Sustainable business at Gard
Insuring a significant part of the global merchant fleet, Gard plays a pivotal role in the future of the maritime industry. Sustainable business is key to our strategy and at the heart of our mission statement: Together, we enable sustainable maritime development.
Working closely with our Members and clients, we want to do our part to ensure a cleaner, safer, and more sustainable ocean economy. What does this mean in practice?
It means that whether we are working with risk assessment and underwriting; loss prevention and outreach; claims handling or casualty response – all of us working in Gard will strive to take Environment, Social and Governance (ESG) considerations into account, both in our long-term strategy and in our daily operations. Sustainability is not just ‘something done by someone else’ – it is done by each and every one of us.
Our main focus areas
Using the UN Sustainable Development Goals (SDGs) as our guiding framework, Gard focuses on the SDGs where we believe we can have the largest impact. Our focus areas are as follows:
We focus on people for sustainable growth
We respect human rights and promote labour rights throughout our value chain and in our own operations. We develop competence, foster diversity and equal opportunities, and prevent discrimination. We help Members and clients by protecting the lives and livelihoods of seafarers and promote their wellbeing. We realise business opportunities for sustainable growth.
We support the maritime industry to limit the impacts of climate change
We respond to our Members and clients’ changing operations and needs by developing products and services that enable them to thrive in the transition to a more sustainable maritime sector. We use the risk categorization proposed by the framework of the Task Force on Climate-related Financial Disclosures (TCFD) to identify and report on climate risks and opportunities. We are carbon neutral in our own business operations.
We prevent and minimize the impact of marine pollution
We handle marine accidents and pollution efficiently, fairly and responsibly, and continue to work with responsible authorities to prepare for such eventualities. We use data to prevent and guide our response to marine accidents. We encourage ship recycling according to the Hong Kong Convention and the EU Ship Recycling Regulation.
We push towards higher business ethics throughout global operations
We implement standards and practices to combat corruption, fraud and money laundering. We implement requirements and standards designed to make shipping more sustainable. We are transparent in our own sustainability targets, activities and results.
Driving sustainable development within maritime industries and beyond
We cooperate with private, public and civil society, and share insights with multiple stakeholder groups through seminars, articles and partnerships.
As part of our commitment to these goals, Gard is also a signatory to the ten principles of the United Nations Global Compact, the Principles for Sustainable Ocean Business and the Principles for Sustainable Insurance.
Measures taken so far
Incorporating ESG into all business operations is not done overnight. It is something we are working on continuously, focusing on identifying risks and opportunities, while acknowledging that this is a journey we will take together with our Members and clients, and we will likely not get everything right from day one.
Some of the initiatives and actions taken so far include:
- A commitment to sustainable ship recycling. Gard has established a common approach to Sustainable Ship Recycling which sets out our clear expectations and requirements for our Members and clients and is aligned with our policy on sustainable business.
- Reporting on the carbon intensity of our marine hull portfolio. As a signatory to the Poseidon Principles for Marine Insurance (PPMI), Gard has committed to annually report on the aggregate carbon emissions of our hull and machinery portfolios.
- A commitment to provide ESG reports on all major claims, giving our Members and clients useful information which they can use in their own sustainability efforts and reporting.
- Working to eliminate corruption in maritime. Gard is a member of the Maritime Anti-Corruption Network (MACN), joining forces with more than 170 global companies working together to combat corruption.
For an overview of relevant policies related to sustainable business, visit Gard’s Compliance page.
Want to know more?
You can learn more about how Gard incorporates ESG into our business operations in our latest annual report. In 2022, Gard published its first integrated annual report. Prior to this, we have published two separate Sustainability Reports: