Reporting on reports
There have been a few high-profile sustainability reports published recently, and the trend looks set to continue…
Amico & Co and MB92 are just two of several industry players who have shared their sustainability reports recently. These reports detail their approach to sustainability across various metrics. They, as with many in the industry, have a history of voluntary reporting. Amico has held the ISO 14001 certification (2005) for its environmental management systems for almost 20 years, and MB92 Group has a detailed reporting history of its internal sustainability analysis.
In recent years, the voluntary publication of these reports has increased. This is partly due to the growing importance of substantial sustainability actions. The EU’s compulsory Corporate Sustainability Reporting Directive (CSRD), which came into effect in January this year, is also likely to be a significant driver of this trend. This directive is one of many growing sustainability requirements for businesses, geared towards achieving net-zero goals by 2050.
Approximately 50,000 EU-based companies will be affected by the CSRD, covering 75% of business revenue within the EU. Companies will begin applying these rules in the 2024 financial year, with reports to be published in 2025. By 2028, all in-scope companies must comply, with third-party audits to verify adherence to the rules. These reports will be included within the management report and should be accessible to anyone interested, either via website publication or on request.
The directive applies to all EU-based companies that meet at least two of the following criteria:
€20 million or more in total assets
€40 million or more in turnover
MB92 has followed the CSRD guidelines in its detailed sustainability report and adopted the materiality process outlined in the GRI guidelines. Their document, freely accessible on its website, details the results of their assessment and their future sustainability goals.
Conversely, Amico's sustainability report is a voluntary document created by following the GRI guidelines. This report, which is available on their website after submitting your name and email, outlines the company's performance and future ESG-related goals.
Both reports serve as examples of the industry's potential for knowledge sharing, which can further promote ESG methods across the sector. Particularly for shipyards, these reports are crucial as they are often resistant to change that would improve ESG.
While CSRD may not be compulsory for all companies, others may comply voluntarily to be part of green supply chains. This will likely increase transparency, actions, and impacts across value chains. This could also prevent the potential for greenwashing by showing credible ESG efforts/intentions.
While these reports are becoming more common, companies have been publicly reporting their sustainability performance for years. AkzoNobel’s sustainability report, for example, was used as a case study is transparent reporting during teaching for my MSc in corporate environmental management at the University of Surrey.
The transparent publication of these studies, with easy access and healthy debate, irrespective of regulatory obligation, will be a crucial driver of development. Moving forward, we can expect to see more sustainability reports from shipyards and other superyacht industry businesses that meet the CSRD criteria, revealing their progress towards sustainability and highlighting those who need to catch up.
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