Thursday, October 25, 2012

Bulk Freight Shipping Line Receives Recognition for Carbon Disclosure

Results of Scheme Monitored by Institutional Investors Worldwide
Shipping News Feature

SCANDINAVIA – One aim of all the major shipping lines is to reduce carbon output, and hopefully be recognised for their efforts. Bulk freight carrier Norden A/S which operates one of the world’s largest fleet of Handymax and Panamax dry cargo vessels has just received such recognition by achieving seventh spot in the Carbon Disclosure Project’s yearly and latest assessment of climate change disclosure practises, the NORDIC Top 10 Index, which includes companies from Sweden, Finland, Norway and Denmark.

The Carbon Disclosure Project is a UK based non profit organisation devoted to push through global greenhouse gas emission reduction and sustainable water use. Norden has managed to score a creditable 90 points against last year’s 82 on the CDP scale and therefore becomes the only Scandinavian based shipping group to achieve top ten status. Ulla E. Nielsen, Director CSR at Norden commented:

“We are happy with this Top 10 ranking. Each year, we invest a lot of resources into further improving our reporting practise. The ranking from Carbon Disclosure Project shows that these efforts are also noted by external stakeholders and thus worth investing in. In addition, we are happy that our ranking in terms of our reporting practise is also supported by a top ranking in the CDP Performance Band where Norden is ranked B on a scale going from A to E.”

Norden has been reporting on its carbon reduction efforts since 2008 and by appearing on the Index any one of the 3,000 companies signed up to the scheme can have their performance assessed by the 655 institutional investors worldwide who monitor the results, investment groups which between them are backed by funds of around $78 trillion ($78,000 billion). Paul Simpson, CEO of the Carbon Disclosure Project explains:

“Enabling better decisions by providing investors, companies and governments with high quality information on how companies are managing their response to climate change and mitigating the risks from natural resource constraints has never been more important. CDP has pioneered the only global system that collects information about corporate behaviour on climate change and water scarcity, on behalf of market forces, including shareholders and purchasing corporations.”