ESG Principles & Adoption Of UN Sustainable Development Goals By Swedish Club

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The Swedish Club’s Annual Report for 2023 reflects a year of successfully achieved operational objectives and strengthened financial results, highlighting the Club’s resilience amid dynamic market conditions.

ESG and Principles

Furthermore, the report informs that the Swedish Club’s Environmental, Social, and Governance (ESG) Framework Policy takes the four principles for sustainable insurance – as defined by the United Nations Environment Programme’s Finance Initiative (the UNEP FI) – as the starting point, namely:

•To embed ESG in the Club’s decision making;

•To raise awareness about ESG;

•To promote widespread action with ESG; and

•To demonstrate accountability and transparency within the ESG area.

“We actively seek to implement these principles and to incorporate ethical guidelines in all aspects of our operations. It is our ambition to constantly improve and develop our practices in line with developments in the fast moving global society and industry, of which we are part” said Thomas Nordberg, Managing Director

Furthermore, to further assist the work in the ESG area, the Club’s ESG Framework Policy adopts four of the United Nations’ Global Goals for Sustainable Development to provide direction in the Club’s further ESG efforts.

Adoption of UN Sustainable Development Goals

The UN Sustainable Development Goals the Club uses as a framework for its sustainability work are:

UN Goal 14: Life Below Water: The Club will work to safeguard life below water through active loss prevention and relevant insurance solutions to its members.

UN Goal 12: Responsible Consumption and Production: The Club will promote the responsible consumption of water, energy, and food.

UN Goal 3: Good Health and Well-Being: The Club will promote health and safety in people’s working life, on-shore as well as off-shore.

UN Goal 16: Peace, Justice and Strong Institutions:

ESG Risk In Marine Insurance

The Club promotes the rule of law and works against the use of bribes and other illegal or illicit activities. ESG risks in the Club’s Business Segment The main ESG risks in the Club’s business segment, as a marine insurance provider, are:

•Inadvertently providing insurance coverage for illegal fishing, illegal shipping activities, intentional pollution and illegal scrapping of ships; and

•Inadvertently providing insurance coverage for breaches of climate-related emission levels, labour and trafficking laws and regulations, poor worker safety records and money laundering.

“The Club is now preparing for the implementation of the EU’s Corporate Sustainability Reporting Directive (CSRD), which enters in force in 2025. This will provide us with a stricter framework for required priorities and action points and is expected to further structure our efforts in this very important area” explained by Thomas Nordberg

Geopolitical Intelligence & Collaboration

Thomas Nordberg during a keynote address at the Nordic Association of Marine Insurers’ (Cefor) annual seminar and dinner, held in Oslo on 4th April, also suggested a coordinated approach to collecting and understanding geopolitical intelligence to benefit the industry collectively.

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Source: Safety4Sea