RISK WATCH sustainaBilitY septemBer 2022 i t ’ s n o t J u s t a B o u t C l i m a t e C H a n g e deCarBonisation JaCoB damgaard Britannia in Hong Kong intervieW WitH Britannia’s sustainaBilitY lead important Cases disCussed tr(B)HK/Britannia Hong Kong BranCH Claims and legal progress so far and future developments In this edition of Risk Watch, we are focusing on sustainability, including an article looking at decarbonisation in the maritime industry and an interview introducing readers to our new Sustainability Lead for Britannia, Jacob Damgaard, with his thoughts on how ESG challenges should be addressed. Sustainability is of growing importance to governments, financial institutions, regulators and society as a whole and P&I Clubs are no exception with Members relying on us to be their long term trusted partner. Sustainability is embedded in Britannia’s management processes and is a fundamental part of our culture. We are also collaborating with partners across the sector to ensure the sustainability of the wider maritime industry. As well as supporting our Members in their sustainability efforts, we encourage all our employees to understand our sustainability strategy and apply it in their day-to-day responsibilities. Across its business, Britannia has embedded its alignment with a number of UN Sustainable Development Goals by creating, recording and reporting on some key performance indicators. These include measures relating to diversity and inclusion; health and safety; and training and development. Since 2021 we have been monitoring our carbon footprint targets with regards to air travel, measuring the impact of our corporate giving programme and defining the ESG responsibility of key managers with the development of a multi-point action plan. In his concluding comments in our latest Sustainability Report, CEO Andrew Cutler says: ‘We are satisfied with the progress we have made since the publication of our inaugural report in 2021. We are committed to maintaining that progress in 2022 and beyond and continuing to work towards a more sustainable future.’ ClAIRe MyATT Editor a message from tHe editor RISK WATCH| septemBer 2022 We hope you enjoy this copy of Risk Watch. We will be looking for ways to maintain and increase the usefulness, relevance and general interest of the articles. If you have any ideas or comments please send them to: britanniacommunications@tindallriley.com | 1 In ReCenT yeARS, TeRMS lIKe SuSTAInAbIlITy And eSG (envIRonMenTAl, SoCIAl And GoveRnAnCe) HAve beCoMe veRy CoMMon, noT juST WITHIn THe SHIppInG InduSTRy buT GlobAlly. HoWeveR, WHAT do THeSe WoRdS MeAn In pRACTICAl TeRMS? WITHIn THe SHIppInG InduSTRy, SuSTAInAbIlITy HAS AlMoST beCoMe SynonyMouS WITH deCARbonISATIon. HoWeveR, THeRe IS MoRe To SuSTAInAbIlITy THAn deCARbonISATIon And IT IS IMpoRTAnT THAT THIS IS noT foRGoTTen WHIle AlSo AddReSSInG ClIMATe CHAnGe. Firstly, it is important to understand the difference between sustainability and ESG. Sustainability in its broadest sense is quite a fluid, umbrella term but can be defined as: ‘A societal goal that broadly aims for humans to safely coexist over a long time’, which can then be translated into various ethical and responsible business practices. ESG, on the other hand, sets specific criteria used to define environmental, social, and governance systems as sustainable and to protect a Member from operational and reputational risks. This is where sustainability goes beyond the focus of decarbonisation