Sustainability Report of PSA International: Supply Chain Helped Recover Fast During Pandemic

02 sec ago !~PSA International ~[Sustainability-Report+] ~Logistics.Reporting++! ~Supply Chain*Environment/Covid-19-! Green Horizons: Enabling a Better World Through Sustainable Port and Supply Chain Solutions Reporting! Reddit Environment [Pandemic- Ecovadis] Supply Chain (2021) PSA Group launches Sustainability Report [#Gree Horizons ] PSA Sustainability Report /[PDF]

PSA International Sustainability Report

PSA International Pte Ltd (“PSA”) launches Sustainability Report 2020 titled, “Green Horizons: Enabling a Better World Through Sustainable Port and Supply Chain Solutions”.

In fact, as the epidemic unfolded across the world, sustainability gained in importance. As a matter of fact, a substantial majority of respondents to the annual Sustainable Procurement Barometer study said that sustainability contributed to resilience and helped them weather the Covid-19 financial and political crisis.

According to a recent research by Ecovadis and Stanford Graduate School of Finance, executives are increasingly realizing the business benefits of their firms’ sustainable policies. Many firms still have a substantial difficulty in fulfilling their environmental supply chain targets, despite the fact that they have been reconfirmed.

Sustainable buying should not be done until your supply chain has been optimized, the research adds. Hau L. Lee, a professor of operations, information, and technology at Stanford Graduate School of Business, thinks these techniques are important to managing a supply chain successfully and should now be considered vital to supply chain management.

According to previous Sustainable Procurement Barometer surveys, in the years running up to 2020, the sustainable procurement industry has made tremendous progress as hundreds of worldwide leaders have scaled up their initiatives. This year’s study shows that the tendency has increased.

  • 63 percent of consumers and 71 percent of suppliers said that sustainability contributed to their resilience throughout the epidemic;
  • 63 percent of executive teams now consider it “extremely important,” compared to 25 percent two years earlier;
  • Comparatively, in 2019, 56 percent of respondents said that cutting expenses was critically essential.
  • Despite the fact that they employ fewer technologies due to their restricted resources, mid-sized firms get the same benefits as large enterprises.

Interestingly, while just 7 percent of firms claim they reduced their commitment to sustainable procurement during the epidemic, almost half of suppliers (46 percent) believe that their major clients’ commitment is “essential only on paper.”

The report represents PSA Group’s commitment as a business to develop a more resilient and sustainable port environment, promote accountability, and enhance its sustainability performance over time, according to the document. Aiming for a 50 per cent reduction in absolute CO2 emissions by 2030 (compared to a baseline year of 2019), the Group will gradually reach net zero CO2 emissions by 2050. The GHG Protocol standard classifies emissions into Scope 1 and Scope 2.

Our first Sustainability Report is relevant and meaningful, according to Peter Voser, Group Chairman of PSA. PSA has a unique potential to contribute to a more resilient and sustainable global economy as we work to heal and emerge stronger from the epidemic. We think that sustainability is not just an option, but rather our duty and obligation. Also, we must maintain the durability and resilience of our business, allowing for development without sacrificing the requirements of future generations or damaging the environmental systems on which we depend.

Thanks to all of our employees and partners, I’m hopeful that our joint efforts will lead to a brighter future for everyone.

‘This report demonstrates our dedication and ambition to be a worldwide leader in climate action,’ stated Tan Chong Meng, Group CEO. In addition to developing our digital capabilities to improve supply chain resilience, we are also working to develop new cargo solutions that will allow supply chain users, especially shippers who are worried about climate change, to make more environmentally friendly logistical decisions.

It is impossible for a corporation or a country to combat a virus, facilitate commerce, or reverse environmental damage on their own in an increasingly interconnected and interdependent globe.” In addition to our own activities, PSA has a unique position to influence and promote sustainable change in global supply chains. According to us, the key to any sustainable change is collaborative action within the industry.”

For a quick decarbonization of its operations, PSA has made investments and pioneered solutions. It has already made considerable gains in electrifying its equipment and testing alternate energy sources like hydrogen, among other things. Singapore’s Tuas Port will also exhibit the newest climate technology and set the bar for sustainable port operations, according to the city’s mayor.

Environmental, Social, and Governance (ESG) issues that are relevant to PSA’s business and stakeholders are assessed rigorously in the Group’s Sustainability Strategy Framework, which is reported in the Sustainability Report. Taking Climate Action, Transforming Supply Chains, and Nurturing A Future-Ready Workforce are the strategic goals of the framework, which is backed by a commitment to steward responsible business practices consistently and coherently throughout the Group.

For rigorous and comprehensive reporting, PSA’s Sustainability Report adheres to worldwide reporting frameworks, including GRI Standards and the Task Force on Climate-related Financial Disclosures (TCFD). PSA has set ambitious goals to accelerate progress on the most important ESG aspects that affect its business and will continue to pursue innovations and collaborations to accomplish them. PSA will track and record its sustainable progress, as outlined in the report.

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