Spotlight: Journey to Net Zero
LPG is a cleaner-burning fuel with many uses. In fact, LPG makes so much sense for the environment that we pioneered the technology needed to power our vessels with LPG. With this technology and together with other efforts, big and small, we are building momentum towards net-zero carbon emissions in our operations.
Our Purpose as a Company
At the core of our sustainability approach is the purpose of BW LPG – where we are Delivering Energy for a Better World.
We are supporting the world’s transition towards cleaner energy, creating value for society and being a reliable partner for our stakeholders.
Towards a Better World with Cleaner Energy
Strategy and Governance
Our sustainability commitment is anchored upon three pillars – Environment, Social and Governance with priorities defined for each pillar. These priorities have underlying material topics determined through our double materiality assessment to ensure an all-encompassing focus on ESG issues that matter most to us.
We support the United Nations Sustainable Development Goals (UN SDGs) and aspire towards a Better World as we:
- Optimise our environmental actions as a responsible maritime and energy stakeholder
- Protect and advance the interests of our workforce
- Uphold transparency and integrity in all business transactions
BW LPG’s ESG (Environmental, Social, and Governance) governance structure is a robust framework that embodies the principles of transparency, accountability, and ethical conduct. This structure is embedded in our corporate governance structure to ensure that our organisation operates in a responsible and sustainable manner.
Environment
Energy powers our world and our energy choices can protect our environment. LPG is a cleaner-burning fuel with plenty of uses.
Social
Providing a conducive working environment, respecting employees and crew, uplifting communities with cleaner-burning energy.
Governance
Conducting our business with integrity and in compliance with relevant laws, and asking for the same standards from our business partners.
Sustainability Standards and Framework
BW LPG supports the United Nations’ (UN) Sustainable Development Goals (SDGs) which cover a wide spectrum of environment and social issues. These considerations are integrated into our investment processes and decision-making and influence how we respond and adapt to changes in the market and society.
TCFD, SASB, and GRI forms the basis of future mandatory reporting requirements such as the IFRS – International Sustainability Standards Board Standards and European Union Corporate Sustainability Reporting Directive (CSRD). To this end, we actively perform gap analyses of our ESG practices and disclosures to ensure continued transparency and accountability.
Our ESG Index outlines our reporting against recognised ESG standards and frameworks that guide our understanding and reporting of ESG related disclosures. The Index is a supplement to our disclosures on sustainability matters within our annual integrated report and website – where elaboration of our disclosures is available.
Risk Management
Risk management is fundamental to our decision-making process as it determines how we plan for and react to risks related to our corporate strategy, material topics, preventable incidents from operations, and unexpected events.
Materiality
Prioritisation of our ESG Topics is founded on a double materiality approach and guided by reporting standards and frameworks, and stakeholder input. This method enables us to identify, address, and report on matters where BW LPG significantly impacts society and the environment, and where these issues may present substantial risks to or opportunities for our business.
