The maritime sector must consider environmental issues holistically

PwC Cyprus CEO Philippos Soseilos explained this week that the correct application of environmental, social and governance (ESG) criteria in the shipping industry requires a holistic approach from companies and organizations involved in this sector, noting that many parameters must be taken into account.

The various drivers, indicators and metrics relate to a wide range of areas, including decarbonization efforts, green finance rules and regulations, and the wider societal footprint of the sector.

“Given the important role of the shipping industry in implementing the ‘Vision 2035’ plan for Cyprus, significant investments should be made in initiatives and policies aimed at modernizing the sector,” Soleilos said.

“This includes issues related to sustainability and the use of technology, new investments in research and technology as well as employee development,” added the Managing Director of PwC Cyprus.
Soleilos’ comments were delivered during an event organized by PwC Cyprus on ESG practices in the shipping sector.

The event, titled “Decoding ESG – Moving from theory to practice in the maritime sector”, involved the participation of many executives from the Cypriot maritime sector, who had the opportunity to exchange ideas and have a meaningful discussion on the above issues.

“The maritime transport sector is one of the most important in the international economy and among those which have been particularly affected in recent years due to the effects of the pandemic and the war in Ukraine,” PwC Cyprus said in a statement. communicated.

“At the same time, the adaptation of the sector to the requirements of the criteria related to the Environment, Society and Corporate Governance (ESG) is more necessary than ever”, added the company.

In addition, PwC Cyprus explained that it “helps its clients meet their ESG regulatory obligations and additionally advises and guides them with the aim of creating integrated ESG strategies that will lead to better operational performance and increased commercial value”.

Meanwhile, Chris Angelides, a global energy transition and sustainability expert who teaches ESG for industry at the University of Houston and advises PwC Cyprus on ESG issues, explained during a table round that it is necessary for organizations to move from simple compliance to improving operational efficiency in order to evolve their business model.

“The correct application of ESG criteria by shipping companies can lead to reduced costs, can facilitate the protection of the companies themselves, as well as an improvement in their value,” Angelides said.

Later during the event, Cleo Papadopoulou, PwC Cyprus Partner and Head of Transport and Logistics, as well as Constantinos Taliotis, PwC Cyprus Partner and Head of ESG Division, emphasized that shipping is great importance for the Cypriot economy, noting that a smooth and rapid transition to the new normal is crucial.

Moreover, they explained that the important role of maritime transport in Cyprus is further increased in view of the continuing problems in the international supply chain and the energy sector.

Finally, a panel discussion covered a number of topics such as the pace of energy transition in the current geopolitical environment, sustainable fuels, the impact of ESG on ports, as well as diversity and diversity issues. inclusion in the shipping industry.
Source: Cyprus Mail