turn setting the foundation for better stewardship and responsible investment.
Managing change positively
By benchmarking our performance against specific Environment, Social and Governance (ESG) factors, we can hold ourselves accountable for managing change in a positive and sustainable way. This means that we understand that how we respond to climate change; how we ensure our crew and employees experience Zero Harm; how we insist on transparent reporting and zero tolerance towards bribery and corruption; how we build trust, treat our talent, and foster innovation, all impact our bottom line and have financial implications.
At the core of our sustainability approach is the purpose of BW LPG – where we work towards a Better World.
Sustainability Goals and Priorities
Our sustainability priorities are guided by what matters most. We triangulate data sources to map a materiality matrix and identify key material topics.
Engaging our Stakeholders
We identify our material stakeholders based on the impact our business has on them, and their involvement in our business