Singapore Launches Maritime Sustainability Reporting Guide
The Maritime and Port Authority of Singapore (MPA) has launched what it claims is the first sector-specific Maritime Sustainability Reporting Guide.
The guide has been developed with partners: Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young, KPMG and PwC Singapore.
The Guide provides a practical framework, including best practices, for creating a maritime sustainability report for both listed and non-listed maritime companies. The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines.
The Guide also features MPA’s own sustainability reporting journey as a case study, including its internal sustainability initiatives through the years. MPA established the Maritime Singapore Green Initiative in 2011 with a pledge of S$100 million to promote green initiatives in the sector. The initiative supports greener ships, ports and companies in using cleaner fuels (such as LNG), reducing carbon emissions and adopting greener technology.
Loh Boon Chye, CEO of SGX, said, “Global investors are increasingly focused on how companies manage environmental, social and governance factors.”
Goh Swee Chen, President of GCNS, added, “The salient value of the sustainability reporting process lies in its ability to ensure that organizations consider and disclose the impacts of their business practices, including consideration of longer term opportunities and risks.”
The Guide can be downloaded at https://www.mpa.gov.sg/web/portal/home/media-centre/publications