Chowgule & Co., India’s premier shipbuilding and engineering conglomerate, has collaborated with Lloyd’s Register (LR) to create its first Environmental, Social, and Governance (ESG) report and overall group ESG strategy.
The report, which to be released this month, will draw on 2023 operating data from Chowgule’s four Indian shipyards (three owned and one leased), as well as its EPC division.
It was created in line with the Global Reporting Initiative (GRI) Standards, which provide a clear and reliable framework for evaluating and disclosing the company’s sustainability performance.
It additionally includes Sustainability Accounting guidelines Board (SASB) guidelines designed expressly for maritime transportation, industrial machines, and products industries.
This initial report outlines the findings of a comprehensive materiality evaluation undertaken by LR, which included both internal and external stakeholders.
This methodology identified Chowgule & Co.’s most critical ESG issues, ensuring that the report fulfills its stakeholders’ concerns and expectations.
Building on the report’s suggestions, the company intends to completely incorporate ESG factors into its whole business strategy and decision-making processes.
Ambrish Bansal, Senior VP and Global lead Management Consulting at Lloyd’s Register, said: “By integrating ESG principles, the company is not only enhancing its operational resilience but also setting a benchmark for the maritime industry.”
Arjun Chowgule, Executive Director, Chowgule & Co., stated: “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.”
In October 2024, LR and HD Hyundai Heavy Industries (HHI) signed an approval in principle (AiP) for a 15,300 TEU Class ammonia-powered dual-fuel containership under a joint development project (JDP).