- Chowgule & Co., an Indian shipbuilding leader, is partnering with Lloyd’s Register to release its inaugural ESG report, leveraging 2023 operational data.
- The report adheres to GRI and SASB standards, identifying key ESG issues through a comprehensive materiality assessment.
- Chowgule aims to integrate ESG considerations into its business strategy, enhance sustainability practices, and align with global trends.
Chowgule & Co., a prominent name in India’s shipbuilding and engineering sector, is set to unveil its first Environmental, Social, and Governance (ESG) report this month. In collaboration with Lloyd’s Register, the company is aligning its operations with global sustainability standards, addressing stakeholder concerns, and setting the stage for a more sustainable future, reports LR.
Inaugural ESG Report Guided by Global Standards
Chowgule’s first ESG report, developed in partnership with Lloyd’s Register, utilizes data from its Indian shipyards and EPC division.
The report follows Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards. It provides a credible framework tailored to the marine transportation and industrial machinery sectors.
Materiality Assessment: A Stakeholder-Driven Approach
A materiality assessment conducted by Lloyd’s Register identified the most pressing ESG issues for Chowgule. It ensures the report reflects internal and external stakeholder priorities.
This transparent process underpins the company’s commitment to addressing sustainability concerns effectively.
ESG Integration for Long-Term Impact
Chowgule plans to embed ESG principles into its broader business strategy to set ambitious goals.
It aims to enhance stakeholder collaboration and adopt cutting-edge technologies to amplify its environmental and social contributions.
Expert Insights: Driving Sustainability in Maritime
Ambrish Bansal, Senior VP at Lloyd’s Register, said:
“Chowgule’s first ever ESG report and strategy underscores its forward-thinking approach to sustainability. By integrating ESG principles, the company is not only enhancing its operational resilience but also setting a benchmark for the maritime industry.”
“LR is committed to supporting businesses in transitioning towards a more sustainable future. Our team of experts brings a wealth of knowledge and experience to this collaboration, ensuring the development of a robust and effective ESG program for the company.”
“By collaborating with key players like Chowgule & Co., LR is helping to driving positive change in the maritime industry.”
Leadership Vision: Sustainability at the Core
Arjun Chowgule, Executive Director of Chowgule & Co., stated:
“Sustainability is at the core of our vision. Through this collaboration with Lloyd’s Register, we aim to amplify our positive environmental and social impact while reinforcing our governance framework.”
“This initiative aligns with global sustainability trends, ensuring compliance with evolving regulations and reinforcing Chowgule’s dedication to reducing environmental impact, promoting community well-being, and maintaining ethical business practices.”
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Source: LR
