Corporate sustainability reporting by Solvang
After the EU backtracked on some extensive disclosure requirements in their climate reporting directives, Solvang Shipping has moved on with our measures. In a climate of shifting international frameworks, Solvang sticks to our path of investments into eco accountability. Our double materiality asssessment of sustainability factors is the current milestone reached.
HOW SOLVANG REPORTS SUSTAINABILITY
Choosing measures and standards for environmental reporting is a game of shifting frameworks. For Solvang, it’s all about the underlying performance.
As a shipowner transporting carbon-based energy sources and ammonia by means of fossil fuel, Solvang has committed to facing the global energy challenges in a sustainable way. Our dealing with greenhouse gases, pollution and the social and political impacts of business comply with regulations reinforced by port and flag states, the European Union and the UN’s International Maritime Organization (IMO).
EU corporate sustainability
After the EU turned the NFRD (non-financial reporting directive) into the mandatory CSRD (corporate sustainability reporting directive), Norway amended the national accounting legislation for private companies to comply with the ESRS environmental standard.
At the turn of the year 2025, the European Commission backtracked on CSRD to alleviate companies of costly reporting and resort to voluntary reporting. The EU’s overarching Fit for 55 package remains in place. In the 2024 annual report, Solvang discloses our environmental and financial impacts using inspiration from CSRD, as this double materiality assessment of our activities shows:
UN sustainable development goals
For 2024, Solvang continues our reporting of the sustainable development goals (SDGs) from the UN. Several SDGs closely align with Solvang’s operations, markedly;
- SDG 3: Good health and well-being (Solvang’s Living the Vision HR programme)
- SDG 2: Zero hunger (Solvang’s transport of ammonia for fertilizers)
- SDG 7: Affordable and clean energy (Solvang’s transport of LPG)
- SDG 9: Industry, innovation and infrastructure (Solvang’s ECO-friendly vessel development)
- SDG 13: Climate action (Solvang’s onboard carbon capture pilot)
- SDG 14: Life below water (Solvang’s total emission control system)
- SDG 16: Peace, justice and strong institutions (Solvang’s ethical guidelines, including anticorruption reporting)
GRI: The global reporting initiative
The third framework for Solvang’s sustainability reporting is the GRI standards, which enable us to define and report on impacts on the economy, environment and people in a transparent way.
Covering a wide range of ESG topics, the GRI standards allow Solvang to serve our stakeholders across regulators, capital markets, clients and civil society.
The 2024 annual report includes references to GRI topics on all major reporting issues. As part of Solvang’s GRI reporting, the company has assessed and determined impacts in line with the revised GRI sector standards as from 2023. The assessment is being conducted on a continuous basis, in dialogue with our stakeholders. The process of determining material topics is documented in Solvang’s materiality assessment.
