Technology firm Diginex Solutions has partnered with BW Group subsidiary Hafnia to create an environmental, social and corporate governance (ESG) reporting tool, DiginexESG, for the maritime industry.

Under the partnership, the companies will jointly study the key disclosures relevant to the shipping industry.

The firms will evaluate and choose from the best-practice frameworks, such as the United Nations Sustainable Development Goals (UN SDGs), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Disclosures (TCFD).

Together, Hafnia and Diginex will also study the custom-made indicators specific to the shipping trade.

The study will focus on the development of an ESG reporting framework that will address the needs of the maritime industry.

This framework will help shipping establishments to set targets and measure their performance against their competitors.

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Hafnia will deploy DiginexESG, a blockchain-enabled ESG reporting tool, for automating and enhancing its ESG data management and reporting.

DiginexESG will offer a comprehensive platform to companies for recording, reporting, and authenticating data in a secure manner.

Diginex Solutions CEO Mark Blick said: “Organisations are under increasing pressure to provide investors more ESG-related details. For the maritime industry, this process often takes a considerable amount of time, huge consultancy fees and extensive resources, making ESG documentation incredibly expensive.

“Our plans to launch a maritime focused version of the platform will further remove the burden of manual reporting while providing a cost-effective solution for industry players. It is our mission to improve tracking and reporting of ESG data, making processes six times faster and 90% cheaper than existing tools.”

Hafnia innovation and change head Shanker Pillai added: “As ESG reporting is becoming more common among listed companies, it is also becoming increasingly difficult to stay on top of all the changing regulatory frameworks. Moreover, the challenge of collecting and reporting data manually looms large. By partnering with Diginex Solutions it will be easier to track and measure our progress on our sustainability commitments.”