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Red Funnel launches renewed ESG strategy

Thu, Apr 27 2023

Red Funnel has launched its renewed environmental, social, and corporate governance (ESG) strategy, Changing Tides,  which sees the ferry operator chart its course to net zero and continue to support the Isle of Wight community for years to come.

Changing Tides underpins all Red Funnel’s normal policies and procedures, defining how it operates, behaves, and reports on its performance.
The new ESG strategy is a framework designed to be embedded into Red Funnel’s operations to achieve real and measurable results on the environment and communities.

Alongside the societal and governance priorities of ESG, the Government has set the maritime industry a clear net zero target through Maritime 2050. Changing Tides will help the ferry operator chart its course to net zero, with carbon and waste management plans that will enable Red Funnel to reduce its carbon footprint, better segregate its waste streams and increase the reuse and recycling of waste materials.
Red Funnel’s plan focuses on five key areas: people, communities, customers, environment, and future, and ensures the ferry operator will minimise its impact on the environment, maximise the support given to the Island community, and operate responsibly.

Red Funnel has already made significant progress in delivering on its ESG commitments and will continue to support the Isle of Wight community, protecting lifeline services, and supporting Islanders travelling for work, education, and healthcare. Recently the business launched its Island Ambassador programme, a travel sponsorship programme to champion talent from the Isle of Wight, and to celebrate its 160th year, the ferry operator gifted 160 trees to 11 Island businesses, charities, and community groups.

Red Funnel’s journey to ESG started in 2018, when it began making positive changes focused on reducing the use of single use plastics, improving fuel economy, and reducing emissions.

Fran Collins, Chief Executive Officer at Red Funnel, said: “We are incredibly proud to operate a lifeline service to the Isle of Wight, and it’s our responsibility to ensure that we’re able to continue to do so for years to come. Red Funnel has already seen a lot of change since it started running paddle steamers in 1861, and there is plenty more to come. Today, we take this next step to a better world by implementing our ESG strategy and making our business cleaner, kinder and stronger.

“We will continually review our progress by monitoring and reporting against the targets that have been established through Changing Tides, Maritime 2050 and other relevant legislation.”