MESSAGE FROM MANAGEMENT
I am pleased to present ONE’s sixth annual sustainability report, covering our performance and progress. 2022 has been a year of growth and progress for ONE. As the effects of the pandemic subside and the global economy normalises, we have been presented with unprecedented new challenges within the global environment, including rising geopolitical tensions, as well as a continued emphasis on strengthening resilience of supply chains. I am proud to say ONE has done well to navigate these challenges, remaining lean and agile, adapting quickly to a fast-changing environment.
Core to our strategy at ONE, is our focus on operational excellence in our processes and remaining at the forefront of innovation through our drive towards digitalisation to transform our business and improve efficiency. Our all-in-one mobile application platform provides our customers with convenient access to critical information at their fingertips, such as their shipment status and updates. Continued enhancements to the platform in 2022 have also improved user experience. This has not only elevated our services and the customer experience immensely, but also aided in our efforts towards decarbonisation. Digitalisation also represents an opportunity for us to improve the efficiency of our staff and their wellbeing. We are able to ensure we continue to develop their skills as they progress in terms of their professional development.
Being in an industry that is a major source of global emissions, taking climate action continues to remain front and centre of the shipping sustainability agenda. As we strive to become a global leader in sustainable shipping, we established a new Corporate Strategy & Sustainability department in July 2022, which sits within the Corporate & Innovation Division. The Corporate Strategy & Sustainability department has two units, the strategy and green unit, which together help various teams or departments in ONE to integrate green initiatives into our mid-to long-term business strategy and implement key programmes. Through this, we are able to accelerate our efforts and the approach outlined in our decarbonisation roadmap, prioritising initiatives under our five key focus areas, spanning carbon management, operational efficiency, green investment, alternative fuels and ecosystem building. Some key areas we have our eyes on include reducing our GHG emissions, investing in greener initiatives, protecting marine life and ensuring that we comply with relevant industry regulations and collaborating with our stakeholders. We have participated in the Rotterdam-Singapore green corridor and our technical department is currently working closely with the shipyard and class society on the design and blueprints of our first zero emission. With these designs and blueprints, we will be able to obtain the “AiP (Approval in Principle)”. These zero emission vessels can be retrofitted for the use of ammonia and methanol as fuel, carbon capture and storage. We expect to receive these vessels in 2025. These various initiatives will no doubt serve as a catalyst to propel us on our journey towards decarbonisation and our ambition to achieve net zero by 2050.
Beyond our own operations, we firmly believe that the decarbonisation of the shipping needs industry-wide collaboration from all industry players and stakeholders. To facilitate our customer’s decarbonisation efforts, we developed an in-house carbon calculator that adopts industry recognised standards and aims to help customers understand their carbon footprint. To that end, we also provide avenues for customers to collaborate and decarbonise through our key initiatives in green procurement. Some of the initiatives include setting up a carbon credit system and working out the assurance by a third-party verifier that we are aiming to launch at the end of 2023. These efforts and our detailed and comprehensive approach towards decarbonisation through these initiatives and our interim targets will ensure we remain on track in achieving our 2050 goals.
We also aim to contribute to international efforts and partner closely with other carriers and regulators to develop ground-breaking technology that can be shared throughout the industry. In 2022, in line with the recommendations of the International Advisory Panel on Maritime decarbonisation, we jointly founded the Global Centre for Maritime Decarbonisation with six other industry players and established a fund dedicated to researching decarbonisation technology in the maritime sector. An area of key interest is biofuel, which although having demonstrated potential as a low carbon fuel, still presents challenges related to availability and quality. We are working with partners to establish an assurance framework to shape standards for the use of biofuels for shipping. Our biofuel pilot project is in its third trial, making good progress towards establishing a reliable biofuel supply chain. Besides biofuels, we are also exploring emerging alternative solutions such as ammonia, methanol and methane.
The progress we have made in sustainability and the successful navigation of the recent pandemic are, without a doubt, due to the dedication, ingenuity and efforts of all our employees. It is evident that our people are our greatest assets, and we seek to provide value not only to our customers, but to all the lives and livelihood we touch across our value chain. The safety and wellbeing of all our employees remains a foundational essential priority for ONE. We have stepped up our efforts to not only focus on safety, but develop initiatives that care for our employee’s overall wellbeing. This includes allowing flexible working arrangements and putting in place measures to facilitate close working relationships between the management and our employees. These close relationships in turn create open channels for employees to provide transparent and honest feedback.
For our employees to reach their full potential, we are proud to announce the launch of the ONE Academy, our group-wide talent management and people development initiative. The ONE Academy is our marquee development program which sets the strategic direction and consolidates our training and development initiatives under four key pillars. These four pillars will help to engage and empower our employees and cultivate a sense of belonging. These programmes will ensure our people are well taken care of and that ONE’s talent pipeline remains future-ready and resilient.
Clear, consistent and transparent ethical business conduct is a fundamental and indispensable bedrock at ONE. We conduct our affairs with the highest standards of corporate governance set out in our business credo in full compliance with all regulations, with zero tolerance towards bribery, corruption or any form of anti-trust and competitive activity. In a move to further deter potential adverse practices, we established the Anti-Bribery Risk Assessment Guidelines to assess and mitigate the risk of bribes being paid through third parties, including suppliers and business partners. These guidelines also include a comprehensive process to screen third parties. As we move ahead towards digitalisation, we have increased our attention to cybersecurity, safeguarding the interests of all stakeholders.
Looking ahead, I am excited about our prospects. The challenges of geopolitical tension and rising inflation remain. However, I am confident that the foundations we have built and our unwavering commitment towards sustainability have positioned us to be agile, resilient and create value for our stakeholders over the long-term. We will continue to drive innovation and collaborate closely with all our core business partners, to achieve our vision of a sustainable shipping industry.
This report is a valuable part of our accountability and transparency to our stakeholders. Through it we reflect on our performance and progress, as we strive to drive continuous improvement across our business. I would like to thank all employees, customers and partners for your continued support and trust in ONE. Together, we continue to chart a path toward a more sustainable future.
Chief Executive Officer