The Tank Storage Association (TSA) has launched a new Environmental, Social and Governance (ESG) charter, “affirming the sector’s shared commitment to environmental, social and governance principles”.

It said the charter has been developed in conjunction with member organisations and is accompanied by a framework to assist TSA members in developing clear and common policies.

ESG refers to three main criteria to measure the sustainability and societal impact of an investment in a company or business. Typically used to inform investment decisions, they aim to demonstrate that a business proactively seeks to instil integrity and trust within its workforce and other stakeholders, works fairly and transparently, and takes responsibility for its actions.

Peter Davidson, executive director, TSA, said:Demonstration of good ESG often comes in the form of policy statements and procedures which are then implemented, reviewed and monitored by the business.

The threats posed by climate change and the depletion of natural resources are now global concerns. Governments are seeking to legislate wherever possible, and investors are actively seeking to ensure that they invest in those businesses which are actively addressing their impact on the environment. Now more than ever, businesses are called upon to demonstrate the longer-term thinking necessary to deliver positive environmental and social results.”

“Businesses should therefore adopt a public statement of environmental compliance with relevant regulations which, in the UK, would include the Environmental Permitting Regime (EPR), the Control of Major Accident Hazards (COMAH) Regulations and the UK Registration, Evaluation, Authorisation and Restriction of Chemicals (UK REACH).”

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15th February 2021