This article provides a valuable perspective on sustainability. There seems to be, despite all odds, a rising tide of concern about the environment and sustainability behavior for maritime firms. Investors and insurers are starting to pay close attention to how ocean carriers and ships themselves are matching up to green standards. They want disclosure and frequent reporting of consistent, meaningful measures, not greenwashing.
So the odd news release isn’t enough. A company needs a sustainability charter and plan with measures of their progress in greening their business. It’s costly if you actually have to do concrete things, like replacing ships, installing scrubbers, and taking care of seafarers. Some companies are far ahead of others on this path. And it seems that now those firms will attract the investment they need, whereas others will need to work much harder to get it, at potentially higher rates.
It’s good for sustainability, and for the global environment. Economic pressure is what gets sustainability done.
Greg Miller, Senior Editor Thursday, October 8, 2020