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Fourth MB92 report highlights urgency for yachting industry to tackle social sustainability
Superyacht refit management specialists MB92 Group published today its fourth report designed to drive sustainable development in the superyacht industry: “People and the ocean – How the yachting industry is addressing the sustainability challenge with top talent”. The report, which focuses on the social pillar of ESG, reveals a relatively high level of inertia in this area, yet underscores it as an indispensable engine for the industry’s transition.
The report methodology combines insights from a panel of
experts on social issues and sustainability in the yachting industry, alongside extensive research, including a quantitative survey of companies within the shipyard’s supplier network and a qualitative survey of yacht management representatives and captains. The panel analysed the sector’s social challenges, outlined recent progress, and identified key focus areas, driving factors, and obstacles to adopting sustainable social practices.
“Unfortunately, social issues tend to be overlooked by industry members and the general public. That is partly due to the niche nature of the industry. But it needs to change if we want the transition to happen,” said Jean-Marc Bolinger, CEO of MB92 Group. “Change should take place at all levels: individuals, companies, and the industry as a whole. At the heart of the matter is how we promote awareness, understanding and sensitivity across the yachting community. We will not resolve the environmental issues confronting the sector without formal mechanisms to develop the skills of all our people.”
Key findings from the MB92 report highlight the need for sustainable people management strategies, increased investment in talent engagement, and the development of essential skills. While progress has been made on environmental fronts, the industry’s approach to social issues remains fragmented. Key findings of the report:
- Despite positive impacts on local economies, current approaches to social issues are insufficient and disjointed. - While there’s a growing willingness to invest in sustainable initiatives, strong incentives and broader adoption are still lacking.
- Addressing ESG issues is crucial for attracting and retaining talent, especially among younger generations. Formalising ESG roles and recruiting from outside the sector can enhance expertise and commitment.
- The industry must increase focus on developing essential skills to include knowledge of sustainable materials and practices, environmental impact assessment, and regulatory compliance.
- Close ties between the yachting industry and academia are necessary to ensure students acquire relevant skills. - Industry employees need training on sustainability issues, including gender equality and mental health. - Efforts to address gender imbalances on shore have had some success, but more is needed on board, particularly in ensuring contracts include maternity leave.
- Greater industry-wide collaboration is needed to address sustainability challenges in talent management. Currently, only 10% of companies collaborate regularly with other stakeholders.
Register to receive a full copy of the report at
https://bit.ly/3xWdS8x. EU Dialogue on End-of-life Recreational Craft report
Earlier this year, the European Boating Industry (EBI) organised the "EU Dialogue on End-of-life Recreational Craft" in Brussels, Belgium, in collaboration with the Belgian EU Presidency and the European Commission (EC). The resulting report developed by the Belgian EU Presidency summarizes the event.
The Belgian event demonstrated the large support and interest to find solutions towards a circular economy for pleasure craft. Momentum was created with all stakeholders involved to move forward and to keep the topic high on the agenda for the years to come. More work is needed in the field of legislation on pleasure craft as well as on waste management and recycling. Cooperation and coordination on and between the industry, national and EU-level are needed. The above will only be successful if the topic of Circular Economy for pleasure craft is maintained and put forward on both the future national and European agenda.
Download the report at
https://bit.ly/46wR8IU. 58 | ISSUE 109 | SEP 2024 | THE REPORT
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