Identifying our sustainability impacts, risks, and opportunities is an increasingly important part of our strategy work.
How we report on our sustainability matters has changed over time. Regarding the work done in 2022, the methodology, as well as the scope, has transformed. In 2022, we conducted an impact assessment where the stakeholders were asked about the topics they considered important and about the most significant impact of the topics.
In 2023, we conducted a double materiality assessment following the European Sustainability Reporting Standards (ESRS), including our impact on people and the environment and how sustainability matters generate new risks and opportunities, changing the interaction with the stakeholders.
Preparing for ESRS involves collecting, analysing, and reporting data on various sustainability metrics. When effectively utilised, this data can provide valuable insights for informed decision-making. It allows us to identify areas for improvement and capitalise on opportunities. We will also be able to mitigate potential risks and capitalise on emerging trends. This proactive approach contributes to long-term resilience and sustainability.
Our report is still not fully compliant with the ESRS, but it is a significant step towards such compliance.
We have carried out the process of identifying impacts, risks and opportunities, involving many people in the GMG organisation as well as external stakeholders, and a prioritisation of these – based on the magnitude of impact and financial materiality on the various topics (by adding up the scores of each subtopic).
As a result, we consider that the following topics are material to Grieg Maritime Group:
In addition, we also chose to prioritise:
Although they got a lower score, they are still highly important for GMG’s operations.
See the process and the results of the assessment in our Annual Report pages 37-39