Chowgule & Co. Partners with Lloyd’s Register for ESG Strategy
Chowgule & Co., a prominent shipbuilding and engineering conglomerate in India, has joined forces with Lloyd’s Register (LR) to craft its inaugural Environmental, Social, and Governance (ESG) report and broader group ESG strategy. This collaboration marks a significant step towards integrating sustainability principles into Chowgule & Co.’s operations and decision-making processes.
Comprehensive Materiality Assessment
The ESG report, set for release this month, is based on 2023 operational data from Chowgule’s four Indian shipyards and EPC division. It adheres to the Global Reporting Initiative (GRI) Standards and incorporates Sustainability Accounting Standards Board (SASB) standards tailored for marine transportation and industrial machinery industries. LR conducted a thorough materiality assessment involving internal and external stakeholders to identify key ESG issues crucial for Chowgule & Co.
Integration of ESG Considerations
Following the recommendations from the ESG report, Chowgule & Co. aims to fully integrate ESG considerations into its business strategy. By doing so, the company seeks to enhance stakeholder engagement, establish ambitious ESG goals, monitor progress, and adopt emerging technologies and best practices to improve its environmental and social impact. This strategic shift underscores Chowgule & Co.’s commitment to sustainability and responsible business practices.
Driving Positive Change in the Maritime Industry
Ambrish Bansal, Senior VP and Global Lead Management Consulting at Lloyd’s Register, lauded Chowgule & Co.’s ESG initiatives as a testament to its forward-thinking sustainability approach. The collaboration between Chowgule & Co. and LR signifies a collective effort towards driving positive change in the maritime industry. Arjun Chowgule, Executive Director of Chowgule & Co., emphasized that sustainability lies at the core of the company’s vision, and the partnership with Lloyd’s Register aims to amplify their environmental and social impact while upholding ethical business practices and regulatory compliance.
