Reporting in alignment with TCFD, SASB and GRI Reporting standards
Reporting Standard
Our Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) Sustainability Reporting Standards: Core option. The report also includes reference to the United Nations Sustainable Development Goals (UN SDGs), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD).
Details related to the latest GRI content index, SASB and TCFD alignment are available in the appendix section of our annual reports. 2023 indexes are available below.
TCFD, SASB and GRI Content Index
Details related to the latest GRI content index, SASB and TCFD alignment are available in the appendix section of our annual reports. 2023 indexes are available here.
SASB Alignment
Marine Transportation Sustainability Accounting Standard (Version 2023-12)
As at 31 December 2023
| Topic | Accounting Metric | SASB Code | Disclosure Source/ Comments |
| Greenhouse Gas Emissions | Gross global Scope 1 emissions | TR-MT-110a.1 | Integrated Annual Report 2023 (IR 2023) > ESG Report > Emissions |
| Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets | TR-MT-110a.2 | IR 2023 > Environment > Climate Change IR 2023 > Environment > Emissions and Energy | |
| (1) Total energy consumed | TR-MT-110a.3 | IR 2023 > ESG Report > Performance Metrics > Energy | |
| (2) Percentage heavy fuel oil | IR 2023 > ESG Report > Performance Metrics > Energy | ||
| (3) Percentage renewable | IR 2023 > ESG Report > Performance Metrics > Energy | ||
| Average Energy Efficiency Design Index (EEDI) for new ships | TR-MT-110a.4 | No new vessels added in the reporting year | |
| Air Quality | Air emissions of the following pollutants: | ||
(1) NOx (excluding N2O) (2) SOx (3) Particulate matter (PM10)
| TR-MT-120a.1 | IR 2023 > ESG Report > Performance Metrics > Emissions | |
| Ecological Impacts | Shipping duration in marine protected areas or areas of protected conservation status | TR-MT-160a.1 | Disclosure not available in the reporting year |
|
Percentage of fleet
implementing ballast water
(1) Exchange (2) Treatment | TR-MT-160a.2 | IR 2023 > ESG Report > Performance Metrics > Ship Recycling and Ecological Impacts | |
Spills and releases to the environment (1) Number (2) Aggregate volume of | TR-MT-160a.3 | IR 2023 > ESG Report > Performance Metrics > Ship Recycling and Ecological Impacts | |
| Employee Health and Safety | Lost time incident rate (LTIR) | TR-MT-320a.1 | IR 2023 > ESG Report > Performance Metrics > Health and Safety Disclosed as LTIF (Lost Time Incident Frequency) |
| Business Ethics | Number of calls at ports in countries that have the 20 lowest rankings in the Transparency International’s Corruption Perception Index | TR-MT-510a.1 | IR 2023 > ESG Report > Performance Metrics > Anti-Corruption Risks and Incidents |
| Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption | TR-MT-510a.2 | IR 2023 > ESG Report > Performance Metrics > Anti-Corruption Risks and Incidents | |
| Accident and Safety Management | (1) Number of marine casualties (2) Percentage classified as very serious | ||
| Number of Conditions of Class or Recommendations | |||
Number of port state control (1) Deficiencies (2) Detentions | TR-MT-540a.3 | IR 2023 > ESG Report > Performance Metrics > Anti-Corruption Risks and Incidents | |
| Number of shipboard employees | TR-MT-000.A | IR 2023 > ESG Report > Performance Metrics > Crew and Employee Disclosed as Crew | |
| Total distance travelled by vessels | TR-MT-000.B | IR 2023 > ESG Report > Performance Metrics > Activity Metrics | |
| Operating days | TR-MT-000.C | IR 2023 > ESG Report > Performance Metrics > Activity Metrics | |
| Deadweight tonnage | TR-MT-000.D | IR 2023 > ESG Report > Performance Metrics > Activity Metrics | |
| Number of vessels in total shipping fleet | TR-MT-000.E | IR 2023 > ESG Report > Performance Metrics > Activity Metrics | |
| Number of vessel port calls | TR-MT-000.F | IR 2023 > ESG Report > Performance Metrics > Activity Metrics | |
| Twenty-foot equivalent unit (TEU) capacity | TR-MT-000.G | Not Applicable | |
TCFD Alignment
As at 31 December 2023
| Theme | Recommendation | Disclosure Source/ Comments |
| Governance | ||
Disclose the organisation’s governance around climate-related risks and opportunities | Describe the board’s oversight of climate-related risks and opportunities | IR 2023 > Sustainability > Approach IR 2023 > Sustainability > Approach > Risk Management IR 2023 > Sustainability > Corporate Governance Report The Executive Management Team at BW LPG has oversight of environmental ("E") issues and is committed to upholding our Environmental Policies. The E issues are as identified by our double materiality assessment including climate change, emissions and energy, and protecting biodiversity. Governace and oversight is integrated into our corporate governance structure as described on our IR 2023 and website. Under the guidance of the Audit Committee as part of the Board, the environmental impact of BW LPG is assessed by comparing operational success with key performance parameters. Every quarter, the Board of Directors evaluates our environmental performance, including climate-related risks. The Heads of Technical and Operations departments lead and execute initiatives, reviewing fleet performance weekly where concerns are addressed and escalated when required. |
| Describe management’s role in assessing and managing climate-related risks and opportunities | IR 2023 > Sustainability > Approach > ESG Governance Structure IR 2023 > Sustainability > Approach > Risk Management | |
| Strategy | ||
| Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning where such information is material. | Describe the climate-related risks and opportunities the organisation has identified over the short, medium and long-term | IR 2023 > Sustainability > Approach > Risk Management |
| Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning | IR 2023 > Sustainability > Approach IR 2023 > Sustainability > Approach > Risk Management | |
| Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario | IR 2023 > Sustainability > Approach > Climate Change IR 2023 > Sustainability > Approach > Risk Management | |
| Risk Management | ||
| Disclose how the organisation identifies, assesses and manages climate-related risks. | Describe the organisation’s processes for Climate-related risks and opportunities to our business identifying and assessing climate-related risks | IR 2023 > Sustainability > Approach > Risk Management |
| Describe the organisation’s processes for managing climate-related risks | IR 2023 > Sustainability > Approach > Risk Management | |
| Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organisation’s overall risk management | IR 2023 > Sustainability > Approach > Risk Management | |
| Metrics and Targets | ||
| Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material | Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process | IR 2023 > ESG Report > Performance Metrices |
| Disclose Scope 1, Scope 2 and , if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks | IR 2023 > ESG Report > Performance Metrices > Emissions | |
GRI Content Index
| Statement of Use | BW LPG has reported the information cited in this GRI content index for the period 1 January 2023 to 31 December 2023 with reference to the GRI Standards. | ||
| GRI 1 used | GRI 1: Foundation 2021 | ||
| GRI Standard | Disclosure Requirements | Disclosure Source/ Comments | |
| General Disclosures | |||
| GRI 2: General Disclosures | The organisation and its reporting practices | ||
| 2-1 | Organizational details | BW LPG Website > About | |
| 2-2 | Entities included in the organization’s sustainability reporting | IR 2023 > About This Report IR 2023 > Financial Report | |
| 2-3 | Reporting period, frequency and contact point | IR 2023 > About This Report | |
| 2-4 | Restatements of information | IR 2023 > ESG Report > Comments on Environmental Data, Social Data and Governance Data | |
| 2-5 | External assurance | IR 2023 > Financial Report > Responsibility Statement and Independent Auditors' Report The organisation's sustainability report is not externally assured | |
| Activities and Workers | |||
| 2-6 | Activities, value chain and other business relationships | IR 2023 > Value Creation Model | |
| 2-7 | Employees | IR 2023 > ESG Report > Crew and Employees | |
| 2-8 | Workers who are not employees | Information not available. Refers to indirect hires of consultants who partake in specialised roles not limited to: technical, advisory and administrative positions. These roles are fulfilled through third-party agreements, where the number of staff is not predetermined and subjected to the contracted party discretion. | |
| Governance | |||
| 2-9 | Governance structure and composition | IR 2023 > Approach > Corporate Governance Structure IR 2023 > ESG Report > Crew and Employees | |
| 2-10 | Nomination and selection of the highest governance body | BW LPG Website > Our Leaders > Nomination Committee Guidelines | |
| 2-11 | Chair of the highest governance body | IR 2023 > Governance > Corporate Governance Report | |
| 2-12 | Role of the highest governance body in overseeing the management of impacts | IR 2023 > Governance > Corporate Governance Report | |
| 2-13 | Delegation of responsibility for managing impacts | IR 2023 > Environment IR 2023 > Social IR 2023 > Governance > Corporate Governance Report | |
| 2-14 | Role of the highest governance body in sustainability reporting | IR 2023 > Approach | |
| 2-15 | Conflicts of interest | IR 2023 > Governance > Corporate Governance Report | |
| 2-16 | Communication of critical concerns | IR 2023 > Environment IR 2023 > Social IR 2023 > Governance > Corporate Governance Report | |
| 2-17 | Collective knowledge of the highest governance body | IR 2023 > Governance > Corporate Governance Report | |
| 2-18 | Evaluation of the performance of the highest governance body | IR 2023 > Governance > Corporate Governance Report | |
| 2-19 | Remuneration policies | BW LPG's Guidelines on Executive Remuneration | |
| 2-20 | Process to determine remuneration | BW LPG's Guidelines on Executive Remuneration | |
| 2-21 | Annual total compensation ratio | IR 2023 > Governance > Corporate Governance Report | |
| Strategies, Policies and Practices | |||
| 2-22 | Statement on sustainable development strategy | IR 2023 > Chairman and CEO's Message | |
| 2-23 | Policy Commitments | BW LPG Website > Policies and Guidelines | |
| 2-24 | Embedding policy commitments | IR 2023 > Approach BW LPG Website > Policies and Guidelines | |
| 2-25 | Processes to remediate negative impacts | IR 2023 > Environment IR 2023 > Social IR 2023 > Governance > Corporate Governance Report | |
| 2-26 | Mechanisms for seeking advice and raising concerns | IR 2023 > Environment IR 2023 > Social IR 2023 > Governance > Corporate Governance Report | |
| 2-27 | Compliance with laws and regulations | IR 2023 > ESG Report > Comments on Environmental Data, Social Data and Governance Data | |
| 2-28 | Membership associations | IR 2023 > Engagements > Stakeholder Engagement | |
| Stakeholder Engagement | |||
| 2-29 | Approach to stakeholder engagement | IR 2023 > Engagements > Stakeholder Engagement | |
| 2-30 | Collective bargaining agreements | BW LPG Website > Policies and Guidelines > BW LPG Labour and Human Rights Policy | |
| GRI 3: Material Topics 2021 | Material Topics | ||
| 3-1 | Process to determine material topics | IR 2023 > Approach > Materiality | |
| 3-2 | List of material topics | IR 2023 > Approach | |
| 3-3 | Management of material topics | IR 2023 > Approach > Corporate Governance Structure IR 2023 > Environment IR 2023 > Social IR 2023 > Governance > Corporate Governance Report | |
| GRI 201: Economic Performance 2016 | 201-1 | Direct economic value generated and distributed | IR 2023 > ESG Report > Economic Performance and Contributions |
| 201-2 | Financial implications and other risks and opportunities due to climate change | IR 2023 > Approach > Risk Management | |
| GRI 305: Emissions 2016 | Emissions | ||
| 305-1 | Direct GHG emissions (Scope 1) | IR 2023 > ESG Report > Emissions | |
| 305-2 | Indirect (Scope 2) GHG emissions | IR 2023 > ESG Report > Emissions | |
| 305-4 | GHG emissions intensity | IR 2023 > ESG Report > Emissions | |
| 305-5 | Reduction of GHG emissions | IR 2023 > ESG Report > Emissions | |
| 305-7 | Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions | IR 2023 > ESG Report > Emissions | |
| GRI 302: Energy 2016 | Energy | ||
| 302-1 | Energy consumption within the organization | IR 2023 > ESG Report > Energy | |
| GRI 304: Biodiversity 2016 | Biodiversity | ||
| 304-2 | Significant impacts of activities products and services on biodiversity | IR 2023 > Environment > Protecting Biodiversity IR 2023 > ESG Report > Environment Data | |
| GRI 306: Waste 2020 | 306-1 | Waste generation and significant waste-related impacts | IR 2023 > Environment > Protecting Biodiversity IR 2023 > ESG Report > Environment Data |
| 306-2 | Management of significant waste-related impacts | IR 2023 > Environment > Protecting Biodiversity IR 2023 > ESG Report > Environment Data | |
| 306-3 | Waste generated | IR 2023 > Environment > Protecting Biodiversity IR 2023 > ESG Report > Environment Data | |
| 306-4 | Waste diverted from disposal | IR 2023 > Environment > Protecting Biodiversity IR 2023 > ESG Report > Environment Data | |
| GRI 307: Environmental Compliance | Energy | ||
| 307-1 | Non-compliance with environmental laws and regulations | IR 2023 > ESG Report > Protecting Biodiversity | |
| GRI 401: Employment 2016 | Human Capital Management and Employees Relations | ||
| 401-1 | New employee hired and employee turnover | IR 2023 > ESG Report > Crew and Employees | |
| 401-2 | Benefits provided to full-time employees that are not provided to temporary or part-time employees | IR 2023 > Social > Recruitment, Development and Retention | |
| GRI 404: Training and Education 2016 | Training and Development | ||
| 404-1 | Average hours of training per year per employee | IR 2023 > Social > Recruitment, Development and Retention | |
| 404-2 | Programmes for upgrading employee skills and transition assistance programmes | IR 2023 > Social > Recruitment, Development and Retention | |
| 404-3 | Percentage of employees receiving regular performance and career development reviews | IR 2023 > Social > Recruitment, Development and Retention | |
| GRI 403: Occupational Health and Safety 2018 | Occupational Health and Safety | ||
| 403-1 | OHS Management system | IR 2023 > Social > Working Environment | |
| 403-2 | Hazard identification, risk assessment, and incident investigation | IR 2023 > Social > Working Environment | |
| 403-3 | Occupational health services | IR 2023 > Social > Working Environment | |
| 403-4 | Worker participation, consultation, and communication on occupational health and safety | IR 2023 > Social > Working Environment | |
| 403-5 | Worker training on OHS | IR 2023 > Social > Working Environment | |
| 403-6 | Promotion of worker health | IR 2023 > Social > Working Environment | |
| 403-7 | Prevention & mitigation of OHS impacts directly linked by business relationships | IR 2023 > Social > Working Environment | |
| 403-8 | Workers covered by an occupational health and safety management system | IR 2023 > Social > Working Environment IR 2023 > Social Data | |
| 403-9 | Work-related Injuries | IR 2023 > Social > Working Environment | |
| 403-10 | Work-related ill health | IR 2023 > Social > Working Environment IR 2023 > ESG Report > Health and Safety | |
