The superyacht industry has a relatively high level of inertia when it comes to social sustainability.
That’s the finding of a report published by superyacht refit management organisation MB92 Group designed to drive sustainable development in the superyacht industry.
The report, ‘People and the ocean – How the yachting industry is addressing the sustainability challenge with top talent,’ focuses on the social pillar of ESG and finds there is inertia in this area highlights an urgency for the yachting industry to tackle the issue.
The report combines insights from a panel of experts on social issues and sustainability in the yachting industry, alongside extensive research, including a survey of companies within the shipyard’s supplier network and a 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.
We will not resolve the environmental issues confronting the sector without formal mechanisms to develop the skills of all our people.
Jean-Marc Bolinger, CEO 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.
The yachting industry faces an imperative to address environmental, social, and governance (ESG) issues, with social challenges posing a threat to its survival.
The report is in keeping with MB92’s ambition to positively impact its own operations, the superyacht fleet and the wider maritime industry.
