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GENOA INTERNATIONAL BOAT SHOW HOSTS THE THIRD WORLD YACHTING SUSTAINABILITY FORUM, ORGANISED BY IBI AND THE ITALIAN MARINE INDUSTRY ASSOCIATION
TOPICS INCLUDED THE EFFECTS OF ESG PRACTICES ON THE YACHTING INDUSTRY AND ITS SUPPLY CHAIN IN THE SHORT AND LONG TERM AND THE STRATEGIES THAT WILL SHAPE TOMORROW’S INDUSTRY
Day 2 of the Genoa International Boat Show saw the third edition of “Shaping the future. World Yachting Sustainability Forum” take place in the Forum Hall of the Blue Pavilion. The event, organised by the Italian Marine Industry Association in partnership with IBI – International Boating Industry, the world’s leading yachting intelligence platform, was an important moment to talk about how Environmental, Social and Governance (ESG) regulations impact yachting and the challenges that the yachting sector is facing in terms of sustainability.
Margherita Sacerdoti, Investor Relations & Sustainability manager at the Ferretti Group; Erik Stromberg, Vice-President of Power & Motor Yacht Development at the Beneteau Group; Nicola Pomi, Director of Global Yacht Business at Volvo Penta; Paolo Moretti, CEO of RINA Services; and Andrea Guido, Technical & New Product Development of Sanlorenzo Yacht, were the speakers who took part in the panel discussion, moderated by Ed Slack, Editor-in-Chief of IBI.
The event was introduced by Andrea Razeto, President of I Saloni Nautici: “the Italian Marine Industry Association is proud to support this third important edition of the WYSF at the Genoa International Boat Show. Our Association is pushing to ensure member companies are aware of what it means to be ESG compliant, as this is a truly critical issue for the future growth of the yachting industry. Today marks the first steps on a common path for the Italian Marine Industry Association and RINA Services to define a roadmap for ESG services and activities aimed at the entirety of the marine industry. Among them, we are exploring the possibility of creating a common digital platform to manage ESG certification, professional training and the exchange of key information. This system will help shipyards and their suppliers understand their current level of compliance with ESG criteria and define the ideal path to achieving the most appropriate standards in terms of environmental, social and governance issues“.
The speakers taking part in the roundtable presented their business models and individual experiences in moving their own companies towards a more sustainable attitude. Strategies were analysed and a number of focal topics were discussed, including the journey towards decarbonisation, the proper development of necessary infrastructure by the industry as well as the ideal application of the latest available technologies, how to deal with practical issues related to ESG applications, the commercial advantages of working towards objectives beyond just compliance, and the impact on innovation across the yachting industry. In order to achieve cohesive goals, what is essential is dialogue, collaboration and teambuilding between the various realities throughout the marine industry.
According to a study by the data management company ESG Book, environmental, social and governance (ESG) regulations have increased exponentially over the last ten years with an increase of 155%: a phenomenon that reflects the rapid growth of sustainability-based policy interventions, which will become increasingly prevalent in the yachting sector over the coming years.
In this regard, moderator Ed Slack from IBI pointed out that: “From increased regulations upstream, to the investors’ need to protect themselves from green washing, to the growing consumer demand for sustainable solutions, it is only a matter of time before SMEs, the businesses that make up the majority of our industry, are drawn into the orbit of compliance with serious ramifications and cost implications. It is crucial to set industry standards and work collaboratively to help the industry move towards effective ESG strategies”.
The discussion helped show how there is still much to be done, especially when it comes to the end of life of a product.
Ed Slack also invited Dan Lenard, co-founder of the design firm Nuvolari Lenard, to join the roundtable, who was able to bring to the table his experience as a megayacht designer, a segment of the industry that is often stigmatised. “It is important to communicate what is behind the communication of a yacht,” he said, “especially to highlight the high level of technology that is applied at various levels to create these unique works.” Finally, the yacht designer presented his Vela Code project and his vision for a more eco-sustainable tomorrow involving the issues of CO2 absorption by the oceans, which is currently only partially highlighted. Dan Lenard’s project consists of recycling a racer yacht: not a new design, and no manufacturer’s brand, to be used as an ambassador for sustainable messages. A sailing project conceived to inspire noble actions towards the ecosystem based on a code of ethics. Companies will be able to entrust their ideas to this yacht and let their green messages sail the world. The team of experts making this project possible has been working since 2019; there is also a hope that universities around the world will also collaborate with the Vela Code project.
