Malta Maritime Forum Highlights Governance and ESG Priorities for Maritime Industry

Kevin J Borg, CEO of the Malta Maritime Forum, emphasized the importance of governance in achieving environmental and social goals during an ESG conference hosted by the organization. Borg highlighted the need for a clear tone from the top and effective oversight to attain these objectives. The event aimed to discuss the various elements of ESG and address the challenges faced by maritime stakeholders, while also sharing insights on industry efforts to meet these objectives.

Borg stressed that effective ESG implementation is crucial not only to meet regulatory requirements but also to gain a competitive advantage, enhance reputation, and strengthen the brand of companies in the maritime industry. MMF Chairman Godwin Xerri emphasized the need to prioritize environmental stewardship, value human relationships, and uphold governance standards in ESG practices. Xerri argued that businesses must embrace advancing technology and strong human resources to address the challenges posed by ESG.

Christian Bækmark Schiolborg, Maritime Technology and Regulation Manager at BIMCO, highlighted key regulations and standards impacting the maritime industry, including the IMO target for near-zero greenhouse gas emission fuels to represent at least 5% of shipping energy by 2030. Dr. Roberta Lepre suggested that local shipping firms should consider voluntary reporting to enhance accountability. Mark Scicluna Bartoli, Head of Product Development at Bank of Valletta, emphasized the importance of ESG in facilitating relationships between firms and credit institutions, urging firms to invest in upgrading their skillset to meet the evolving demands of the industry.

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