Environmental, Social and Governance (ESG) is becoming a significant recurring workload for companies committed to transparency and climate action. Analysis undertaken by the Society for Corporate Governance highlighted that the time spent on ESG reporting varies from company to company. In its response to the US Securities and Exchange Commission's public input on climate disclosure, however, it stated that the companies it had surveyed showed employee hours spent on climate reporting ranged between 7,500 to 10,000 annually. Thus demonstrating the scale of the task.
As vessel owners, vessel charterers and other marine stakeholders emphasize visibility into the impact of ESG, the industry is seeing more consistent reporting on emissions, waste handling, and water usage. The process of compiling this information can be complex, hard to repeat, and prone to inaccuracies. To keep momentum, companies are adopting digital solutions for data capture and analysis to ease the burden of this process and drive quality.
Here Spinergie presents how digitalization can help streamline your fleet-wide reporting practices and how it can specifically assist in the complexities of ESG reporting.
Why digitalization counts in gathering actionable data
Fleet digitalization is a process and must be undertaken with the specific needs of each client in mind. As such, Spinergie’s SFM is designed to integrate with your existing practices to ensure a seamless transition. Smart reporting can adapt easily to the diverse needs of offshore operations, create automated processes which were previously difficult to manage and error-prone, and ensure crucial data is never missing.
Vital time is saved as number crunching and data gathering become a thing of the past and the burden of admin is vastly reduced. SFM takes digitalization that extra step in providing additional, actionable insight which can be tracked both in real-time and when the time comes to compile ESG reports.
A vessel with full digitalization will have fully automated monitoring, including live operations reporting combining geo-tracking with a digital Daily Report (DR), minute-by-minute fuel monitoring using onboard sensors, live equipment monitoring and digitalized operations management. All datasets are interconnected to provide holistic analytics.
In-depth data points and analysis are what help Spinergie clients make the data-driven decisions that enable them to reach their goals. When it comes to reporting time, the data is there, ready to go, without the need to wrestle with outdated systems and information stored in various hard-to-analyse ways.
Building a robust ESG report using SFM
Spinergie’s Smart Fleet Management (SFM) solution has proved essential to vessel owners seeking an intuitive and user-friendly method of managing their fleet. SFM provides clients with the tools they need to make informed decisions that will improve their overall efficiencies and help reduce emissions. But did you know that SFM can also help in pulling together many reports including ESG?
It specifically helps with compiling ESG reports in several ways. By utilizing the benefits of digitalization to create a fully automated fleet; integrated sensors, live activity data and centralized reporting are combined to create a powerful data source. Because of how this data is compiled, with automated procedures, or drastically reduced manual steps, it is actionable and error-free - the first step to accurate and pain-free ESG reporting.
The factual and auditable data sources generated by SFM ensure clients can produce quality ESG reports that can substantiate claims made to clients, investors, and regulators. They provide quality assurance to charterers that are concerned with performance and contributions to their carbon footprint and therefore it helps them also achieve their own goals and targets.
In material terms, SFM can quantify exposure to anticipated carbon costs from Scope 1 emissions. This is a crucial aspect of ESG reporting and companies are relying on being able to track and monitor their carbon emissions and ability to mitigate any environmental risks that could arise from their fleet operations.
Spinergie’s platform can also be used to index the carbon intensity of your fleet with the use of our own Carbon Intensity Indicator (CII). This allows for better emissions baselining and can therefore be used as a solid metric for detailed ESG disclosure if desired.
Read more about Spinergie’s CII: How Spinergie’s carbon intensity and fuel consumption analysis is helping clients in their decarbonization journey
In addition, SFM also provides a centralized data kit for finance and accounting departments which can be used for periodic tax and investor filings.
Digitalization is vital to gathering actionable data, streamlining reporting practices, automating processes, saving time and reducing administrative burdens. This makes it significantly easier for companies to use this generated, in-depth data in their ESG reporting practices. By utilizing integrated sensors, live activity data, and centralized reporting, SFM ensures the creation of accurate, auditable data that will substantiate ESG claims. It also helps quantify carbon costs, monitor emissions, and mitigate environmental risks to align with industry-wide decarbonization efforts.
Contact Spinergie today to request a demo of how our solution can integrate with your data to help you uncover streamlined and accurate ESG reporting practices.
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