Chowgule & Co. and LR collaborate on ESG initiatives
Chowgule & Co., a prominent Indian shipbuilding and engineering conglomerate, has partnered with Lloyd’s Register (LR) to develop its first Environmental, Social, and Governance (ESG) report and a comprehensive group-wide ESG strategy.
The report, set to launch this month, is based on 2023 operational data from Chowgule’s four Indian shipyards (three owned and one leased) and its EPC division.
Prepared in alignment with the Global Reporting Initiative (GRI) Standards, the report offers a transparent framework to assess and communicate the company’s sustainability performance. It also incorporates the Sustainability Accounting Standards Board (SASB) standards tailored to the marine transportation and industrial machinery sectors.
This inaugural report showcases the outcomes of an extensive materiality assessment conducted by LR, which engaged internal and external stakeholders to identify Chowgule & Co.’s most critical ESG issues. This ensures the report aligns with stakeholder concerns and expectations.
Guided by the report’s insights, Chowgule & Co. aims to embed ESG principles into its core business strategy and decision-making processes. The company plans to enhance stakeholder collaboration, set measurable ESG goals, monitor progress, and adopt innovative practices and technologies to amplify its environmental and social impact.
Ambrish Bansal, Senior VP and Global lead Management Consulting at Lloyd’s Register stated: “Chowgule’s first ever ESG report and strategy underscores its forward-thinking approach to sustainability. By integrating ESG principles, the company is not only enhancing its operational resilience but also setting a benchmark for the maritime industry. LR is committed to supporting businesses in their transition towards a more sustainable future. Our team of experts brings a wealth of knowledge and experience to this collaboration, ensuring the development of a robust and effective ESG programme for the company.”
