Daewoo Shipbuilding & Marine Engineering Develops Specialized ESG Evaluation Indicators for 'K-Shipbuilding'... Pilot Application at Okpo Shipyard

On the 3rd, at Daewoo Shipbuilding & Marine Engineering Okpo Shipyard, Lee Seong-geun, President of Daewoo Shipbuilding & Marine Engineering (front row, right), and Lee Hyeong-cheol, Chairman of the Korean Register (front row, left), along with officials from both companies, are posing for a commemorative photo after the signing ceremony.

[Asia Economy Reporter Kim Hyewon] Daewoo Shipbuilding & Marine Engineering announced on the 6th that it held a business agreement signing ceremony with the Korea Register (KR) to develop 'ESG (Environmental, Social, and Governance) evaluation indicators specialized for the shipbuilding industry.'

Through this agreement, the two companies will jointly develop and practically apply ESG diagnosis and evaluation indicators tailored to the circumstances of Korea's shipbuilding and marine industry by the first half of next year.

The shipbuilding industry involves large-scale workplaces and a substantial workforce, with characteristics requiring the operation of heavy and large equipment, complex supply chains, and close collaboration between design and production. In particular, safety and environmental standards at work sites exceed domestic standards due to the demands of oil majors and shipowners. Considering these characteristics, Daewoo Shipbuilding & Marine Engineering has started developing ESG evaluation indicators jointly with the internationally accredited Korea Register in the shipbuilding and marine sectors.

The two companies will redefine diagnostic and evaluation items corresponding to each ESG field according to industry characteristics. They plan to create and utilize a more realistic and future-oriented self-diagnosis tool by setting detailed indicators and scoring ranges considering international standards and industry traits, and assigning weights to each item.

They plan to complete the development of these indicators by the first half of next year, conduct a pilot application at Daewoo Shipbuilding & Marine Engineering's Okpo Shipyard to verify effectiveness, and continuously improve and supplement the indicators. In the future, they intend to share the ESG indicators and support operational know-how not only with internal and external partners but also with domestic shipbuilding equipment companies.

Lee Sung-geun, CEO of Daewoo Shipbuilding & Marine Engineering, stated, "It is meaningful that two specialized companies have come together to develop ESG diagnosis and evaluation indicators tailored to our circumstances to enhance the effectiveness of ESG promotion, which is a global management agenda." He added, "We will proactively respond to anticipated risks and strive to root ESG management firmly in our shipbuilding industry."

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