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EURONAV REJOICES IN HIGH CDP CLIMATE RATING

EURONAV REJOICES IN HIGH CDP CLIMATE RATING

Thursday, December 16, 2021 

Antwerp-based shipping company Euronav has been awarded a 'B' score for taking coordinated action on climate issues by the Carbon Disclosure Project (CDP).

This is the same score as the Company obtained in 2020 with its first submission to the CDP platform. The CDP is a global non-profit organisation that has run its environmental disclosure platform for over 20 years. In 2021, more than 13,000 companies worldwide shared data on their environmental impact in relation to climate change, forests, and water with the CDP.

Hugo De Stoop, CEO and Chairman of the Sustainability Committee of Euronav, said: “This is a well-recognised and respected third party accreditation of our sustainability and climate change credentials. Euronav has a strong sustainability focus, that we aim to integrate in every process throughout the company. Now, more than ever, companies, the shipping industry, and governments, need to take their responsibility. The time to act is now.”

The CDP score ranges from A to D-, with A being the best possible rating, and is based on independent assessment against the scoring criteria of the CDP. As in 2020, the B score obtained puts Euronav in the ‘Management band’. Companies in this band are seen to be undertaking further steps to effectively reduce emissions, indicating more advanced environmental stewardship. Euronav’s score is higher than the marine transport sector average of C.

Euronav maintained its 'A' score on 'Emissions reduction initiatives' and vastly improved its 'Governance' score from a 'D' rating to an 'A' rating in 2021, despite the CDP having raised the bar for qualification scores for climate leadership.

Euronav says it has taken a leading role in order to reshape the shipping and crude tanker industries and has been an active supporter of various international climate focused initiatives such as the Poseidon Principles and the Getting to Zero Coalition. More recently Euronav has become one of the signatories of the ‘Call to Action for Shipping Decarbonization’.

In addition to supporting such initiatives, Euronav also undertakes various projects within its own organisation and with third parties to increase sustainability. Testing biofuels, the establishment of a Joint Development Programme for ammonia-fitted tankers, and further digitisation of the company are just a few of these.

To help tackle the climate and ecological emergency, the CDP has set out a new strategy for 2021-2025, with the aim to achieve net-zero emissions and full nature recovery by 2050.

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