Global Chartering, a joint venture between ArcelorMittal and DryLog, is the latest company to join the pioneering framework for measuring and reporting the climate impact of ship chartering activities.
The Sea Cargo Charter sets a benchmark for what it means to be a responsible charterer within the maritime sector and provides actionable guidance on achieving this. Less than a year and a half after its launch, the initiative has now grown to 30 Signatories.
As part of the shipping ecosystem, ship charterers have a role to play in encouraging responsible environmental stewardship. By committing to quantitative climate reporting, Signatories create transparency on the current climate impact of chartering activities and promote accountability to progress.
Jan Dieleman, President, Cargill Ocean Transportation and Chair of the Sea Cargo Charter Association said: “I am pleased to welcome Global Chartering to the Sea Cargo Charter. Measuring and reporting GHG emissions enables us to increase our transparency, an important step to understand where we, as a company and collectively as an industry, stand when it comes to our carbon footprint.
“Just as importantly, it increases our accountability towards the targets we have set ourselves and sends a signal to the maritime industry that decarbonization is a priority for its customers.”
Signatories assess and disclose the climate alignment of their activities on an annual basis. The climate alignment scores are measured against the IMO’s ambition for GHG emissions from international shipping to peak as soon as possible and to reduce annual GHG emissions by at least 50% by 2050 compared to 2008 levels. The Sea Cargo Charter applies to bulk ship charterers.
The Sea Cargo Charter is a framework for measuring and reporting the alignment of ship charterers’ activities with climate goals. Recognizing charterers’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Sea Cargo Charter provides them with the tools to foster collaboration with shipping business partners, gain insight to enhance strategic decision-making, and address the impacts of climate change.
The Sea Cargo Charter is built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which it shares with the Poseidon Principles for Financial Institutions and the Poseidon Principles for Marine Insurance.
Established under the auspices of the Global Maritime Forum, the three initiatives aim to increase the transparency of environmental impacts within global seaborne trade, promote industry-wide change, and support a better future for the industry and society.
Photo credit: iStock/ Miro Nenchev
