Sustainability was embedded in the DNA of the Company long before banks, investors and regulators began considering it. As one of Euronav’s core values, it is embodied in our business routines, both onshore and offshore. Sustainability at Euronav goes beyond emissions, climate change and environmental pollution. It is also about delivering a caring, respectful and supportive environment to our employees, prioritising safety at all levels of our business, and ensuring accountability on these objectives. We believe decarbonisation of shipping is an inclusive process that can only be achieved if we guarantee the well-being of our people, embrace different cultures and safeguard optimal operating conditions. Consequently, none of our current challenges are achieved if they are treated separately.
Our concept of sustainability is based on three pillars: Environment, Social and Governance. We frame our decisions in terms of environmental, social, and human impact for the short-, medium- and long-term. We value all three pillars equally and have established a governance framework that underpins engagement and compliance, both internally and with our suppliers, customers, associations, partnerships and governmental agencies. The corporate framework is set up to promote effective environmental and climate change strategies, that are supported by community engagement policies and based on our corporate business conduct and principles.
However, it must be made clear that an ESG framework is effective only if it relies on a solid and sound financial foundation that can directly support the implementation of each of the aforementioned pillars. As such, economic sustainability is a prerequisite for a successful sustainability strategy overall.
Building on our past for our future: we were a key partner in deriving the Poseidon Principles and are proud signatories, pledging to actively reduce our carbon emissions as part of the IMO guidelines, with an aim to surpass them. As a member of the Getting to Zero Coalition between the Global Maritime Forum and World Economic Forum, we demonstrate our commitment to an industry-wide collaboration, driving shipping decarbonisation at scale. Our Joint Development Program (JDP) with Hyundai Heavy Industries (HHI) and classification societies Lloyd’s Register and DNV, shows we are focusing on unlocking the potential of targeted partnerships, something that will further extend our knowledge of the industry in which we operate. Finally, our above-industry average 'B ’score from the Carbon Disclosure Project (CDP) proves that we foster accountability, transparency and foresight with regards to climate related risks and opportunities.
Our corporate values define our sustainability business. The long energy transition requires cooperation, if the shipping sector wants to accelerate this and wants to inspire by setting a good example. We need to build capabilities that accommodate future uncertainties and enable transformation into an adaptable organisation that materialises risks into opportunities. Resources are not unlimited, but opportunities can be, and Euronav embraces self-sufficiency while creating value for our shareholders and stakeholders. Integer and transparent is how we see our way forward as we need to be conscious on the impact we leave behind, on the environment and on communities. Finally, excellence should govern our navigation to unexplored waters where information and data will determine the champions into that new world of digitalisation.