Euronav receives good marks for climate-friendly practices

Euronav has allowed its decarbonisation policies to be scrutinised by the Carbon Disclosure Project (CDP), a global non-profit organization that has run the world’s most extensive environmental disclosure platform for more than 20 years.

Euronav submitted its sustainability efforts to the CDP platform for the first time this year, as part of an ongoing commitment to increase the company’s transparency in the environmental impact of its operations.

“This recognition by CDP is a tangible acknowledgement of the efforts the company has put into the realisation of a sustainable future of our activities. Our commitment towards sustainability is embedded in the company’s strategy since its creation 25 years ago,” Euronav’s chief executive officer and chairman of its sustainability committee, Hugo De Stoop said.

“Shipping already has a notable track record when it comes to sustainability, but there is always room for improvement, and this is a recognition of a process underlying our ambitions on continuously reducing our carbon footprint.”

In 2020, 9,600 companies worldwide shared data on their environmental impact in relation to climate change, forests, and water with the CDP.

The CDP scores range from A to D, with A being the best possible rating. Scores are based on an independent assessment set against CDP’s scoring criteria.

Euronav’s score of B puts the company in the ‘Management band’. Companies in this band are defined as undertaking further steps to effectively reduce emissions, indicating more advanced environmental stewardship.

The marine transport sector averages a score of C, according to CDP.

The report also showed that, within individual catetories, Euronav obtained an A category score for ‘Risk management processes’ and ‘Emissions reduction initiatives’. The score of A- was also awarded for ‘Risk and opportunity disclosure’ and ‘Business strategy and financial planning’.

An active supporter of various international climate focused initiatives such as the Poseidon Principles and the Getting to Zero coalition, Euronav recently announced a new US$713M sustainability loan with built-in climate related targets.