Logistics and transport insurer mutual TT Club (TT) collaborated with its members, partners and service providers to compile a toolkit to help its insureds meet the complex demands developing ESG (Environment, Social, Governance) policies present. It provides signposts to strategies and solutions to challenges such as emissions calculation, reduction and reporting.
TT CEO Charles Fenton said that ‘the rapid development of ESG principles presents a challenge to many Members, particularly smaller operators. Our ESG toolkit is in line with our commitment to providing our Members, and the sector as a whole with the resources to give insight, educational content and support in navigating a company’s pathway in this complex area.’
‘The toolkit will develop over time to build a resource base of success stories of effective ESG strategies from across the cargo handling and supply chain sectors,’ said TT Managing Director, Loss Prevention, Mike Yarwood, adding that ‘this series of case studies provide building blocks to guide others in designing and embedding ESG policies and will be augmented as our experiences and those of our Members and partners evolve.’
ESG has varied implications of applying high and developing standards of business practice in each area, said TT. ‘Knowing what to consider will be starkly different for a freight forwarder, a port or a container terminal. Operations must positively impact local communities wherever possible. However, transport and logistics companies wield significant influence over numerous social factors. From ensuring fair labour practices to promoting diversity and inclusion and to safeguarding employee well-being. What are the best means of ensuring these goals is a question an operator must answer’, said TT.
The requirements and benefits of good governance are still evolving alongside the rise of ESG. This predates environmental and social risks as a corporate priority, but inconsistent developing demands by both international regulators and national governments means that transport operators must keep a watchful eye on variable trends, the Club said.
