The recent workshop on “Effective ESG Reporting for Shipping” with Program Sponsor Enablon & Supporter Sponsor KPMG, brought together industry leaders, financial experts, and sustainability professionals to discuss the evolving landscape of ESG reporting. The event highlighted the growing importance of ESG as a critical component for resilience, accountability, and risk management in the maritime sector.

Participants:

Paul Tours, Senior Solution Consultant, Wolters Kluwer EHS & ESG

Irene Spanoudaki, Director/Head of Group Risk Management Strategy Planning and Operations, Eurobank

George Iliopoulos, Director, ESG & Sustainability Services, KPMG

Costas Constantinou, Managing Partner & Global Shipping Leader, Moore Greece

Vasileios G. Petousis, Energy & Sustainability Manager, Seanergy Maritime Holdings Corp.

Georgia Fardellou, Head of ESG and Corporate Communications, Starbulk Carriers Corp.

Moderator:

Helena Athoussaki, Principal Organizer ESG Shipping Awards

 Key Takeaways from the workshop: 

George Pateras underscored the importance of creating comprehensive guidelines to help smaller companies navigate ESG reporting. He advocated for benchmarking, ensuring verification to avoid greenwashing, and upholding shipping’s leadership role in ESG practices.

Paul Tours emphasized the need for traceability, accountability, and centralized ESG data systems to ensure consistent and auditable reporting, aligning ESG data with the rigor of financial reporting standards.

George Iliopoulos described ESG reports as the equivalent of annual financial statements for sustainability, offering a detailed “X-ray” of a company’s ESG performance. He stressed the need to disclose impacts on the environment, society, and governance, as well as economic risks and opportunities. Mr Iliopoulos also outlined the importance of having an independent role within companies responsible for managing ESG information and strategy to ensure accurate and forward-looking reporting.

Costas Constantinou highlighted the importance of a cultural shift within the industry. He stressed that while smaller companies may initially be hesitant to adopt new ESG frameworks, they are already engaging in many ESG-aligned activities. Mr Constantinou also emphasized designing reliable processes, identifying information origins, and ensuring robust controls to enhance credibility in ESG reporting.

Irene Spanoudaki highlighted the banking sector’s perspective, pointing out the integration of ESG risk assessments with credit risk evaluation and stressing the importance of reliable data for enabling a smooth green transition across industries.

Vassilis Petoussis remarked on the shipping industry’s existing ESG efforts, urging systematic communication of practices and the establishment of reliable data collection processes to build effective ESG strategies.

Georgia Fardellou shared her company’s experience with increasing pressure from stakeholders such as banks, shareholders, and charterers, who demand transparency in ESG reporting and participation in ESG related initiatives.

The panel collectively agreed on the need for accurate data management, interdisciplinary collaboration, and aligning ESG goals with operational processes. They also stressed that ESG efforts should transcend compliance and serve as a pathway to improving internal systems, enhancing credibility, and fostering stakeholder trust.

Live polls conducted during the workshop revealed the following insights:

• Familiarity with ESG Reporting:While 29% of participants were very familiar with ESG reporting, 53% were somewhat familiar, and 19% had little familiarity, highlighting the need for continued education.
• Readiness for ESG Adoption:A majority (75%) of attendees agreed the industry is making progress but slowly, while 21% believed it is on the right track, and only 4% saw significant resistance.
• Challenges in ESG Reporting:Collecting reliable data (48%) was identified as the top challenge, followed by gaining internal support (33%) and understanding frameworks (17%).
• Key ESG Priorities:Most respondents (59%) viewed environmental, social, and governance factors as equally important for the shipping sector, emphasizing the need for a holistic approach.
• Credit Risk and ESG Reporting:63% believed ESG reporting influences credit risk assessments to some extent, while 38% felt it had a significant impact.
• Responsibility for ESG Reporting:A diverse range of departments was suggested, with QHSS (41%) leading, followed by finance (22%), legal (5%), and other (32%).

This workshop served as a significant step in empowering the shipping industry to navigate ESG complexities and position itself as a leader in sustainability and governance.